You’ll want a good estimate of the cash you need to launch. These tips can help. The third in a 10-part series.
It’s critical to determine how much cash you’ll need to open and operate your business before hanging your shingle. To keep your business running smoothly in its startup phase, you’ll need enough capital to cover all expenses until you reach the break-even point. Many experts recommend new companies start out with enough money to cover projected expenses for at least six months. It’s foolhardy to expect to generate revenue immediately — it’s best to plan for all contingencies.
Create a checklist of expenditures. These tips can help you get started:
- List the equipment, furniture, supplies and people needed to operate your business.
- Itemize startup costs for inventory, signage, sales and marketing literature or tools, research and product development, licenses, permits, operating capital, and legal or professional fees.
- Calculate your monthly overhead for rent, supplies, utilities, business and health insurance, taxes, Internet access, shipping and other services.
- Factor in your salary and employee or contractor wages.
Then, tally and double-check the numbers before you begin writing your business plan and searching for startup funds.
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