Now, in the current financial climate, no-one (apart from a select and lucky few) includes a good deal of cash to throw about. If you’re watching every penny, it might seem that finding anything spare for the business idea is going to be impossible. Happily (and I am living proof) you never really need THAT much money to start up an enterprise. However, and also this could be the cold, hard truth, you need to do need some. Not much, but a majority of. You cannot start a business spending next to anything – well, when you can, please email me and let me know how!
But, you might need less than you think.
If you’re starting up an internet-based business, where you’re casually intangible products like information (for example), then you might start a business while using following (note: all costs are approximate and subject to change):
A computer/laptop = 300
Standard Microsoft office software = 100
Broadband rental = 5 – 10 per month
Domain name registration = 6
A year’s web hosting service = 30
For this small outlay, you might build a free WordPress website and blogsite, create content, commence to get traffic then monetize your website. All that it might run you in the years ahead can be your hard work. If you’ve already got some type of computer, broadband connection, and Office software, then you’re in front of the game already.
Realistically though, you’ll probably need money for the some or consume:
- Further training (often a good investment)
- Physical stock (should you be running a web-based shop)
- Raw materials should you be making products to sell
- Marketing materials
- Networking fees
- Computer software and equipment
- Registration fees and licenses
- Accountancy fees
- Logo and branding
- Office equipment
Remember, you must put aside a proportion of your income for tax purposes also.
Business Bank Accounts
Whilst you could not produce a fortune to start with (although here’s hoping!), you ought to build an enterprise bank-account as early as you can. Again, investigate different accounts on offer, see what charges you will need to pay for different services, and find out if any accounts come with useful extras that can save some supplemental income. Having separate accounts is likely to make you perform all of your tax return much simpler. Make a list of the different business accounts offered to see which you will suit you should.
Government websites frequently have useful tax information mainly because it relates to your own home country.