{"id":3381,"date":"2019-03-14T02:34:00","date_gmt":"2019-03-14T02:34:00","guid":{"rendered":"https:\/\/www.intrepidexecutivegroup.com\/blog\/?p=3381"},"modified":"2019-03-18T05:25:42","modified_gmt":"2019-03-18T05:25:42","slug":"what-are-startup-costs","status":"publish","type":"post","link":"https:\/\/www.intrepidexecutivegroup.com\/blog\/what-are-startup-costs\/","title":{"rendered":"What are Startup Costs?"},"content":{"rendered":"<p>When launching a new business, you&#8217;ll likely incur a myriad of expenses. Whether your business sells a product or service &#8211; to consumers or other businesses &#8211; you&#8217;ll need to purchase non-recurring purchase goods to get it up and running. Known as startup costs, they are vital to launching a new business. But failure to plan ahead for these expenses could result in financial hardship for your business during those critically important first few months.<\/p>\n<h2><span style=\"font-size: 18pt;\">What Are Startup Costs?<br \/>\n<\/span><\/h2>\n<h2><span style=\"font-size: 14pt;\">Startup Costs Explained<br \/>\n<\/span><\/h2>\n<p><a href=\"https:\/\/www.intrepidexecutivegroup.com\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-3350 size-medium\" src=\"https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2019\/02\/arrows-2899888_960_720-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2019\/02\/arrows-2899888_960_720-300x200.jpg 300w, https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2019\/02\/arrows-2899888_960_720-768x512.jpg 768w, https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2019\/02\/arrows-2899888_960_720-450x300.jpg 450w, https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2019\/02\/arrows-2899888_960_720.jpg 960w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Also known as preliminary expenses, startup costs are all non-recurring expenses associated with launching a business. The key thing to remember is that startup costs are non-recurring, meaning you don&#8217;t purchase them multiple times on a prearranged basis (weekly, monthly, quarterly, etc.).<\/p>\n<p><strong>Common examples of startup costs include the following:<\/strong><\/p>\n<ul>\n<li>Business license<\/li>\n<li>Permits<\/li>\n<li>Equipment<\/li>\n<li>Advertising and marketing<\/li>\n<li>Inventory<\/li>\n<li>Market research activities<\/li>\n<li>Office or building space<\/li>\n<li>Borrowing fees<\/li>\n<\/ul>\n<h2><span style=\"font-size: 14pt;\">How to Save Money on Startup Costs<\/span><\/h2>\n<p>There are ways to save money when launching a new business. Depending on what type of business you intend to run, you may be able to purchase used equipment instead of new equipment. Construction companies, for example, can purchase used equipment at a fraction the price of new equipment.<\/p>\n<p>Other ways to save money on startup include comparing prices from multiple providers, purchasing only the minimum amount of inventory needed, and choosing free or low-cost advertising and marketing channels.<\/p>\n<h2><span style=\"font-size: 14pt;\">How Much Can I Expect to Pay in Startup Costs?<br \/>\n<\/span><\/h2>\n<p>Being that no two businesses are the same, startup costs vary depending on a number of different factors. A report published by the <a href=\"https:\/\/www.aarp.org\/work\/on-the-job\/info-09-2012\/how-to-start-a-small-business.html\">Kauffman Foundation<\/a> found that businesses in the United States paid a little over $30,000 in startup costs in 2009. A separate report published by the Small Business Administration (SBA) found that micro-businesses incur just $3,000 or less in startup costs.<\/p>\n<p>As you can see, startup costs are closely associated with a business&#8217;s size. The larger your business, the more money you can expect to pay in startup costs.<\/p>\n<h2><span style=\"font-size: 14pt;\">Startup Costs Are Tax Deductible<\/span><strong><br \/>\n<\/strong><\/h2>\n<p><strong><a href=\"https:\/\/www.intrepidexecutivegroup.com\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2649 size-medium\" src=\"https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2018\/04\/IEG-CTA-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2018\/04\/IEG-CTA-300x200.jpg 300w, https:\/\/www.intrepidexecutivegroup.com\/blog\/wp-content\/uploads\/2018\/04\/IEG-CTA.jpg 360w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/strong>While you can&#8217;t avoid costs when launching a new business, you can typically deduct them from your taxes. The Internal Revenue Service (IRS) allows business owners to deduct startup from their taxes. According to the IRS, such deductions are classified as either &#8220;creating a business&#8221; or &#8220;investigating the creation or acquisition of a business.&#8221;<\/p>\n<p>You should consult with a tax professional for more information, but you can rest assured knowing that startup expenses are generally tax deductible.<\/p>\n<p><strong>This article was brought to you by\ufffd<a href=\"https:\/\/www.intrepidexecutivegroup.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Intrepid Private Capital\ufffdGroup<\/a>\ufffd\ufffd A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our\ufffd<a href=\"https:\/\/www.intrepidexecutivegroup.com\/\">website<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When launching a new business, you&#8217;ll likely incur a myriad of expenses. Whether your business sells a product or service &#8211; to consumers or other <a href=\"https:\/\/www.intrepidexecutivegroup.com\/blog\/what-are-startup-costs\/\" class=\"read-more-link\">[Read More&#8230;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":3388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[97,26,437,96,178,223,185,137],"class_list":["post-3381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-business","tag-business-capital","tag-business-funding","tag-capital","tag-company","tag-entrepreneur","tag-finance","tag-startup"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What are Startup Costs? 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