• News
  • Technology
  • Culture
  • Entertainment
  • Sport
  • Travel
  • Music
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Sunday, April 2, 2023
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home PEOPLE

The Good News : How Much Money You Need to Start Your Business

by The FINANCIAL
February 13, 2019
in PEOPLE
0
The Good News : How Much Money You Need to Start Your Business
Share on FacebookShare on Twitter

The FINANCIAL — In her new book, Startup Money Made Easy: The Inc. Guide to Every Financial Question About Starting, Running, and Growing Your Business (HarperCollins Leadership, Feb. 12), Inc. editor-at-large Maria Aspan provides practical advice along with plenty of examples of how successful entrepreneurs handle their money. The following is an edited excerpt.

ADVERTISEMENT

So you want to start a business. You’ve got the idea, you’re ready to hustle, but how much money do you need to launch your startup?

The good news: Probably not as much as you think. Ten years ago, the average cost of starting a small business was $31,150, according to one study. But that seems laughably large today: While some businesses still require lots of money to get off the ground, at Inc., we regularly hear from founders of fast-growing companies who started their businesses for hundreds, not thousands, of dollars.

RelatedPosts

We stand with Ukraine

Los Angeles Mayor Eric Garcetti Volunteers at Project Angel Food on Thanksgiving

Ivana Trump died of blunt impact injuries to torso – NYC medical examiner

Tbilisi Marriott hotels makes waves with opening its new steak restaurant Park Grill in June 2022

And the costs to run a business can be even smaller for those who choose to open an offshore company. There are several attractive offshore jurisdictions and this TEAM OF EXPERTS IN BELIZE COMPANY FORMATION MATTERS can help you.

“Today a smart entrepreneur with a website can start making in six months what we were making after six years,” says Bert Jacobs, co-founder of the apparel company Life Is Good.

Technology’s rapid advance is bringing down many startup costs, as Jacobs points out. He and his brother John launched the first iteration of their company in 1989, with $200 borrowed from another brother, Allan. The early days were scrappy, to say the least, as Jacobs told Inc.’s Leigh Buchanan in 2015:

We would have used that technology if we’d had it. Instead, we spent years building a company with employees we met at pickup basketball games; customers we joked with in the streets while keeping one eye peeled for the beat cop; and advice from retailers up and down the East Coast whom we dropped in on. It may not have been the most effective process. Definitely it wasn’t the most efficient. But a lot of our company’s values came out of that early need to do things cheap and in person.

Life Is Good now sells $100 million worth of apparel every year. And there are parts of Jacobs’s experience, especially the grit and patience, that remain relevant today.

If you’re dreaming of starting a business that could someday rival his success, you don’t necessarily have to spend money in the same ways. Today’s large ecosystem of tech services — what we at Inc. call the “instant startup kit” — can help you get your startup off the ground cheaply and quickly, as I reported in 2016:

Websites, billing, payment processing, cloud computing, communications, funding–all have been made simpler by the likes of Squarespace, Slack, Kickstarter, Dropbox, Amazon’s ubiquitous Web services division, and PayPal. … In the past ten years, these building blocks have greatly reduced the time–and cost–involved to start a business, especially high-tech ones. Thanks to “the emergence of the internet, open-source software, cloud computing, and other trends,” some experts estimate tech-reliant ideas “that would have cost $5 million to set up a decade ago can be done for under $50,000 today,” according to a 2014 paper from the National Bureau of Economic Research.

Good news: You probably don’t need $5 million to start your business. You might not need $50,000 or $30,000. In fact, you might not even need half of that: In 2018, 42 percent of Inc. 5000 CEOs responding to our annual survey said they used under $5,000 to launch their businesses. A combined 21 percent said they used between $5,000 and $25,000.

In case you would like to open a company in Romania we recommend this guide about the company formation procedure in Romania.

The amount of money you need will vary depending on several factors, including what kind of business you want to start: What are you selling, and is it a product or a service?

Product-based businesses tend to be more expensive to launch. If you’re making T-shirts or baking cupcakes or designing mobile apps, you’ll need the raw materials to create your product, the equipment for the production, the people to perform the manufacturing or baking or coding, and the space to do the work.

Planning on doing it all yourself, at least at the start? Remember that you’ll also need to spend time actually selling your product and marketing it so you’ll have customers interested in buying it.

Service-based businesses are, in many ways, a lot easier and cheaper to launch, particularly if you already have industry expertise and contacts. If you’re a lawyer or an accountant or a digital marketing expert or have any other specialized business experience, you have the product (your expertise) and, potentially, the market.

You can start selling your services on your own to people and companies that may be familiar with you and your work. You don’t have to hire anyone else, at least at first. You don’t necessarily have to spend more money on office space, as long as you can work out of your home. And ideally, you don’t have to spend as much time marketing your services.

The downside: It may eventually be more expensive and complicated to scale your business, since your growth will depend on figuring out how to transfer your knowledge to other people.

Other factors that will determine how much money you’ll need to launch your business include how many people you need; where you’re starting your business, and how much space you need; how quickly you need to get your product or service to market; and finally, how long you can afford to live without a salary. Once you’ve answered these questions, you can take the next step and start to scrape together the money to get your business off the ground.

 

Tags: The Good News : How Much Money You Need to Start Your Business
ADVERTISEMENT
The FINANCIAL

The FINANCIAL

Related Posts

We stand with Ukraine
Opinion

We stand with Ukraine

by The FINANCIAL
February 25, 2023
0

Today, on the sad first year anniversary of the Russian war of aggression against Ukraine, we the ambassadors of France...

Read more
Los Angeles Mayor Eric Garcetti Volunteers at Project Angel Food on Thanksgiving

Los Angeles Mayor Eric Garcetti Volunteers at Project Angel Food on Thanksgiving

November 29, 2022
Ivana Trump and Donald Trump

Ivana Trump died of blunt impact injuries to torso – NYC medical examiner

July 16, 2022
Tbilisi Marriott hotels makes waves with opening its new steak restaurant Park Grill in June 2022

Tbilisi Marriott hotels makes waves with opening its new steak restaurant Park Grill in June 2022

June 22, 2022
Next Post
Bill Gates : Ocasio-Cortez tax policy is ‘missing the picture’

Bill Gates : Ocasio-Cortez tax policy is 'missing the picture'

Please login to join discussion
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
How to Check KRA Pin Using ID Number

How to Check KRA Pin Using ID Number

June 25, 2018
EasyJet to fly to London from Stockholm Arlanda

The London Diplomatic List, Addresses, Contacts & Working Hours

January 23, 2023
How to Manage an Employee Who’s Having a Personal Crisis

5 Assets To Store Your Wealth During Times Of Crisis

September 22, 2022
Russian issue: State Sponsors of Terrorism, U.S. State Department

Americans’ Favorable Rating of Russia Sinks to New Low of 9%

March 14, 2023
Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

August 11, 2022
Reborn of Georgian Skeet

Reborn of Georgian Skeet

April 1, 2023

IMF Executive Board Approves US$15.6 Billion for Ukraine as part of a US$115 Billion Overall Support Package

April 1, 2023

Canine brain wiring influenced by human-driven breeding practices

March 31, 2023
5 Gambling Trends Transforming the Gambling Industry in 2021

William Hill Group businesses to pay record £19.2m for failures

March 31, 2023
Protected: Lear Capital Looks at What Effect the Great Resignation May Have on the Economy

Protected: Lear Capital Looks at What Effect the Great Resignation May Have on the Economy

March 30, 2023

Popular Last 24h

  • IMF Executive Board Approves US$15.6 Billion for Ukraine as part of a US$115 Billion Overall Support Package

    0 shares
    Share 0 Tweet 0
  • 5 Assets To Store Your Wealth During Times Of Crisis

    0 shares
    Share 0 Tweet 0
  • Fintech and cleantech win as global venture capital investments become more focused

    0 shares
    Share 0 Tweet 0
  • How to Check KRA Pin Using ID Number

    0 shares
    Share 0 Tweet 0
  • How to unlock your full investment potential

    0 shares
    Share 0 Tweet 0
  • Visa: Georgia ranks 1st in contactless payments penetration globally

    0 shares
    Share 0 Tweet 0
  • EBRD invests €218 million in the Georgian economy

    0 shares
    Share 0 Tweet 0

LATEST POSTS

Reborn of Georgian Skeet

Reborn of Georgian Skeet

April 1, 2023

IMF Executive Board Approves US$15.6 Billion for Ukraine as part of a US$115 Billion Overall Support Package

April 1, 2023

Canine brain wiring influenced by human-driven breeding practices

March 31, 2023
5 Gambling Trends Transforming the Gambling Industry in 2021

William Hill Group businesses to pay record £19.2m for failures

March 31, 2023
Protected: Lear Capital Looks at What Effect the Great Resignation May Have on the Economy

Protected: Lear Capital Looks at What Effect the Great Resignation May Have on the Economy

March 30, 2023

 INSEAD unveils a 10-year campus re-imagination masterplan

March 30, 2023
Surgeon General spotlights opioid abuse, AOA offers doctors’ reference guide

telehealth services and medications for opioid use disorder associated with reduced risk for fatal overdose

March 30, 2023
Protected: iFLY: Delivering the Dream of Flight to Everyone

Protected: iFLY: Delivering the Dream of Flight to Everyone

March 30, 2023

Iceland is the most in-demand destination for a solo female travel trip

March 28, 2023
Inaugural Address by President Joseph R. Biden, Jr.

Biden Overall Approval at 40%, Key Issue Ratings Lackluster

March 28, 2023

LATEST INTERVIEWS

‘Russia cannot be treated as a reasonable and reliable trade partner

‘Russia cannot be treated as a reasonable and reliable trade partner

by The FINANCIAL
February 13, 2023
0

We should increase our joint efforts to assist the growing tech sector here in Georgia

We should increase our joint efforts to assist the growing tech sector here in Georgia

by The FINANCIAL
February 13, 2023
0

‘Georgia has much to offer to UK investors

‘Georgia has much to offer to UK investors

by The FINANCIAL
February 13, 2023
0

‘The best way for the Georgian economy to prosper is to join the EU

‘The best way for the Georgian economy to prosper is to join the EU

by The FINANCIAL
February 13, 2023
0

‘The Kremlin wants Georgia to fail or abandon its European path

‘The Kremlin wants Georgia to fail or abandon its European path

by The FINANCIAL
February 13, 2023
0

Russian Patriarch Kirill Says Dying In Ukraine ‘Washes Away All Sins’

Interview: Why Putin Might Prefer A Stalemate To Going Nuclear On Ukraine

by The FINANCIAL
October 22, 2022
0

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

by Tengiz Pachkoria
August 11, 2022
0

“Green business is a key instrument to support business development in a sustainable way”

“Green business is a key instrument to support business development in a sustainable way”

by The FINANCIAL
July 27, 2022
0

Newsletter

ADVERTISEMENT

GET IN TOUCH

E-mail your company news at:

news (at) financial.ge Letters to the Editor: editor (at) finchannel.com

Local Marketing contact:

(+99532) 2252 275 | 76 EXT: 1 (+995 558) 03 03 03 (mobile) marketing (at) finchannel.com

Requests from abroad:

(+99532) 2252 275 | 76 EXT: 7 (+995599) 96 52 52 Email: zviadi (@) finchannel.com Contact video editor: E-mail: video (at) financial.ge

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.