Tools and Supplies
We’re back with our third part in our four-week series on Pre-Business Expenses. Just in case you missed the previous entries, you can catch up on Training Certificates and Coaches, and, Pre-Business Meal and Travel.
Today, we tackle the important issue of having all of the tools and supplies you need to start, because these expenses can sneak up on you fast.
This can be tricky because, as you already know, high expenses = lower profits. Of course, you’ll spend more money to get your business going than you normally would so make sure you’ve planned for that.
We are going to cover the possible things you will need for your business to have a strong start, before you incorporate or register it, and the best ways we’ve found to keep track of the costs.
What Tools Does Your Business Need?
It depends. Are you opening a brick-and-mortar shop? An e-commerce business? A service?
The category your business falls in will help you determine this, but here’s a list to get you started thinking:
- Office space
- Equipment and supplies
- Licenses and permits
- Lawyer and accountant
- Employee salaries
- Advertising and marketing
- Market research
- Printed marketing materials
- Making a website
Once you determine what you need versus what would be nice, calculate how much each item will cost. This might seem daunting, but a quick internet search can be really helpful.
What Services or Fees Do You Need to Pay For?
These costs can definitely sneak up on you, so calculate them in from the beginning.
They include things like:
- Branding materials
- Fees for filing paperwork
- Usage fees for payment merchants
- Website hosting
- Shipping costs
- Photo/Graphic creation memberships
- Email marketing
- Ad campaigns
If you are starting a web-based business that requires efficiency, productivity, and/or project management, there’s more than likely some tools and services that you will need to run your business well.
This could include software, services, and apps such as:
- Customer Relationship Management software
- Invoicing services
- Project Management software
- Social Media planning apps
- Online security apps
How Can You Be Smart About Start-Up Costs?
In this crucial stage of starting your business, keeping your costs as low as possible should be a top priority. You want to start in a strong financial position if you can.
CorePro8 will have information and setup for incorporating or registering a business online, as well as help with info on sales tax, payroll, and bookkeeping. This will be a 100% write off.
In many cases, women need extra funding to get their business up and running and, thankfully, there are quite a few people who are already excited enough to help you! There is AWE (Alberta Women Entrepreneurs) and ATB Bank.
You are in charge. This is YOUR baby and no one else’s so you are the best person to determine what you need and how to get it. There are so many free tools online that other people choose to pay for. Use them!
Thankfully, you are starting at a time when small-business owners are cheering each other on and the cultural attitude toward businesses is shifting. It’s by no means easy, but you can do this! You have the tools.
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