Identifying Startup Costs for Your Business

Identifying Startup Costs for Your Business


– Hey, I’m Darlene with Emily, your digital Sherpa, and today we’re talking
about startup costs, which you know they’re not fun but it has to be done. You have to think about
what’s gonna prepare yourself to have the biggest
success that you can have. – Absolutely. It’s scary too, right? Nobody wants to really sit down and write down everything
they think they might spend, every penny, where it’s going. And nobody wants to track it either, but it’s so important because if you don’t do this then you’re not gonna know where you stand and you’re never gonna be
able to become profitable. And if that’s the end goal then you gotta get there somehow. So you gotta think about startup costs. – Definitely. But the good news is there
are gazillion templates online that are made just for this purpose. – Absolutely. If you have Office, they, Orbit Excel, there are
a million different kinds of templates, specifically
tailored toward startup cost. You don’t have to pull this out of thin air all by yourself. You can use resources,
Forbes.com, entrepreneur.com. General resources online, SBA.gov, score, that’s gonna give you
some big picture information, but you also need to
get industry specific. If you are gonna open a restaurant and you’ve never worked
in a restaurant before, then you might wanna talk
to a restaurant owner, and find out what some
of those hidden costs are and fees, or anything. – Find somebody you look up to already or somebody that you trust there. See them and then get your networking in. – Absolutely. Tap into that local network, friends, friends of friends people you meet at the airport, anybody. Everybody’s got information to share. So if you do end up with a little bit of sticker shock, you know you’ve written everything down and you get to the bottom, you get to that one big number, and you are like holy. – You’re gonna grab
yourself a cup of coffee. You’re gonna sit back and relax and just- – Yeah, don’t panic. – Breathe it in. – Don’t panic. You just need to go
back to the top, right? – Yep. – You need to bust out the
template that you filled out with all of your startup costs and you need to start saying here’s what I really need right now. – And this is what I want to have. – Yeah later on. We can wait on that. We don’t need to mocha
Java 3000 right now. – No, just a little French press. – Yeah little French press is good. – Bottom line is it’s gonna cost you money and it’s gonna be scary. – It’s an investment though right? I mean nobody’s gonna come and give you a bunch of money
to start your own business. It’s not how it works. You’re going to have to invest something. You’re gonna have to cut back probably, scale back, but don’t be scared. – Yeah. Look at that list again. And you’ve already taken off the things that you might not need right now and it’s still scary. – Yeah I mean maybe, do you really need a new laptop right now? Can you maybe scrape by
on the one you’ve got for another six months to a year? You know, maybe hold off on some things that you need, thought you needed, but you could really propel your business if you kind of used your
resources a little bit. – Where there’s a will there’s a way. And if you really want
it you’re gonna work towards getting that. – Absolutely. Ultimately start up costs not always fun, but needs to be done. – Yeah it’s gonna be the busy part of your business, so make it happen. – Absolutely. – I’m Darlene. – And I’m Emily. – Get back to work.

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