| Knowing the costs for starting a new business at the | | | | software. |
| outset gets the business started on the right footing | | | | 5.Office fittings and decor. |
| right from day one. The knowledge of start-up costs | | | | 6.Other professional fees, such as fees for a graphics |
| helps determine all the financing needs and helps map | | | | designer or public relations consultant. |
| out the business plan. Both of these things enable | | | | 7.Office supplies like paper, letterheads, and business |
| businesses to obtain bank loan approvals. | | | | cards. |
| Identify the Priorities Knowing the cost of starting a | | | | 8.Marketing and advertising costs. |
| new business helps to understand the cash flow of | | | | 9.Costs for obtaining permits and licenses. |
| the business as well. When the entrepreneur knows | | | | 10.Insurance costs for employee compensation. |
| the business costs, it is easier to determine which ones | | | | 11.A bank balance sufficient to meet payments for the |
| need to be paid first, and which can wait until later. This | | | | upcoming quarter |
| can save quite a bit in interest costs, especially when | | | | There are many other costs for starting a new |
| borrowing money to finance a business. Even when | | | | business that the entrepreneur must loot at in order to |
| using their own savings to finance the business, the | | | | create realistic and profitable business and financial |
| entrepreneurs can earn interest on the money they do | | | | plans so that the business has the best chance to |
| not need straightaway by placing it in a deposit, or | | | | succeed. To obtain an idea of what these are, search |
| leaving it in a savings account. | | | | for resources on the inter-net. Many websites offer |
| Setup Costs Apart from the costs of financing, take a | | | | software and industry-specific packages to help |
| look at the following setup costs. | | | | determine the costs of starting a new business. |
| 1.Legal and professional fees include registering your | | | | It is a good idea to check with the local small business |
| business name and the legal costs of registering the | | | | development authority for the best business support |
| business as a proprietorship, corporation, or partnership. | | | | and advice. Speak to a CPA that specializes in small |
| 2.The costs of a rental lease for your business | | | | business set-ups. Attend local business group meetings |
| premises. | | | | and talk to as many businesspeople as possible for |
| 3.The initial rental payments for the premises. | | | | guidance. |
| 4.Equipment like office furniture, computers, and | | | | |