Business Plan Startup Costs

Business Plan Startup Costs-4
Having a thorough assessment of your startup costs can help get your funding request into an investor’s “approved file” a lot faster, says Ken Segal, managing director of BRG Capstone, a subsidiary of Berkeley Research Group, a business advisory firm headquartered in Emeryville, California.“There are different methodologies to calculate your expenses,” says Segal, whose firm consults with many business owners seeking early-stage funding.

Having a thorough assessment of your startup costs can help get your funding request into an investor’s “approved file” a lot faster, says Ken Segal, managing director of BRG Capstone, a subsidiary of Berkeley Research Group, a business advisory firm headquartered in Emeryville, California.

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But especially when it comes to taking out a loan or acquiring outside investment, there’s a risk of being overfunded.

An outsized business loan could saddle you with unmanageable repayment bills.

Here's how to figure out how much you'll need to launch your business and the best ways to get funding.

[Looking for accounting software for your small business?

Speaking of salaries, don’t forget to take into account paying yourself as the business owner, says Candace Klein, chief strategy officer for Dealstruck, an online lending platform.

Lenders expect entrepreneurs to include their own salaries in the profit and loss statements they present as part of their loan application packages, or else the documents won’t be seen as realistic financial assessments.

Better yet, you learn to get to revenue-neutral or revenue-positive faster.

You get to channel your talents and ingenuity to create an organization you believe in. It requires time, dedication and – you guessed it – money.

In the tech arena, for example, Sposato says he’s seen legal fees range from ,000 to ,000, depending on such variables as the company’s legal structure and whether the owners have intellectual property to protect through patents.

If you hire people to work for your business, your additional expenses will include not only their salaries, but also things like recruitment costs, payroll taxes and training.

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