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I know there are a lot of business owners here in the Community, but maybe you haven't officially took that leap yet. If that's you, you've come to the right place. I was reading an article from the QuickBooks Resource Center earlier and it presented a "beginner's guide to startup costs." Let's take a look at some of the key points...
Fixed Costs
As you may have assumed, fixed costs are those that don't necessarily fluctuate. These costs include:
As you may have assumed, fixed costs are those that don't necessarily fluctuate. These costs include:
- Rent
- Payroll
- Taxes
- Software
- Insurance
- Utilities
- And office supplies
To name a few. These are ongoing expenses that you'll always need and typically paid for on a monthly basis.
Variable Costs
These expenses can vary in price and can even be a one time cost in some situations:
These expenses can vary in price and can even be a one time cost in some situations:
- Permits and licenses
- Incorporation fees
- Logo design
- Website design
- Business cards or brochures
- Down payment on rental property
- Improvements to chosen location
This may sound like a lot but good news is there are also several tax deductions for small businesses. Check out the full article for even more info. And we'd love to hear from you! Did you have any costs that were maybe unexpected when you started your business? Drop your thoughts in the comments! Take care everybody.
