How much does it cost to start a business?

So, you’ve got killer ideas, a fire in your belly, and dreams as big as the sky. You’re ready to take on the world with your own business. But hold your horses, my ambitious friend! Before you start ordering those “CEO” business cards, let’s talk about the cost to start a business and make those dreams a reality.

The beginning

First up, let’s talk about setting up shop (or buying an existing business). Whether you’re opening a cozy coffee shop or launching the next big tech startup, there are some basic costs you can’t escape. Think business licenses, permits (they can take their sweet time), and all that fun legal stuff. Due diligence can’t be skimped on so be prepared to shell out some dough for a good lawyer. Writing an business plan is also a good idea. It’ll help you gain clarity of your vision and goals as well as help you identify potential opportunities and challenges.

Housing it all

You’ll need a location for your business whether you need a store front or a backroom warehouse. One of the key decisions you’ll need to make is whether to lease or purchase a commercial space for your operations. Leasing can be a cost-effective option, especially for new businesses, as it typically requires a lower upfront investment compared to buying property. It also offers flexibility, allowing you to relocate or renegotiate terms as your business grows or circumstances change. However, it’s essential to carefully review the lease agreement, paying close attention to factors such as the lease term, rent escalations, renewal options, and any restrictions on the use of the space. Engaging a real estate professional or an lawyer can help you navigate the leasing process and ensure you secure favourable terms that align with your business needs and long-term goals.

The next step

Now, let’s talk about the fun stuff – plant and stock. Depending on your business, this could mean anything from a warehouse full of gadgets to a garden full of organic kale. Either way, it’s gonna cost ya. And don’t forget about marketing! You’ll need a killer logo that screams “I’m awesome!”, a website that doesn’t look like it was built in the ’90s, signage that makes people stop and stare, and print materials that make you look like a million bucks (even if your bank account says otherwise).

It doesn’t stop there. Don’t forget about the little things that add up fast like office supplies, insurance, and let’s not forget about everyone’s favourite – taxes! Yep, Uncle Chris wants his cut, even if your business is just a twinkle in your eye.

Whats the damage?

So, how much is all this gonna cost you? The truth is, it varies. But here’s a tip: take whatever number you have in your head, and then double it. And just for good measure, add a little extra on top. Trust me, you’ll thank me later.

But hey, don’t let all this talk of money scare you off. Starting a business is like riding a roller coaster – it’s scary, it’s exhilarating, and sometimes you’ll want to throw up. But in the end, it’s one heck of a ride. So, strap in, hold on tight, and get ready to chase those dreams – cash in hand!

The main advice – don’t skimp on the marketing when you start a business

Starting a business is no walk in the park, especially when it comes to money. But with a little humour, a lot of hard work, and maybe a few extra dollars in your pocket, you can turn those dreams into reality.

So, go ahead, take the plunge – just don’t forget to leave enough in the piggy bank to market your great venture. There is no point in putting in all the time and effort to start a business but not being able to effectively tell anyone about it.

Want to start off on the right foot? Back9’s Digital Marketing Roadmap is exactly what you need.