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Start Up Costs, Good question.
Who are you?? Where are you?? You need to develop a business plan.
How soon will you be getting your business up and running??
The first thing that you need to do is make a complete list of all of your start up costs. This includes everything from your business cards and real estate prices to the more difficult points like your grease traps and your licenses/ permits. A lot of this is going to depend on a few different factors such as your location and the type of business that you are looking to start.
This next part is going to sound a little like a catch 22. A large part of a business plan is the financial section, however if you do not have a business plan it may be difficult to determine your financial situation. So, what I would suggest is starting at least a "concept" plan. With a concept plan you will be able to determine all of your short term goals and make that list of start up costs that I mentioned before.
I specialize in small business start up and expansion so if you need help I can help you determine your start up costs as well as contact local general contractors and get estimates for you.
Well here is some more valuable insight. The little things add "QUICKLY" does the building need sprinklers??? Is the elevator up to date??? does the water pipes going into the building support a sprinkler system???? These things here add up...averaging 70K each! We havent even put anything in the building yet, bathrooms, handicap accessibility....all things to consider. Now here i your "EASY" list all kitchen & interior items, buy all the kitchen stuff used at auctions and restaurant night club warehouses...you will save THOUSANDS!!!! Architect & contruction salvage warehouses....thousands more!!! Pick your building "CAREFULLY" to eliminate those big expenses, check utilitys on each property, also install money saving lighting, LED lights or lighting that uses minimum voltage. FOOD, cross utilize your food...What does that mean???? Easy take your airline chicken...its half a breast with wing attached. Grilled Chicken breast for salad, chicken & dumpling soup, chicken quesadilla...we just used that one item 3 ways eliminating waste & possibility of spoilage. Thats my two cents hope it helps...and dont forget napkins, straws....yada yada yada they all add up!!
You are definitely right about all of the start up costs. It is a lot and it does add up quickly. Fortunately issues like sprinklers, elevators, handicap access, etc are generally all part of the bid from a general contractor so you would put something like that into one group in start up costs. The same goes for kitchen supplies for instance. If you place an order through one company for all of your silverware and tableware you will incur one cost that will be lower based on the fact that you are making a purchase in mass from one company. Once you group things like this together you cut down on cost and on time taken to come up with your list of start up costs. However, it is still important and definitely key to make that list of start up costs, filter it into a business plan and use your business plan as a guide for your business. For a new business owner these are obviously the tough questions but the answers will be the possible keys to financing. If either of you need help let me know!
I appreciate your decision on Business. Have you thought of how your Business can it sustain and how long it'll take to earn stable profit,
How do you handle competition. What's the intial capital investment.
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I am trying to determine accurate figures for the funds needed to get my new business up and running. I've found all the easy stuff, (real estate prices etc.) I need to estimate how much it would cost to build out a retail location to house a kitchen (install grease trap, smoke vents etc.) Any contractors on here???