How much money would you need to launch your business idea?
People have it in their head that they need a mountain of cash to start a business. Maybe it’s because they’ve heard about franchise costs that can range from $25,000 to half a million dollars.
Sure, if the world’s best fried chicken sandwich has you dreaming of owning your own Popeye’s (I said what I said ?), your startup costs are gonna add up quickly.
But here’s the thing– contrary to popular opinion, most businesses simply don’t require that kind of cash to find their footing.
Considering that 9 out of 10 businesses in the US are classified as a microbusiness, it’s extremely likely that your business idea will also fall into this category.
(And I tend to attract fellow solopreneurs, so the odds are in my favor that I’m right about this.)
According to the Small Business Administration, most microbusinesses cost around $3,000 to start, while most home-based franchises cost $2,000 to $5,000.
When you break this down into smaller bites you’ll see that’s somewhere between $5.48 and $13.70 a day.
For the cost of a daily soup, salad, and breadstick lunch at the OG you could HAVE YOUR OWN BUSINESS! ???
Is it just me, or does that get your blood pumpin’ and your ideas flowin’?!
So here’s what I’d love for you to do next…
Think about your business idea (or, if you’re like me, ideas, emphasis on the plural) and come up with the dollar amount you think you’d need to get started.
Still feeling unsure?
Share your business idea with me in the comments and I’ll toss out a few steps (and costs) to get you moving.
PS. Helping you with creative business strategy is my idea of a good time, so don’t be shy, share your business idea, and let me take a swing at it.
PPS. Not everyone dreams of building a business, which is a-ok. ? Think about one of your money goals that still feels daunting or just beyond reach. How can you break it down into pieces that feel more manageable?