01 Jul 2019

costs to start a business

Building a business in the modern world can be hard due to the fierce competition in all industries. This competition often forces small-scale businesses, who lack funding, to shut down. We all know the commonly told statistic that around 90% of startup companies fail within their first few years. Although this may sound daunting, it does not mean that all innovators need to abandon their business dreams – quite the opposite really. Those individuals who are interested in the business world simply need to understand how much it costs to start up a business. By knowing the relative costs, they will be able to spend their money wisely and hopefully turnover more profits. This, in turn, ought to allow them to survive in this harsh business climate. Quite often we see businesses failing as they have failed to pay attention to the finer details. As such, I would like to explore the costs of these finer details which, more often than not, can determine the success or failure of a newly founded firm.

how much does it cost to start a business

Saving the Pennys |GETTY

The first thing that any startup business will need is a good website and domain. A website enables you to provide a source of information about your company which is easily accessible for potential consumers. Moreover, a website is easily shareable therefore meaning that it can enable your business to gain more attention from all around the world. Quite often we see websites being created by Web Designers – individuals who specialize in creating attractive websites. These individuals are responsible for setting up, designing, building and maintaining your website. The best thing about such individuals is that they can give you a unique design which will make your website stand out. The downside is, however, that they can be quite expensive which can make life tough for startup business owners. According to Website Builder Expert, a web designer has the potential to charge you around $7000 in your first year, however in my experience a decent website for a start up is around £750-1500.

Alternatively, you may decide to use a website builder which is far cheaper. These sites offer you templates from which you can build your website and organise your content as you so please. The issue here is that you will be required to do more work, and your website could come across as far more generic and potentially less professional. Nonetheless, it could be a good strategy for individuals that are interested in bootstrapping in order to save as much money as possible and get the business going.

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