Full article with thanks to https://www.tide.co/blog/business-tips/how-much-does-it-cost-to-start-a-business/#:~:text=According%20to%20this%20study%2C%20new,their%20gross%20revenue%20on%20marketing. But, how much exactly does it cost to start a new business? This figure varies widely depending on your chosen industry, location and venue—launching an online freelance writing business will cost significantly less than opening a brick and mortar retail store. On average, UK startups budget £5,000 to launch. Further, the average UK startup spends £22,756 in their first year, according to a study commissioned by Geniac. But, as only 42.4% of SMEs survive past their first five years, the key is budgeting enough to not only launch, but survive and thrive in the long-term. In this article, we’ll explain the importance of calculating business startup costs, define the types of startup costs you may encounter and provide tools to help you calculate and organise your small business finances to boost your chances of long term success. Why do you need to calculate business startup costs? Financial preparedness …
