Money Talk With Slater

Making Money Across the Board

Monthly archives "December 2019"

How Much You Will Need to Start a Business (Part I)

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Can you afford to open your own business?

How much money is required to start a business? According to research, the number is around $35,000. Though start-up costs can differ widely based on industry and scale of business. Keep reading to find out the average cost of beginning a business in your industry.

The average cost to start a business

Administrative or custodial services

In the business of offering cleaning or administrative support to other businesses? These services are not only simple to start but very cost-efficient. The average start-up costs are around $12,000 according to studies.

Construction

Construction doesn’t include only pros who work on big-scale residential and commercial building projects. It also goes to small-scale construction businesses like handymen. For this reason, the average start-up cost of a construction company is $15,000.

Professional and technical services

Are you a web designer, writer or lawyer? Your company falls into a wide niche of professional services. Beginning a business in this niche costs around $15,000-$20,000. The range is lower since some professional services companies can be started at home with no upfront costs.

Others, such as law offices, require a professional setting for meeting clients and everyday business. This necessitates capital. The true advantage of these knowledge-oriented businesses is that they offer knowledge. This denotes you can avoid manufacturing costs that come with making physical goods.

Healthcare services

Ready to use your medical expertise to work as a dentist, self-employed dietitian, or healthcare provider? Service-oriented healthcare companies cost around $29,000 to start.

Retail

From buying raw materials to inventory, the costs of opening a retail store can add up. But really how much do you need to begin a business in this sector? The start-up costs of a retail store amount to around $35,000. Opening a virtual store can eliminate the real estate costs of a standard brick-and-mortar store.