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Start-up Costs for Small Business

by lyn christian on March 12, 2010

Two-to-three times a month I’m approached by an entrepreneurial-minded soul who wants to start up a business.

The first question asked is typically: “What do you think my start-up costs will be?”

As a coach, I usually don’t want to start at this question. I’m still wondering more strategically and I want to ask if we have effectively clarified and verified the business concept or idea first.

However, I do understand that it can be profitable and grounding to quench this early thirst to know about how much something will costs. One of the best worksheets I’ve found comes from www.entrepreneur.com/formnet/startingabusinessforms.html .  They offer several different worksheets to help focus on key concepts.  The one I like best answers the question concerning costs, Startup Costs Worksheet.  This worksheet  can help you find your start-up costs quite quickly.

Startup costs tend to go into two categories, and there are two worksheets to correspond with those.  One sheet is for the one-time only costs.  The other is for recurring expenses.  While the categories may not exactly match what you want, they will certainly prompt your thoughts in the right directions.

While I am not an accountant, I think every entrepreneur has to know enough to ask their own intelligent questions.  Every idea carries a price tag.  Sometimes it’s about money and sometimes it’s about opportunities.   Can you translate dollars into opportunities?  You might want to ask yourself some questions to see:

  • Who can I talk to about my startup costs?
  • What do I need to do to avoid delays in launching and cost escalation?
  • Have I checked to see if my business is marketable?
  • Have I strategically crafted a company vision that allows my employees and me to fully understand the direction in which we intend to go?

One thing that we try to do in The Entrepreneur’s Toolkit is to help you find your own answers to questions like these.  They are tough answers, but you will be glad you looked for them.

 

 

 

About the Author:  Lyn Christian is the founder of SoulSalt, Inc., a coaching and coach training company.  She is passionate about the “free-agent” worker who wants to earn their living and live their lives by doing what inspires them.  Get more information by visiting www.soulsalt.com or contact Lyn directly through lyn@thecoachtoolkit.com.

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