Before you decide to proceed, it is important to identify what resources you have available to bring into the business; and if you don’t have them, where to find them. These resources are crucial to fund your venture.
Before you can get your product or service to market, there are many expenses you will incur, such as legal, financial, product or service development etc.
Let’s follow Paul’s journey through pricing his product...
Paul loves his sport, especially team sports and has decided to set up an online sportswear business supplying quality sportswear at a reasonable price to sporting teams and clubs.
Paul’s business will be based in Australia to service local and overseas markets. He and his new bookkeeper need to consider if he has sufficient capital to start his business or whether he needs to borrow funds to operate effectively.
Before Paul can meet with his bookkeeper, he needs your help to identify the type of expenses and costs he may need to consider as part of his startup capital.
What do you think, are some start up costs that Paul needs to identify so he has a list when he meets with his bookkeeper?
Discuss with other learners in the Comments area.
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