The Cost of Starting a Business
Posted by Tollfreenumber.ORG at March 5th, 2015
Anyone who’s done research into starting a business knows that there are two figures that any entrepreneur needs to keep in mind: one-time costs and reoccurring costs. One-time costs would be any equipment or other supplies you need to get your business up and running. For example, a bakery needs to purchase baking equipment like ovens, baking sheets, muffin tins, etc. Reoccurring costs are anything you need to spend money on regularly to keep the business going; examples include utilities like gas, water, and electric as well as disposable items like packaging, bakers paper, birthday candles, etc. Even if you have the capital to take care of the one-time costs, without the funding to keep the business going, it’s doomed to fail.
When accounting for reoccurring costs it’s important to take into consideration one important thing: some costs can’t be counted in dollars. Time is an important factor. As some have said, time is money but remember, it’s also your life. No one is saying that the time you invest in your business isn’t important but it’s also important to remember to not allow your business to control your life. Keep in mind that all of the time you invest in your business comes at the expense of time spent elsewhere. Friends and families have suffered at the hands of entrepreneurs who’ve stretched themselves too thin. If you can’t keep a good balance between work and personal life, you may not be suited to being an entrepreneur. Just the other day we were speaking to an optometrist that at one time was running three successful practices. His workload was so great that his businesses became more burden than benefit. He told us that one day he’d decided he’d had enough and so he sold all three practices and went to work for a major optometry chain, earning less money but with much more free time. And he couldn’t be any happier. In fact, he made it a point to emphasize that it was the best decision he’d ever made. He understood that no amount of success in the business world can bring happiness if you don’t have time to enjoy the fruits of your labor.
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