Let’s Talk: How much will it really cost to start a business in 2022?

Starting a business is an exciting decision, but it can also be intimidating for a first-time entrepreneur. It may be difficult to obtain initial capital, examine long-term viability, and calculate startup costs for a business.

Many experts advise that when estimating your startup costs, it’s a good idea to anticipate you’ll be able to cover six months of expenses upfront. It should be emphasised, however, that the real startup costs will vary depending on your specific business and industry.

In this week’s Let’s Talk, our experts discuss a few typical startup costs that you should factor into your budget.

Let’s Talk…

Nikki Weaver, Managing Director, Brand Artisans

“There’s lots to think about when you’re first starting up, and usually it’s a financial juggling act. It’s hard to know where to invest your hard-earned dollars before the business starts generating an income, but here’s my top tips on where to save and where to splurge:

1. Company set-up – do you want to start as a sole trader, or do you expect to grow quickly?
2. Business Name – if you’re pondering a name, make sure you search the ASIC business name register for availability.
3. Logo – it’s great to start out as you intend to go on, but budget doesn’t always stretch to a fancy logo, invest in professional branding if you can.
4. Website – without a doubt, you need a website. Yes, you can sell directly from Facebook and Instagram, but a website gives you credibility and a certain level of professional legitimacy.”