How Much Do You Need To Start A Business – How much money do you need to start a business? | High costs for small businesses in 2021
The biggest challenge facing business people is simply money. Learn how much money is needed to start a business?
How Much Do You Need To Start A Business
For thousands of years, people have established businesses. There is no limit to the number of niches and platforms that people use to create their dream businesses. Contrary to popular belief, the reason businesses fail is not always because there is no market demand for our ideas. (Although that may be part of it) Actually, the biggest challenge to potential business owners is money. (Example: Money needed to start a business.) So you’re probably asking yourself, “how much money do you need to start a business?”
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The high costs of small business, especially in the United States, have never been so different. There are business models with minimal initial costs and others that require an astronomical investment. (Franchises are the most common type of startup that most people are aware of, however large upfront capital is one of the many hurdles franchise owners can face)
I designed this in-depth tutorial as a way for anyone to confidently understand what it takes to start a business.
Because the internet is used so often, connecting billions of people in various ways, this has become the most common business model in the United States. (And usually the most affordable!) Even “brick and mortar” businesses that operate out of a physical building use online marketing methods to gain exposure. In addition, a survey posted by Entrepreneur shows that 51% of Americans prefer to shop online! (And it was 2018)
Also, a study was also posted by OptinMonster stating that 67% of internet users enjoy “window shopping” on their smartphones!
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The internet has become such a useful tool for businesses, in fact, it gave me the perfect reason to create an infographic showing the statistics on why you should consider putting your business in the first place.
How much money do you need to start an online business? (Spoiler: High cost is low)
There are many reasons why an online business model is the way to go for many new businesses. Simply put, it costs less, takes up less space, can be operated by one person and puts your business in front of millions of targeted websites. (Personalized advertising is just one example of using data trends as a way to target specific potential customers)
To explain more about how much it will cost to start an online business, let me list a few things. There are a few things to consider when calculating start-up costs:
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Assuming you don’t have any products you’re buying or developing, you can cross that off the check. Installing the entity structure is not always necessary, we can remove that. You don’t have to hire help right away, so there will be another cost.
Maybe you don’t need anything in your office? It is quite possible to track a business with free tools, you can cut the expenses of tracking a business online. And you probably don’t even need to do paid advertising.
But did you know that there are ways to get all three of these almost simultaneously now? I will share some amazing information about new business opportunities below!
BusinessInsider published the results of a survey conducted by Chris Hogan and Dave Ramsey (Both authors of best-selling financial books). It asked 10,000 million people what was the secret of their success. Can you guess what the number one thing most of these millionaires attribute to their success?
How Much Money Does It Take To Start A Business?
Studies have shown that 86% of these millionaires have advisors who receive input from them. These people did what the millionaires wanted to do.
Words can be joined together. It seems that some of the millionaires who were interviewed in the research did not agree to admit that they have a coach, but they shared that they have “mentors”.
What does that mean? This means that it is possible that these millionaires have trainers, they call them by another name. Having a mentor is like having a coach, even if they think having a mentor makes them sound smarter than having a coach.
Having someone who knows how to make your business model work is one of the safest and most effective ways to ensure your businesses succeed.
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Although the business world may seem overwhelming, it is not. Most juniors in high school are never exposed to important topics such as competitors, market data, or startup costs. (Did you know that 83 percent of teenagers admit they don’t know how to manage money? And 4 out of 5 parents don’t believe they’re setting a good financial example for their kids!
It’s not because people are stupid, or don’t have the ability to learn about financial topics. They haven’t been exposed to this kind of information… And it shows.
Did you know that people do more research on the type of cars they buy than the businesses they want to start? V12Data has released a long-term survey that shows the percentage of people who will research a car before buying it and the percentage of people who will look for specific features.
Since the tutorial doesn’t include a graphic for this, I decided to make one for your entertainment!
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Did you get that? Businesses fail mostly due to lack of market research! In addition, people generally do more research on the car they are interested in buying than the initial business model. They don’t ask how much money you need to start a business, they care more about their cars!
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Remember how I mentioned that market research is very important? (Being one of the biggest reasons businesses fail) Because others have gone before us, we have no limit to the number of business models that work today. What used to be an opportunity to think has become a fixed opportunity.
You don’t have to be a rocket scientist to know that if something works, don’t fix it. Basically, adopt a business model that you already know people want.
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In addition, there are now business models that are packaged with everything you need to get started at minimal cost. (I will cover both online and physical startup options, but first I will cover the online based ones)
Anyone old enough to talk will tell you that 2020 was a mess. The resulting political and social difficulties were not the only thing that swept people off their feet.
The SBECouncil commissioned a survey and found that at least 29.7% of small businesses are closed in the United States alone. At the beginning of 2020, there were 31.7 million small businesses.
Did you get that? Maybe you just heard that the economy is struggling or that unemployment is low? Yes, they lie. (Or they don’t know what they’re talking about)
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Oberlo has published extensive research that shows that more than 90% of the business population consists of small and medium enterprises. Small businesses create at least 64% of jobs in America. (About 1.5 million jobs are created every year by these small businesses)
If we are conservative in our calculations, (using the percentages posted by the SBECouncil) that means the US lost at least 435,000 jobs…in one year. (29.7% of 1.5 million)
So if you felt like it was going to be hard to find a job, or you just couldn’t find that little sandwich shop you always went to, you’re not crazy! America really has economic problems!
But what if there is a business model that can profit from a falling market (bad), and a rising market (good)? Put your business in the perfect position, no matter what is happening around you? (Political, social or otherwise)
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So maybe you are still wondering how much money you need to start a business that is not affected by these numbers? Well, check out my comparison below.
How much money do you need to start a business that is not affected by the economy? Startup Business Model Comparison (Pros and Cons):
The easy money loan business is one of the lowest cost models in the startup business. Since the contract business does not require a license, (or require you to have personal money to borrow) we can be the intermediary, connecting the business with the money they need. We make a commission, and repeat the process. (It’s that simple)
Why become a commercial lender? Well, there are many reasons why this startup business model is the best choice right now. (And not only you can earn a lot of money this way)
Enough Money To Succeed
Click on the link in the title above to view Business Loans
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