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