Anyone planning a new business is rightly focused on identifying a market need and understanding what it will take to fill that need. Startups also need a clear picture of expenses before the doors are opened.
With a grasp on initial expenses, the new business owner can manage the worries that come with stepping into unknown territory while assuring investors.
Starting with a big picture of important investments, owners can break out specific items that can turn estimates into expectations.
The Small Business Administration offers a break out of some likely startup expenses and adds that each company will have other expenses that are unique to that business.
Some of the hard expenses that a startup can expect include office space, equipment and supplies, inventory, utilities, and licenses and permits.
Soft expenses include insurance, legal and accounting services, salaries, advertising and marketing, printed materials and …