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Like this article? We recommend

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Moving Your Career Up the Value Chain: Building Specialized Development Skills in a Global Economy (Digital Short Cut)Moving Your Career Up the Value Chain: Building Specialized Development Skills in a Global Economy (Digital Short Cut)

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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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Other Collection and Use of Information


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Children


This site is not directed to children under the age of 13.

Marketing


Pearson may send or direct marketing communications to users, provided that

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Correcting/Updating Personal Information


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Sale of Personal Information


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While Pearson does not sell personal information, as defined in Nevada law, Nevada residents may email a request for no sale of their personal information to NevadaDesignatedRequest@pearson.com.

Supplemental Privacy Statement for California Residents


California residents should read our Supplemental privacy statement for California residents in conjunction with this Privacy Notice. The Supplemental privacy statement for California residents explains Pearson's commitment to comply with California law and applies to personal information of California residents collected in connection with this site and the Services.

Sharing and Disclosure


Pearson may disclose personal information, as follows:

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Links


This web site contains links to other sites. Please be aware that we are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of each and every web site that collects Personal Information. This privacy statement applies solely to information collected by this web site.

Requests and Contact


Please contact us about this Privacy Notice or if you have any requests or questions relating to the privacy of your personal information.

Changes to this Privacy Notice


We may revise this Privacy Notice through an updated posting. We will identify the effective date of the revision in the posting. Often, updates are made to provide greater clarity or to comply with changes in regulatory requirements. If the updates involve material changes to the collection, protection, use or disclosure of Personal Information, Pearson will provide notice of the change through a conspicuous notice on this site or other appropriate way. Continued use of the site after the effective date of a posted revision evidences acceptance. Please contact us if you have questions or concerns about the Privacy Notice or any objection to any revisions.

Last Update: November 17, 2020