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How much money would I have to put into my business realistically to get it running fairly quickly ?
I want to learn about this so I can at least get an estimate how much I should really spend.
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Anthony’s Answer
Hello Noah,
How much money would I have to put into my business realistically to get it running fairly quickly?
I want to learn about this so I can at least get an estimate how much I should really spend.
You are the only one who can answer this question and you already hit some key points: "realistically", "estimate"...
Do you have a business plan? What are you planning for (inventory, marketing, logistic, personnel. taxes, rents etc...) and how much do you budget for to make these happen? I do not know what your business model is. I do not know how big you want your business be (are you selling cookie door to door or are you starting an electric vehicle company to compete with Tesla?) How fairly quickly you want to launch your business (what are the mile stone dates?) I do not know the answer to these. Only you know. So only you can answer.
Thanks.
Anthony.
How much money would I have to put into my business realistically to get it running fairly quickly?
I want to learn about this so I can at least get an estimate how much I should really spend.
You are the only one who can answer this question and you already hit some key points: "realistically", "estimate"...
Do you have a business plan? What are you planning for (inventory, marketing, logistic, personnel. taxes, rents etc...) and how much do you budget for to make these happen? I do not know what your business model is. I do not know how big you want your business be (are you selling cookie door to door or are you starting an electric vehicle company to compete with Tesla?) How fairly quickly you want to launch your business (what are the mile stone dates?) I do not know the answer to these. Only you know. So only you can answer.
Thanks.
Anthony.
Updated
david’s Answer
Hi, Noah,
That's a tough question, since you didn't mention the business. Some things to consider:
- do you need a business license? That's a cost.
- do you need a physical location? That would include rent, property insurance, liability insurance, furniture
- how will you attract customers? You will need to pay for some advertising
- do you need a website? that can range from a few hundred to thousands of dollars.
- you may need tax advice or a lawyer. and at least one meeting with each for consultation.
- if you sell a physical item, you will need to stock inventory
- if you provide a service of any kind, you will need business liability insurance to protect you personally
- you probably need a business bank account and a line of credit, depending on your business
- unless customers pay in full at time of purchase, you may need to include the cost of delayed revenue
This list is a start. Be sure to identify every assistance you need and calculate a cost for it. People tend to underestimate such costs, so give each due diligence. Once you factor in what is needed to start, you will have more confidence to move forward. All the best in your pursuits.
That's a tough question, since you didn't mention the business. Some things to consider:
- do you need a business license? That's a cost.
- do you need a physical location? That would include rent, property insurance, liability insurance, furniture
- how will you attract customers? You will need to pay for some advertising
- do you need a website? that can range from a few hundred to thousands of dollars.
- you may need tax advice or a lawyer. and at least one meeting with each for consultation.
- if you sell a physical item, you will need to stock inventory
- if you provide a service of any kind, you will need business liability insurance to protect you personally
- you probably need a business bank account and a line of credit, depending on your business
- unless customers pay in full at time of purchase, you may need to include the cost of delayed revenue
This list is a start. Be sure to identify every assistance you need and calculate a cost for it. People tend to underestimate such costs, so give each due diligence. Once you factor in what is needed to start, you will have more confidence to move forward. All the best in your pursuits.
Thanks for the advice, I now have an input on how much money I need to start it.
Noah
Jerome Dees Jr.
Leader, Networker & Board Member For The College Of Adaptive Arts
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Jerome’s Answer
If you are looking to simply get a business license, create a website and put something out there, you could potentially have that going for a couple hundred dollars.
As others have shared, the business you are looking to start can have vastly different additional cost depending on concept, customer acquisition cost and more.
There could be value in getting a license and getting a website up and building as you go. Getting some history behind your business name can be helpful.
As others have shared, the business you are looking to start can have vastly different additional cost depending on concept, customer acquisition cost and more.
There could be value in getting a license and getting a website up and building as you go. Getting some history behind your business name can be helpful.
Updated
Vamshee’s Answer
One has to come up with the business idea and look into business viability to start a business.
Some businesses don't need lot of money, or one can start with very little or no money. For Ex social media marketing , handyman services or selling services.
If you can come with good business concept and prove to the investors or friends n family that it is lucrative, so they can fund the business.
The following article gives a good understanding on how to start a business.
https://www.forbes.com/advisor/business/how-to-start-a-business/
Once you finalize few business ideas, then you can start estimating how much money is needed to start a business or you can work on how to get the funding for the business plan.
If you already have a good business idea which is unique, then you can discuss with few friends or family whom you can trust and who can help you with funding or guiding in right direction
Hope this helps
Some businesses don't need lot of money, or one can start with very little or no money. For Ex social media marketing , handyman services or selling services.
If you can come with good business concept and prove to the investors or friends n family that it is lucrative, so they can fund the business.
The following article gives a good understanding on how to start a business.
https://www.forbes.com/advisor/business/how-to-start-a-business/
Once you finalize few business ideas, then you can start estimating how much money is needed to start a business or you can work on how to get the funding for the business plan.
If you already have a good business idea which is unique, then you can discuss with few friends or family whom you can trust and who can help you with funding or guiding in right direction
Hope this helps