5 Startup Cost Realities Most Founders Underestimate

Startup Professionals Musings

Image via Flickr by Phil Gyford Starting a new venture still costs real money, even though the entry price has come down dramatically in last few decades. Most entrepreneurs realize and budget for the additional costs of incorporating a business, marketing, equipment costs, and manufacturing.

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Estimating Realistic Startup Costs

Up and Running

What will it cost to start that business? Many people underestimate startup costs and start their business in a haphazard, unplanned way. Estimating realistic startup costs is one of the key elements of your financial plan. What are startup costs?

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5 Unique Ways to Save Startup Costs

The Startup Magazine

For your new business venture to be successful, you need to focus on minimizing startup costs as much as possible. New equipment is very costly considering the fact that many startup owners don’t have a lot of money to play around with.

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[Infographic] The Financial Cost Of A Bad Hire

YoungUpstarts

The best recruiters know this fact: always hire the best talent one can afford. It’s not only because great hires add tremendous value to the company; the problem is that the opposite is also true – there’s a cost that comes with poor hiring decisions.

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3 Startup Cost Saving Hacks

YoungUpstarts

There are clear benefits to having the space to focus in a distraction free environment yet this tends to come at a great financial cost. Keep your costs down on essentials. Don’t hire staff, just yet. Others business finance cost control cutting costs startup advice

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How Cost Segregation Can Help Your Business

The Startup Magazine

Property owners can reduce their income tax and increase their cash flow if they take advantage of a cost segregation study. You need to identify a good cost segregation firm to ensure that you get good service. Here are the 4 Things to know about Cost Segregation Firms.

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5 Ways to Save Costs as a StartUp

The Startup Magazine

One of the most important things to consider when growing your startup is how to save money and reduce costs. During this time, operating costs are typically at a high and there is usually not much disposable income.

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How To Cut Business Costs

YoungUpstarts

There’s no denying that to start and run a business, it costs money. However, companies should always be looking for ways to cut costs, regardless of whether they’re a household name or a startup looking to become one. Learn how to cut your business costs.

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Reduce Startup Costs with These Effective Ideas

The Startup Magazine

To reduce the likelihood of this happening, most entrepreneurs turn to money-saving measures to manage startup costs. These can reduce the cost of running a startup in the long run too. Then start hiring staff so the costs are less tedious from the beginning.

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Are You Overlooking The Top Costs Of Running A Business?

YoungUpstarts

It takes money to make money, but many business owners fail to consider all of the costs of running a business. Are you overlooking these top costs of running a business? The cost of incorporation isn’t necessarily high, but it should be taken into consideration.

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6 Changes To Your Hiring Process To Attract The Best

Startup Professionals Musings

Of course, it’s no surprise that most entrepreneurs don’t have a background in hiring teams, and don’t have a budget for training or human resource consultants. It’s a small cost to prevent a long-term loss. Recovery from a surprise bad hire is expensive.

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10 Entrepreneur Shortcuts To Be Avoided At All Costs

Startup Professionals Musings

In the heat of scaling the business, it’s tempting to skip the cost and time of finding qualified job candidates, and enlist those close at hand, without paying them a competitive wage for the hard work and commitment you need. Reduce stress by hiring people who don’t challenge you.

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5 Steps To Hiring Your First Employees

YoungUpstarts

Hiring your first employee is exciting and time-consuming. Still, there’s more — from legal requirements to onboarding, keep these steps in mind as you hire your first employee. Report new employee to your state’s new hire reporting agency and post required notices in the office.

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Why Good Marketing Campaign Costs Continue To Rise

Startup Professionals Musings

Every time I challenge a business plan with little or no budget for marketing, I get the answer that they will be using “viral” marketing, which costs nothing. At any rate, “buzz-worthy” and “viral” are marketing illusions that cost big money to create, and these are only the beginning.

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Startup Manufacturing Cost Advantages

The Startup Magazine

It’s impressive how manufacturing costs can change when firms decide to be clever with spending. Startup firms can save large sums of money by having their products manufactured elsewhere at a considerably cheaper cost than they would have done it themselves.

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What Startups Can Do to Reduce Costs

The Startup Magazine

you should be looking for ways to cut costs. To that end, you should do everything in your power to keep certain costs low so you can invest more thoroughly in things that will make you money. Shifting up or down in payment tiers could alter your costs favorably.

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How To Hire Rock Star Employees

YoungUpstarts

Hiring someone who will be “highly admired” in the workplace is the ultimate goal when filling any type of position. In a 2015 small business survey, 42% of small business owners identified hiring new talent as their biggest challenge.

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Pros and Cons of Hiring a Remote Employee

View from Seed

In part I of this topic, we’ll go through some pros and cons of remote work, and in part II we’ll highlight the types of people you should hire for remote work and how you can manage them effectively. You also can hire the best talent without having to pay a relocation fee.

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Easy Ways To Cut Costs On Your Small Business

The Startup Magazine

The good news is that you can easily cut costs and make your business a lot more profitable at the same time. Of course, as your business grows, and you hire more staff, you are going to need to think about expanding but while it is small, you can always work from home.

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Entrepreneurs: Don’t Make This Costly Financial Planning Mistake

YoungUpstarts

by Wayne Titus, author of “ The Entrepreneur’s Guide to Financial Well-Being “ As an entrepreneur, even if you’ve hired the right adviser to make your wealth grow, you are not done managing that wealth. She also had to hire an attorney to go to court on her behalf.

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10 Low-Cost Startup Ideas That Students Can Use

YoungUpstarts

Keep it low-cost by writing an app yourself or by partnering up with another inspired peer. Having conceptual ideas and good recommendations are a good basis for developing full-time business hiring people to extend list of services and maybe even establishing IT company.

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How To Avoid Costly Mistakes When Staffing Your Finance Team

YoungUpstarts

That lack of control mixed with an environment focused on meeting goals at all costs leads to an incredibly volatile cocktail of paralysis and fear. Take measures to ensure new hires are aligned with your culture and committed to embodying your values. by Michael Burdick, CEO of Paro.

Recruitment Process Steps: What To Include To Hire Top Talents

YoungUpstarts

A poor recruiting process can cost your reputation, your top candidates, an increase in cost-per-hire, and a high turnover rate. Know if it’s better for you to hire someone who was not affiliated with your company before or promote someone already working for you.

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[Infographic] What Does It Cost To Run A Startup?

YoungUpstarts

That’s great, but do you know how much it will cost to hire the talent that would make take your idea from concept all the way to a market-ready product? Others costs infographic Staff.com startup Planning to start your own technology startup?

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5 Steps To Hiring Your First Employees

YoungUpstarts

Hiring your first employee is exciting and time-consuming. Still, there’s more — from legal requirements to onboarding, keep these steps in mind as you hire your first employee. Report new employee to your state’s new hire reporting agency and post required notices in the office.

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Purposeful Hiring For Startups

The Startup Magazine

For a person with no HR experience, it can be intimidating knowing who to hire. Here are three hiring tips anyone can apply. Hiring with purpose. Another aspect of purposeful hiring is attaining employees the company needs.

Keeping Startup Costs Low: Three Ways To Manage It

YoungUpstarts

Costs are one of the main reasons why many businesses fail, with the price of upstart fees, management fees, buying stock, paying staff and marketing always on the rise. Here are our best tips for cost-cutting during your business’ start-up period: Grants and Business Loans.

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6 Ways For Startups And Small Businesses To Help Reduce Cost

YoungUpstarts

Another way is to decrease cost. Cutting cost can be one of the best ways for a startup to grow and expand under its own power, but it isn’t always the easiest thing to do. Here are some tips for startups to cut costs in order to expand their bottom line: Take advantage of the cloud.

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Rockstars Wanted? 6 Things To Look for In Your Next Hire

YoungUpstarts

Hiring a new employee is more expensive than you think. According to a 2010 study from the Institute for Research on Labor and Employment (IRLE) at the University of California-Berkeley, the average cost of a new hire is $4,000, plus salary and benefits. Who’s Your Star Hire?

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When Should A Startup Seriously Consider Hiring Freelancers?

The Startup Magazine

One of those decisions is whether or not the company should hire a freelancer. For instance, you should not hire a freelancer simply because you want a logo to be done. Freelancers are always cost-effective but this does not mean you can always afford to hire them.

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Trying To Save A Buck For Your Business? Here’s The Truth About Hiring For Cheap

YoungUpstarts

However, one of the hardest lessons to learn as an entrepreneur is that there’s a huge difference between cutting costs and cutting corners. There are dozens of sites, from Upwork to Fiverr, that make it simple to hire labor for pennies on the dollar. Hiring the Right Writer.

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6 Costly Employment Contract Mistakes To Avoid

YoungUpstarts

However, getting off on the right foot means that you need to dot your i’s and cross your t’s in every aspect of the business — including contracts — to prevent potentially costly problems down the road. Failing to do so could create costly loopholes should there be a lawsuit.

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Understanding E-Commerce Website Development Cost: A Guide

YoungUpstarts

One option or another, if you’re a start-up trying to create a website the cost will range from $20,000 to $500,000. This cost will depend on how you want your website to perform and the company you choose to assist you in developing it. Total Average Cost: $20,000.

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How To Keep Costs Low For A Startup Business

YoungUpstarts

Keeping costs low is important for any business, no matter how large or small. However, for startup companies, the need to keep costs down is even greater, especially if your business is not yet turning over a profit. Others managing costs money management

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Is Financial Freedom Costing You Your Life?

Mike Michalowicz

The post Is Financial Freedom Costing You Your Life? Financial Freedom? I love money. It is a powerful tool for getting lots of things done. And it provides that all so valuable financial freedom. But I’ve learned that it’s not the only kind of financial freedom there is.

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5 Things To Do To Make Sure Your First Hire Is A Good One

YoungUpstarts

Perhaps almost as exciting as starting a new business is making your first hire. So the last thing you want to do is have it all go wrong by hiring someone who’s a bad fit, making mistakes with their paperwork or paycheck, or failing to do your proper due diligence on the candidate.

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Financial Freedom Is Costing You Your Life

Mike Michalowicz

Entrepreneur Strategies Mindset Money Strategies american tourist and mexican fisherman cost of life financial freedom trade offFinancial Freedom? I love money. It is a powerful tool for getting lots of things done. And it provides that all so valuable financial freedom.

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Tackling The Talent Gap: Best Practices For Uncovering New Hires

YoungUpstarts

It is harder to diversify if your first few hires are homogenous, so branch out beyond your typical hiring pool to seek out diversity of all types —race, gender, culture, and education. When you think you’ve found the right hire, do your due diligence to ensure it’s a two-way fit.

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6 HR Mistakes That Can Be Costly For Your Startup

YFS Magazine

Grow Human Capital hiring employees HR human capital human resourcesFrom initial entity incorporation to managing payroll, a founder is responsible for every aspect of the company — including compliance with all local, state and national laws.

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Why Misunderstanding Startup Metrics Can Cost You Your Business

Both Sides of the Table

The key to being able to run a business that isn’t yet profitable (on operating margin) is availability of capital to finance losses and preferably at a cost that isn’t too punitive to the founders and employees. Customer acquisition cost.

How Is It That Some Businesses Can Keep Their Fixed Costs Down While Others Can’t?

YoungUpstarts

There are plenty of places businesses are going wrong in the modern world when it comes to their fixed costs. These are costs that are necessary to keep their operations alive , but that don’t vary depending on output. Others business costs managing costs small business finance

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How to Use Your Company Website to Hire Better

Up and Running

It seems that every day I hear more examples from employers about how difficult it is to hire right now. We have the lowest unemployment in 10 years, more jobs going unfilled than ever, and a record high on the amount of time it takes to hire—nearly 30 days.

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Developing a Hiring Strategy From Day One

Up and Running

As you imagine and plan how to grow your business from an idea into reality, it can be hard to envision the day when you will expand your team, hiring employees who will actually carry out the work and mission of the business. Outline a hiring process.