The Small Business Specialists
Phone: 13 12 49
The first task for a start-up business is to work out how much money you need to start the business, and whether you have sufficient savings or need to obtain finance. The type of start-up costs will differ depending on whether you:
Just opening the doors to start operating your business will incur some expenses. For example, you may have to:
Download the Business Tool: establishment costs spreadsheet to work out your establishment costs
It's important to estimate these expenses accurately so that you don't leave out important expenses. Opening a new business often costs more than you anticipate. Make an allowance of about 20% of the total establishment expenses to account for unforeseeable expenses (called contingencies).
Make a note of how you predicted your forecasts of expenses. Explain the amounts and terms of proposed loans, how much will be contributed by each owner, and what percent ownership each will have.