Starting a new business can be both stressful and exciting, not to mention costly. Most small business owners I spoke to told me that they greatly underestimated the cost of starting up a new business. If you are considering starting a new business, here are some costs you should be aware of, and how you can save money on each of them.
1. Incorporation Fees
Some people hire a lawyer to help them form a corporation. I, however, do not believe this to be necessary. There are many services like LegalZoom that will sell you kits to help you incorporate for a fraction of the price you’d pay had you hired a lawyer. In most cases, such legal kits are more than enough to form a corporation. You can also download the necessary forms from government websites and fill them out yourself. This is often viable if you are forming a simple entity, such as an LLC with one owner. The least costly option would be not to incorporate at all and run your business as a sole proprietorship, but be aware that this is not advisable because it exposes you to a lot of legal risk. Depending on the state you live in, you can form an LLC for under $100, so it’s well worth the price for the limited liability protection you get in return.
To brand your business or corporation, you should have a logo, a website, and basic stationery. Of these things, the logo is perhaps the most difficult one to get. Usually, you will need to employ a skilled designer to produce a high-quality logo. But there are ways around this. If you go to freelance sites, you can often find designers willing to create a logo for a cheap price, often below $100. But I don’t thing it’s a good idea to skimp on logos, so you should hire a reputable company like Deluxe Checks to design your logo. It should be mentioned that Deluxe also sells checks and other printed goods your business might need. They also provide website design services, so it can be a good one-stop shop for many of your business needs. Visit the link below to obtain a Deluxe Checks Coupon Code which can save you up to 40% off on your first order: FreebieBulletin.com.
Office space can be costly, but if you are just starting out and have no employees, consider working from home. You can often get a tax write-off if you use part of your home for business. Another option is to rent out co-working space, which is usually much cheaper than getting an individual office. You can rent many co-working spaces for a relatively low price, oftentimes as low as a couple hundred dollars a month.