If this is your first business, then estimating any start-up costs can be somewhat uncharted terrain for you, which can be completely terrifying.
Thankfully, there are lots of free resources out there for brand-new business owners, including free template worksheets and startup budgeting spreadsheet. You can use this template to estimate the total amount of investment you’ll need to fulfil your initial start-up goal. That way, you’ll have a better and clear understanding of how much capital you’ll need to raise when you seek to start, startup funding.
Here are 3 common things all small businesses and start-ups consider.
Getting Online – Website
It’s important that businesses get online and rent a domain to host their website; that looks professional, is easy to use, and provides customers with necessary information about your services, products and contact information. Some extra investments are also considered for companies who heavily rely on products being stocked and sold, which is spent on having a payment cart on your site.
Some people have the skills and know-how to fully code their businesses website and customize it with your logo, others will try to use a free Wix or WordPress blog to suit their businesses needs. More than likely; like most businesses, you would probably pay a small monthly fee to have the complete hosting package and high-end support.
Almost every business will need to immediately finance their business equipment. If you’re starting your own coding and hosting company, you’ll need to finance for some servers. If you’re starting a moving company, then you’ll need to finance the removals vehicles.
Of course, these costs will range according to the industry, as well as the size of your businesses productivity lined up if any; or if its completely from scratch. Also, if you have multiple employees, then they’ll all need their own equipment and a wage.
Technology is also part of equipment too as the modern business world now heavily relies on technology that in itself, can help consolidate big business moves; like buying stocks or shares, mergers and foreclosures, trends and even paying business bills online. Tech is now driving the business world forward.
Typically, the type of insurance your startup will need is entirely dependent on your business and its industry. For example, how many employees, any high-risk factors in the workplace environment etc, so costs are variable. For instance, a self-employed web developer running an online business has far fewer insurance ‘requirements’ than a construction firm with several machines and employees. Getting a quote is rather quick, free and you can choose your level to suit your needs. Head over to https://www.questcover.com/hr-services/business-insurance/ for more information about business’ cover that’ll suit your company and today’s prices.
Heres a general breakdown of the types of insurances available –
General Liability Insurance
Between – $2,000 and $5,000+ per annum. Sole traders/proprietors might pay as little as $500. Your industry’s riskiness will be the biggest factor influencing the cost of your policy.
Anywhere in the regions $300-$2,500+ per annum. Depending on the value of the property and its assets. Any risk factors are dependent upon the nature of the business and the location of the property.
Workers’ Compensation Insurance
Approximately $200-$3,500+. Depending on the business’s industry, size, location, payroll, and risk, etc.
Starting a business can get tricky at times especially starting up. Have you started your own business? Or are you looking to start? What is on the top of your list that you need to get to make your business successful? Let us know in the comments below.