DO YOU KNOW HOW MUCH IT WILL COST TO START YOUR BUSINESS?.

Do you know how much it will cost to start your business.

Costs are perhaps the biggest challenge to running a business. You don’t need to know every single cost , but you need to start thinking about it.

✓Start by making a list of what you might need to make and sell your product or service.

✓ If you’re making a product:

•What materials will you need?

•How long does it take to make your product?

•How many people will you need to hire?

•Will you need to rent a factory?

•Where will you sell your product?

• How will you ship and transport it?

•Do you need to rent space?

✓If you’re providing a service:

•What tools will you need?

•Will you need a physical location?

•What kinds of disposable equipment (protective equipment, chemicals, food supplies, etc.) will you need?

•Once you have a list, do some light research to find out how much these things will cost.

✓ This can be very revealing:
•is making your product incredibly expensive?
This could mean that your business isn’t realistic.

✓Do you already have a good understanding of the answers to these questions?