How Much Does It Cost to Set Up a Business?
Identifying how much it costs to set up a business is contingent upon what kind of business you want. There are several expenses all businesses have in common, like office equipment and Internet access. Internet business ventures are among the least expensive to set up because you don't need a commercial location. Most home-based business ventures are also affordable to start because, again, you do not need an office outside of your home. Opening a consulting business with another consultant to share office expenses with also represents an affordable way to set up a business.
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Office Equipment
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Buying and leasing office equipment can be expensive, especially if you need more than one computer, and you will also need a telephone system and office supplies. Plan to spend close to $1,000 on a good computer, $200 on a business telephone system and about $500 on office supplies.
Buying office furniture can also represent a significant expense. Looking successful is half the battle. If prospective clients come to your office and must sit on furniture that is torn or otherwise in need of repair or replacement, you will not project success.
Internet Business Ventures
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Identifying how much it will cost to set up an Internet business requires a written checklist that includes equipment and supplies. Creating a website and paying for advertising and marketing are among the most common expenses for an Internet business. Expect to spend less than $5,000 to set up an Internet business.
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Home-Based Businesses
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Setting up a home-based business is generally very affordable, especially if you already have a home to operate your business from. Plan to invest in furnishing a home office, building a website and printing business cards and brochures.
Plan to spend about $500 on a website, $50 for business cards and $100 for brochures.
Consulting Business Ventures
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Starting a consulting business does not generally require the purchase of expensive equipment, but you will probably need an office.
Sharing an office is the least expensive way to set up a consulting business that is not operated from your home.
Consider sharing an office with another consultant. You will need to have your own computer with Internet access, office furniture and supplies. Plan to spend up to $1,000 to set up a consulting business.
Marketing and Promotion
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Marketing and promoting a business can be expensive when you set up a business. Hiring a graphic artist and advertising consultant to help develop a concept and theme for your business can cost up to $100 an hour. Plan to spend up to $500 to set up marketing and promotion campaigns.
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