What does it cost to start a business?
The costs you incur depend on many factors – including the type of business, your skills and resources, whether you need premises, equipment, staff, and the work involved in bringing your concept to market.
In the early stages of a start-up boot strapping may be possible on a relatively small budget – particularly if you have the skills to design and develop your product yourself. Some entrepreneurs claim to have started their businesses for less than $1K.
However, typically you will need to factor in costs for business and company name registrations, intellectual property protection, a website, domain name, hosting, logo design, insurance, computer, phone, marketing, stock and more.
Remember: Good planning beats good luck every time!
Need help with planning, idea evaluation, grants, IP and more? Get an INNOVIC consultation.
