small business

Cost of starting a business

Tallying the costs of life's big events
Starting a business

Starting a business

If you want to be an entrepreneur, your business plan should include having enough cash on hand to cover six months' to a year's worth of operating expenses.

Typical business startup costs include research expenses, insurance, license and permit fees, equipment and supplies, advertising and promotion expenses, borrowing costs, hiring employees, and the cost of technological amenities such as a website, computer system and software.

Getting a business consultancy or day care business up and running typically costs $10,000 to $50,000, according to Entrepreneur magazine.

The average cost to open a restaurant is $494,888 with no land purchase and $735,326 if land is included, according to Restaurant Startup & Growth magazine.

Filing fees to set up a limited liability company start at $50 and can reach upward of $800, according to Costhelper.com. For help through the process, you can hire a CPA for a flat fee starting at around $400, on top of the state filing fee, or get an attorney at $100 to $300 per hour.

Figure on $100 to $250 in upfront fees to start a business credit line, plus a possible annual fee of up to $150.


 

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