![]() Costs to register an LLC vary depending on the state in which it’s registered. Around 80% of small businesses choose to register as an LLC. The limited liability company (LLC) is the most popular business entity. Additionally, making your business as a legal entity protects your personal finances if it goes bankrupt. Registering as a legal entity protects the business owner’s personal finances if a lawsuit ever occurs against the business. Legal Entity Registration CostĪll businesses need to register their business as a legal entity―also called business structure―with the state it’s operating in. Here are 21 startup costs every business owner should know. For example, a point-of-sale (POS) software and hardware may cost $569 to set up, but the $69 monthly software fee needs to be budgeted for every month. You should document your ongoing costs within your business plan’s financial projections. Doing this shows that you’re serious about opening your own business and will make it more likely that they will talk to you.Īnother tip to consider when estimating your startup costs is to separate ongoing and one-time costs. Also, consider calling them or offer to visit their business. One strategy to get an accurate overall startup cost is to reach out to similar businesses that are not competitors and ask the owner a few questions about costs related to starting their business.įor example, if you’re interested in opening a boutique outdoor store, find a similar store in another state and reach out to the store’s owner on social media, like LinkedIn. When estimating the costs of starting a business, it’s important to do research to get accurate amounts. ![]() Some businesses have costs that are not required but are helpful, such as business plan software ($20 per month), professional consultants, and a website ($20 monthly). ![]() Almost all new businesses will have at least a few expenses, such as legal entity registration (around $150), software, and marketing. Startup costs are expenses for new businesses. ![]()
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