How can I estimate the startup costs for my new business?

How can I estimate the startup costs for my new business?

To estimate startup costs, consider expenses like equipment, licenses, marketing, and initial inventory. Do you have a specific business type in mind?

I'm thinking about starting a coffee shop.

Great choice! For a coffee shop, you'll need to factor in costs for equipment like espresso machines, furniture, and supplies. Have you thought about a location?

Yes, I have a location in mind. What other costs should I consider?

In addition to equipment and location, consider utilities, employee salaries, and permits. It's also wise to have a buffer for unexpected expenses.

How much should I budget for unexpected expenses?

A good rule of thumb is to set aside 10-20% of your total estimated costs for unexpected expenses. This can help you stay prepared.