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How much money will it take to start your small business? Calculate the startup costs for your small business so you can request funding, attract investors, and estimate when you’ll turn a profit.
Last updated July 17, 2023. Download this fillable PDF spreadsheet to calculate your small business startup costs.
Cost structure. Will your company focus on reducing cost or maximizing value? Define your strategy, then list the most significant costs you’ll face pursuing it. Revenue streams. Explain how your company will actually make money. Some examples are direct sales, memberships fees, and selling advertising space.
The Introduction to Pricing course examined three pricing models—Cost-based Pricing, Customer-based Pricing, and Competition-based Pricing. The Pricing Models for Successful Business course explores those pricing models in more detail and offers methods to help you adapt pricing for your market.
Check to see if any of your business activities are listed here. If they are, then check with the right federal agency to see how to apply. Requirements and fees depend on your business activity and the issuing agency. Check with them for details on the business license cost.
There’s a rule of thumb that the cost is typically 1.25 to 1.4 times the salary, depending on certain variables. So, if you pay someone a salary of $35,000, your actual costs likely will range from $43,750 to $49,000. Some added employment costs are mandatory, while others are a little harder to pin down.
Plan your business. You've got a great idea. Now, make a plan to turn it into a great business. Market research and competitive analysis. Write your business plan. Calculate your startup costs. Establish business credit. Fund your business. Buy an existing business or franchise.
As explained in the course, small business pricing models generally fit into the following three categories: Cost-Plus Pricing, Customer-based Pricing, and Competition-based Pricing. Use the space below to write the pricing models you use for your products and/or services.
Below, we’ll review some of the more common financial ratios that businesses typically use to gauge their performance. You can calculate most financial ratios by pulling numbers from your business’s financial statements such as your Balance Sheet and Income Statement. Financial Ratio.
Worksheet - Finance Your Business. As explained in the course, financing is a key element of any small-business venture. Use this worksheet to write down your thoughts, ideas, and action items as they relate to financing your business.