The Secrets Of Start-Ups
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For many people, starting up their own business is something of the ultimate life goal. To be honest, it seems like a perfect solution for all of life’s issues – at least in the work sense, anyway. Hate your boss? Become your own boss. Want better pay? Pay yourself. Think you can do better? Prove it. And the list continues.

But what about the realities? Is it really as simple as all that? Well of course, there’s the old proverb ‘if you want something done right, you’ll have to do it yourself’. There’s definitely truth to this, to an extent. But there are costs and considerations you’ll have to take into account before you take the plunge.

When you’re starting up a business, literally everything needs to be accounted for. To begin with, you’ll need to factor in the costs of a variety of things for your office, if you’re having one. You have to think about rent, phone and internet bills, and business insurance, for starters, and obviously, you’ll have to legally register the company. Then there are the physical things you’ll have to buy – such as computers, a work phone and various other pieces of technology and even stationery. That’s not even taking into account paying employees – it’s something you might not have to think about for a little while, but if things go to plan, you’ll hopefully be looking at hiring someone pretty soon after the get go. More to the point – will you be able to keep your own needs afloat whilst you’re just starting out?!

In all honesty, the benefits of owning your own business are most likely worth the risks. Providing you have a good idea and a good business plan, the costs are just an inevitable part of the overall framework. But just make sure you aren’t blindly walking into anything – you aren’t naïve, but ensure you’re not underestimating the true cost of starting your business.

Check out the infographic below – if it’s overwhelming, perhaps it’s because you’re underprepared. But you needn’t fall at the first hurdle. You just need to go back to the drawing board in terms of financing, whether that’s through savings, investments from external sources, or even loans. Whilst it might seem a lot now, just think of the return in the long run. If you persevere, the costs might end up being just a fraction of what you’re making, and you’ll be glad you took the leap of faith.

The True Cost of Starting up a Business