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Top 10 Cost-Related Questions Associated with Starting Your Own Business

The top 10 questions you just looked at apply if you are looking to hire on with an employer or if you want to start your own business.

But there are also 10 money-related questions that are unique to going it alone. These questions include the following.

  1. What are the startup costs and monthly costs?

    Include the following:

    • What will the bank and credit card companies' charges be if you want to accept credit card purchases?

      Consider startup and monthly charges for the bank and for each credit card you accept.

  2. What are the building and office costs? Will there be construction costs?
  3. What are the licensing and permit costs?
  4. What will it cost to get financial advice or to contract with an accountant?
  5. What will the taxes be and how will you pay them—yearly or quarterly?

    What will the sales tax be, if you are selling products?

  6. What are the anticipated software and hardware costs to manage your company?
  7. What are the communication costs?

    Consider the following:

    • Internet costs, including these:
      • Firewall installation and configuration.
      • Router configuration and management.
      • Wireless installation and maintenance.
    • Phone system, with or without VoIP.
    • Fax capabilities.
  8. What are the insurance and retirement plan costs, including insurance for health, life, disability, worker's compensation, and liability?
  9. What are the transportation costs to visit clients and do other business-related traveling?
  10. What do you need to take home at the end of the week to live and be content?

    Include the following:

    • What profit margin is needed to keep and to grow your business?
    • How much do you want to save on a regular basis?

When you answer all of these in your Word doc, you should have a good idea if you can afford to go into business for yourself.

Can you? Is going it alone a financially viable strategy? Be realistic and honest!

Now let's look at five strategies that might help you financially move forward.

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