ESYB2 067 - Worksheet New Business Expenses and Calculating How Much You Need to Raise
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[00:00:00] Here's a worksheet that I made specifically for you. If you are just starting your business, this is a worksheet that is going to help you figure out how much money you need to start. It doesn't mean how much money you need to succeed in the business or get to a certain goal. This is just to get started.

So I'm going to walk you through a few of the items and it will explain everything. When you're starting out, here are your fees. And some of them, you might just say something like non applicable. If it doesn't apply, like if you're not going to register the business, it doesn't apply. So some of them can be zero.

Some of them can be 10 bucks, right? Domain name, 10. So it's pretty common, but these are the common costs. I'd say a basic website is, let's say 300 hosting is, you know, it's going to be about, let's say 100 for the year. It's pretty simple some of these the biggest fees that you will [00:01:00] incur and by the way These are just examples that I'm creating for you in your case.

It will be different. You have to research What's going to be the case for you? So for example, the website stuff is relatively standard these days and the business registration depending on which country you're in You can get that information is pretty standard, but some things are very different for different businesses Some companies have no employees Some companies have a few.

Employees and rent. I'm gonna highlight them. These are some of the biggest upfront costs. Luckily, upfront, before you start, you don't have that many employees. Usually, if you do have employees, you get them afterwards. And of course, remodeling might also cost some money. For some businesses, there's no equipment that's needed.

But for some businesses, there's a lot, maybe like A truck for some businesses, like let's say you're doing a towing business. You need a tow truck and that costs some money that you might not have. Maybe you're selling [00:02:00] products online. You need to buy your inventory in many cases. So, for different businesses, you'll have some issues, like product development.

Let's say you're creating a mobile app, then product development costs some money. But, of course, if you are launching your Toe away business, then there's no product development. So whatever your case is, fill out this as best that you can. And if you cannot, and if you don't know. If you know you're not going to have something like this, you can put N.

A. But if you don't know, put a question mark. And that's what you have to research. You don't know how much legal cost you might have. You might have zero. It might be expensive. That gives you something to research. So before you start your business, you will know how much money you need to raise if you add all these up.

And so that's why this kind of a worksheet is very helpful to get organized.

