If you want to run a business, you should know it’s probably not going to be cheap. You will have to pay to set up your legal structure, create contracts and hire employees. A lot of that will also involve the extra expense of hiring a small business lawyer Brooklyn NY or elsewhere. You’ll have to pay the lawyer’s fees, but you’ll also have to pay filing fees to start your business. Here are a few other expenses you should consider.
1. Accounting
Even if you plan on having a small company, you need to pay for accounting. That could be paying for an accountant to handle your business finances. But it could also mean paying for accounting software. If you try to use free methods, like spreadsheets, you’ll waste a ton of time on your business accounting. Accountants and software can both save you a lot of time, and the right people and programs can help you save money on your taxes.
2. Workspace
Whether you plan to run your business from home or an office, you have to pay for that space. While you may already own the area of your home office, you’ll need to pay for a computer, paper, a printer and more. You may also need to pay for storage space if you have a lot of inventory. And if you start an in-person business, you’ll have to cover the cost of leasing that office or storefront.
3. Legal Documents
When starting your business, you may need to file for an LLC or an S Corp. Laws vary between states but don’t be surprised if you have to pay to set up your business. You’ll also need to pay a lawyer to create contracts and other binding documents to use with future clients and employees. You can write those yourself, but having a lawyer do that will help make your contracts look better and more professional.
Running a business can be great, but it has a lot of costs. Keep these costs in mind before you leave your day job to start a company.