7 Hidden Costs of Starting a New Business

Written by Jason O’Leary

Starting a business is an exciting, time-consuming process, and one that should be done with thought and care. As you probably know, you can’t exactly create a business from nothing. You need resources to flesh out your business model, invest in employees and equipment and legitimize your company so that it’s operating legally.

A study from the Ewing Marion Kauffman Foundation estimates the average cost of starting a new business at $30,000, but the U.S. Small Business Administration (SBA) reports that many “micro-businesses” can get off the ground for just $3,000 or less.

So even if you have a very small, low-cost startup idea, there will be some things to pay for. Besides the obvious overhead, there are a few things you may not have considered when you decided to launch your big idea.

Here are some components many budding entrepreneurs forget to add into their startup budgets….READ MORE

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  1. Paying for utilities could cost a significant amount of money for business owners, especially those who are looking to open a large scale operation with multiple employees. Large facilities not only require more lighting, but also more heat and air conditioning costs, which could really be especially costly for operations in extreme weather zones.

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