Estimating Start-Up
Costs
Begin your financial planning by estimating your initial or start-up
costs. Include all items of a nonrecurring nature such as:
-
fees
-
licenses
-
permits
-
franchise fees
-
insurance
-
telephone deposit
-
tools
-
equipment
-
office supplies
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fixtures
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installation of fixtures and equipment
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remodeling and decorating
-
funds for your opening promotional event if you plan to have
one
-
signs
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and of course, professional fees for your attorney and accountant.
Depending on your type of operation, the amount of money you invest,
and energy you expect to put in (part-time to full-time) can determine how
much working capital you will need. Many business experts say if you
expect a profit in six months, double that time and be ready to operate
without profits for twelve months to give yourself a cushion in case of
unanticipated expenses or delays. Study the growth patterns of other
similar business and ask for advice from your accountant and attorney.
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