Business Start-up Costs

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Photo by Kvalifik on Unsplash

Congratulations. You want to start a business. You have no doubt considered the investment required for various business start-up costs. The first thing you need to do is find a market that your business will serve.

Next you must look at approximately how much it will cost you in just basic business start-up costs; business licensing, lawyer consult fees and form preparation fees, accountant fees, leases, and utilities are just a few of the standard traditional business start-up costs.

What are start-up costs? Start-up costs are amounts paid or incurred for creating an actively trading business or investigating the creation or acquisition of an active business.

Besides, you must also consider how you are going to support yourself and your family while your venture takes off. This could be at least two to three months, and you want to make sure you can pay your mortgage, all your bills, feed your kids, and have a little extra left over for incidentals, in addition to business start-up costs.

If you choose to not have a physical location for your business, you may want to consider offering your goods and services via a website or social media. This is a great way to reach a large audience all at once, but business start-up costs associated with this mode of doing business can be expensive as well.

By the time you pay someone to create your website, host it, register your domain name, and start a merchant account, you have made quite an expenditure, unless of course you are capable of building your own website, which many people are.

You no longer have to have a physical storefront to sell your goods or services, a rather archaic point of view. More and more people are buying goods and services online, which is a great place to feature your business while keeping your business start-up costs at a minimum.

You do not need to lease that 300 square foot shop for M3800 a month to sell what you can sell just as easily with a website and a little social media marketing campaign. Business start-up costs do not have to be astronomical. In fact, they can be quite the opposite.

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