How can I figure the start up costs of a small business?

Question

I'm going to be opening a store this mont, but i'm really nervous, Can someone give me some advice, as to how much money I should set a side for start up fees? Rent and so on.

Answer 1

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Entrepreneurial Finance: For New and Emerging Businesses by James McNeill Stancill
* The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams! by Stephanie Chandler
* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert
* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert
* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman
* Business Start-Up Kit by Steven D. Strauss
* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

Did you mean to say your opening this month? At this point you should really have a business plan and almost everything lined out. I would talk to an accountant at this point to pull everything together and perhaps a banker.

This site: http://www.sba.gov/smallbusinessplanner/index.html

has a lot of the basics outlined. You don't say what kind of store it is and the actual costs can vary. Rent, insurance, utilities, fixtures, advertising, security, equipment, inventory and staff costs (if any) are just a few of the major costs involved. There are usually a host of other, smaller things that can come up as well (receipt paper for the register, supplies for the bathroom, etc).

As you can see, costs can vary widely. A few more details about the business your opening up could help to narrow things down.

Answer 3

Rent, Staffing, Inventory, Renovations/Construction, Legal costs, Registration Costs. Also depends on what type of store, there may be "Mechanical & Engineering" fees, Architect fees. You may want to do some Marketing and Design work.

Work on your operations costs as well. Like raw materials, Utility Bills, transportation, accountin costs, yearly re-registrations and ALWAYS PAY YOURSELF.

Best is to buy a START YOUR OWN BUSINESS handbook. It has the basics to see you through.

Answer 4

Well find the place you want to rent and see what the rent is, plus the utilities for that space. Not to mention the cost of your inventory and don't forget to factor in the salary of your employees.

Also the space may need to be modified, find out how, what materials are needed, does the work require inspection etc.

No offense but if you don't know this now and your opening this month, I'd say your in trouble.

Answer 5

Wow!
what kind?
Calculate the hours you are open plus need staff times the number of staff for those hours and then that total x25%.
That is your weekly payroll and taxes, do not forget yourself, also training, and that can be used, money spent on persons who will not ultimately work out. Be careful interviewing.
It was my experience that in my case a small restaurant beach town, no one was reliable and kids partied too much, wanting to take weekends off, or all over tired when they came in, So,Consider what I found,if the place will allow younger persons who are on house arrest, small things, mistakes. Young people are easily influenced, drugs, mistakes,They want to work, or else they are stuck at home, They are clean and sober due to court order. They are clear headed and eager to learn, it worked for me, just be sure of the court date.
Try not to sell anything perishable or you need to account for freshness and waste.
I would have 6 months payroll and rent and utilities in the bank.
If you are in a good location, inventory will pay to replenish itself right away, and then month after month you gain momentum and earn enough to pay expenses, SALES TAX and eventually...profit !
Be there, do not be absentee and reap what you sow.
Good luck and happy new year!

Answer 6

I have an automotive trim shop. I invested $10,000.00 to start up.

Answer 7

Go to http://www.score.org/template_gallery.html and download the last excel template where you will be able to list all of your startup expenses.