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Business Startup Costs: How To Calculate And Budget

Updated: Jan 6, 2022, 9:00am

Starting a business comes with a variety of costs, which may require you to seek external business financing. In fact, entrepreneurs file millions of business applications every year in the U.S. The number of new business applications surged to a record 4.5 million in 2020, according to the Economic Innovation Group.

If you’re working to get your own business up and running, it’s crucial to understand the different costs you might encounter. Knowing potential business startup costs upfront makes you better prepared as an entrepreneur and can improve your odds of success.

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How to Calculate the Cost of Starting a Business

There’s no set cost to start a business —many factors can impact your initial startup expenses. In some cases, you might be able to get a company off the ground with a few thousand dollars. Other small business owners might need to come up with five figures (perhaps several times over) during their first year in operation.

With such a wide range of potential expenses, it’s helpful to start with a business plan. A separate startup cost analysis can help you estimate your costs as well. The U.S. Small Business Administration (SBA) provides free guidance and sample worksheets you can use for both.

• SBA Sample Business Plans
• SBA Startup Cost Worksheet

Taking the time to write out (and add up) your initial startup costs is a smart move. This extra preparation on the front end can lead to more realistic expectations and better long-term results for your new business endeavor.

Common Business Startup Costs

Go through the common business startup costs below to determine which expenses your business might encounter.

Incorporation Fees ($145)

One of the first tasks you’ll need to complete when you form a new business is choosing a business entity. General business structure choices include:

• Sole proprietorship
• Partnership
• Corporation
• Limited Liability Company (LLC)

The average cost to register a business is $145. However, filing fees and other associated costs can differ based on the state where you operate.

Research Expenses ($100–$30,000+)

Researching the market you plan to enter puts your business in a better position to succeed. Some entrepreneurs attempt to do this research on their own. However, hiring a professional market research firm could give you a clearer picture of the industry, your target customers and your competition.

The price of market research can vary depending on the type of report and guidance you require. High-level market overviews might cost a few hundred to a few thousand dollars. A more detailed and personalized project by comparison could cost at least $30,000.

Equipment ($11,000–$125,000)

Regardless of your type of business, it probably needs some type of equipment to operate. Even online microbusinesses need access to a computer or device and an internet connection. Other types of businesses may have much more demanding equipment needs that could cost tens or even hundreds of thousands of dollars.

Below is a look at sample startup equipment costs for several different types of industries. (Your experience could be different.)

• Hotels and restaurants: $125,000
• Real estate and rentals: $75,000
• Insurance and finance: $52,000
• Retail establishments: $32,000
• Health care: $27,000
• Warehousing and transportation: $16,000
• Arts and entertainment: $16,000
• Service-based businesses: $14,000–$18,000
• Construction: $14,000
• Support for other businesses (administrative or janitorial): $11,000

Office Space ($300–$1,230 per Month, per Employee)

With certain types of businesses, you might be able to operate from your home. But if your company requires office space, the cost of renting or buying a facility can add up.

Just like residential rent and mortgage costs, the price of securing office space for your business has a lot to do with your location. The size of your office will of course influence the price you pay as well.

The cost of office space starts around $300 per month (per employee). Yet in high-cost areas like San Francisco or New York, your monthly office space cost could be over $1,230 per person.

Utilities ($2.14 Per Square Foot)

On top of a monthly lease or loan payment for office space, you need to prepare for the added expense of utility services. For commercial buildings, the average utility cost is $2.14 per square foot, according to Building Owners and Managers Association International. The larger your office space and the more employees your business has, the higher its utility costs may climb.

Inventory (25%–35% of Operational Budget)

If your company plans to sell products to its customers, you’ll need to have some inventory on hand to fulfill orders. Inventory costs can require a significant financial investment. But the actual amount your business needs to spend here depends on numerous factors.

Most businesses that require inventory spend between 25% to 35% of their operational budgets on related costs. Initially, it can be hard to gauge how much your business will spend in this category. To estimate potential inventory costs, start by figuring out how much product you expect to sell in a 12-month period. Then, divide that number by 10, aiming to keep 10% of your annual inventory needs in stock.

Let’s say you plan to sell $75,000 in inventory over the next year. If you wanted to keep 10% of that number available to sell to customers, you’d need to purchase $7,500 in inventory.

Marketing and Advertising (Up to 7%–8% of Revenue)

Getting the word out about your business is essential. But you have to be careful not to overdo it on marketing and advertising expenses—especially as a new company.

The SBA advises limiting your marketing expenses to 7% or 8% of your revenue. However, if your profit margins are on the low side (less than 10%), you might want to adjust your marketing budget down until those numbers improve.

Website Development (Up to $10,000)

Creating a professional online presence is essential for most businesses. The question you have to answer as a startup is whether you want to hire someone to create a website for your business or try to tackle the project yourself.

Depending on your skill set and time constraints, you might be able to design your own starter website. Services like Squarespace and WordPress have templates available that can make the job easier and far more affordable. If you hire a professional website designer to develop your website, the cost might run between $2,000 and $10,000. However, website packages often include branding services that could benefit your business as well.

Office Supplies and Furniture ($200–$1,000 per Month, per Employee)

Whether you’re operating your business from home or you have a dedicated outside office space, your business will probably need to spend some money on office supplies. Depending on the type of business, you might need to purchase:

• Chairs and desks
• Computers, tablets and software
• Phones and headsets
• Breakroom furniture and appliances
• Waiting room furniture
• Filing cabinets
• Paper goods
• Ink, toner and other printing supplies
• Pens, paperclips, staples and notebooks

You might spend anywhere from $200 to $1,000 per month (per employee) on office supplies. But these costs can vary widely depending on your budgeting choices and the types of perks you want to offer employees.

Payroll (15% to 50% of Your Budget)

Payroll is one of the biggest expenses most businesses encounter. Yet finding quality team members and providing them with fair and competitive compensation is crucial if you want your company to thrive.

For many companies, payroll costs account for anywhere from 15% to 30% of their overall budget. Some businesses dedicate up to half of their budget to payroll expenses and still generate significant profit margins.

On top of salary and wages, be sure to factor the following costs into your company’s payroll expenses:

• Commissions
• Paid time off
• Overtime pay

Professional Consultants ($75 to $400 per Hour)

As a new business, there may be many tasks that you try to manage on your own to save money. The cost of professional services, after all, can be pricey—running anywhere from $75 to $400 per hour.

For certain jobs, however, hiring a professional could be a wise investment. For legal matters , paying an attorney for advice and guidance can help you avoid potentially costly mistakes. Working with a CPA or bookkeeper could help your business make sure it’s meeting its tax obligations as required.

Insurance ($46–$86 per Month, per Policy)

Insurance is another important cost you should budget for as a new business owner. Depending on the type of business you operate, some types of business insurance coverage may be more important than others.

Below are some of the insurance options you may want to consider, along with the median monthly premium for each.

• Workers’ compensation: $86 per month
• General liability: $53 per month
• Business owners’ policy: $84 per month
• Professional liability: $46 per month

If you take out multiple business insurance policies with the same provider, you might be eligible for a bundle discount that could help you save money.

Taxes (Cost Varies)

Benjamin Franklin once wrote that nothing is certain in this world except death and taxes. So, it shouldn’t come as a surprise that your new business will have tax obligations to pay as well.

Your business structure, revenue and expenses can all influence how much your business has to pay in taxes. Working with a CPA to calculate your tax requirements and look for potential savings strategies is often your best bet.

The corporate tax rate is currently 21%, but there have been recent proposals in Congress to increase that number. In general, saving at least 25% of business profits is advisable, but you should talk to a reputable tax professional for advice.

Looking for a business loan?

How to Get Startup Business Financing

Finding the funds to cover startup costs, not to mention other business expenses that may arise, can be a challenge. But the right business financing has the potential to break big expenses down into smaller payments that are easier to manage.

If you’re interested in applying for a business loan, calculate how much you can afford to pay each month so that you don’t overextend yourself. Then, take the time to research and compare available business financing options to make sure you find the best deal available for your company.

Related: Best Startup Business Loans

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Michelle Lambright Black, Founder of CreditWriter.com and HerCreditMatters.com, is a leading credit expert and personal finance writer with nearly two decades of experience in the credit industry. She’s an expert on credit reporting, credit scoring, identity theft, and the intersection of credit and financing. You can connect with Michelle on Twitter (@MichelleLBlack) and Instagram (@CreditWriter).

Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top performer in the mortgage industry and his entrepreneurial success to simplify complex financial topics. Jordan aims to make mortgages and loans understandable.

Average cost of starting a small business

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Launching a small business almost always involves an initial investment. How much startup funding you need depends on many factors, such as your industry, the products or services or the store location. The cheapest businesses to start may cost as little as $12,000 initially, but other businesses like restaurants can run from $400,000 or more.

The best way to determine your startup costs is to list all expected expenses and the dollar amount for each item. Let’s drill down into the exact dollar amounts to start your business and the types of costs you may encounter.

Key small business cost statistics

• On average, small business owners spend $40,000 in their first full year. ( Shopify )
• The least expensive cost is the incorporation fee, which is around $145, while the most expensive can be equipment, typically $11,000 to $125,000. ( Forbes Advisor )
• 76% of startups without employees used personal funds to finance their business ( Fed Small Business )
• The top financial challenges for nonemployer startups are inflation as well as meeting operating expenses. ( Fed Small Business )
• Average hourly pay for an administrative assistant is $22. ( Salary )
• Average cost to build a website is $200 and costs $50 monthly for maintenance. ( WebsiteBuilderExpert )
• Average cost of adding a new employee to your payroll usually ranges from $4,000 to $20,000. These costs don’t factor in the employee’s salary and benefits. ( Indeed )

How much does it cost to start a small business?

Industry averages can help give you a general idea of how much you can expect to spend when starting a small business. As your business grows, you’ll need to be strategic about keeping costs low and opting for the most affordable materials.

By keeping costs low, you’ll see the biggest returns on your investment from business products and services. Your actual costs will vary depending on:

• Size of your business
• Physical or online location
• Number of employees
• Cost of inventory needed
• Cost to produce goods, such a labor and raw materials

Online business vs. brick-and-mortar stores

Your location can also influence small business costs. The 2021 Business Cost Index by Approve found Texas, Oklahoma, and Kentucky are the three cheapest states to run a business. California, New Jersey, and Vermont are the most expensive.

Employee payroll or contractor services

Employees are another big expenditure. According to the Bureau of Labor Statistics , the average non-government employee costs your business $41.03 to $43.26 per hour.

Given that there are 2,080 working hours in a year, the average employee may cost you roughly $85,000 to $90,000 per year, based on the Bureau of Labor Statistics wage. So if you have five employees, you’ll have to project for $425,000 to $450,000 in costs.

Another way to calculate total employee costs is to budget for their salary, employee benefits and taxes. The Small Business Administration suggests estimating employee costs to be 1.25 to 1.4 times their salary. Using that information, an employee with a $50,000 annual salary would cost you between $62,500 and $70,000.

Average cost by industry

Your average startup costs will vary greatly depending on the field or industry you’re hoping to tap into. Your industry will determine your entire business model, your inventory needs, your marketing strategy and your costs to produce your goods or services. Here’s a closer look at a few industry averages:

Types of costs for your small business

While it’s possible to fund your business with little-to-no upfront costs , you will likely encounter many expenses along the way. You’ll want to gauge whether your costs are essential to running your business or an expense that you can hold off until the business is established.

Essential costs vs. optional costs

Although there are some expenses you can do without or delay, others are unavoidable right from the start. In general, they include expenses such as:

Common essential costs

Common optional costs.

• New, rather than used or leased, equipment
• Extra office space
• Luxurious business trips and entertaining
• Social media influencers
• A CPA when you can use accounting software instead
• Excess inventory

Fixed costs vs. variable costs

You will find that some of your expenses won’t change from month to month. Others will vary, coming up once or occasionally throughout the year. To ensure that you have enough funds to cover all of your necessary fixed and variable costs, plan ahead.

Common fixed costs

• Insurance premiums
• Property tax
• Essential workers salaries
• Internet and cell phone bills
• Loan payments

Common variable costs

• Packaging and shipping
• Raw materials
• Commissions
• Credit card payments and interest
• Consultants

Average small business costs

Whether you’re starting from scratch or expanding your business, you want to get detailed about the business costs and amount you expect to spend. Having an organized business budget can help you plan for these costs and account for any revenue changes that come your way. Here’s a look at how much you can expect to spend on your fixed and variable costs.

Average fixed costs

When adding up business costs, don’t forget depreciation, which is the value that your physical business assets lose over time due to age or use. You want to include this cost because it affects your business’s overall net worth when comparing its assets versus liabilities .

Average variable costs

How to save on costs and fund your startup

Businesses can save on startup costs by paring back business expenses to free up extra revenue, or they may opt for a business loan .

Consider trimming your overhead to make your start-up costs manageable. Starting an online business is one way to reduce or eliminate office space and insurance costs and save a little extra while you’re getting your business off the ground. Yet any business can take a hard look at business expenses and cut costs that aren’t necessary to the business’s immediate success.

Business owners can also apply for a startup loan that provides the on-hand cash needed to make products or expand operations. Many business owners take advantage of low-interest Small Business Administration (SBA) loan s or business loans that come from a traditional bank or online lender.

Finally, consider applying for a business credit card to help you cover your costs. Business credit cards typically have fewer eligibility requirements, focusing on your personal credit score when you apply. A business credit card also gives you the benefit of no interest charges if you pay in full regularly. You will get charged interest if you make the minimum payment or go past the payment due date.

Frequently asked questions

How do you calculate start-up costs, what do i need before starting to spend money on a start-up business, what are additional considerations, how do i start a small business, article sources.

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

“ How Much Does It Cost To Start a Business? (Research). ” Shopify. Accessed on October 20, 2023.

“ Business Startup Costs: How To Calculate And Budget. ” Forbes Advisor. Accessed on October 20, 2023.

“ 2023 Report on Nonemployer Firms: Finding from the 2022 Small Business Credit Survey. ” Fed Small Business. Accessed on October 20, 2023.

“ Administrative Assistant II Salary in the United States. ” Salary.com. Accessed on October 20, 2023.

“ How Much Does a Website Cost in 2023? ” WebsiteBuilderExpert. Accessed on October 20, 2023.

“ What Is the Cost of Hiring New Employees? ” Indeed. Accessed on October 20, 2023.

“ The Cost of Building an Ecommerce Website: 2023 Guide. ” Shopify. Accessed on October 20, 2023.

“ The 2021 Business Cost Index. ” Tipalti Approve. Accessed on October 20, 2023.

“ Employer Costs For Employee Compensation—June 2023. ” Bureau of Labor Statistics. Accessed on October 20, 2023.

“ How Much Does an Employee Cost You? ” U.S. Small Business Administration. Accessed on October 20, 2023.

“ How Much Does it Cost to Open a Restaurant? ” Restaurant Owner.com. Accessed on October 20, 2023.

“ How Much Does It Cost To Start A Construction Company? (In 2023). ” Starter Story. Accessed on October 20, 2023.

“ How Much Does It Cost To Open a Retail Store? ” Korona POS. Accessed on October 20, 2023.

“ How Much Does It Cost To Start An Art Business? (In 2023). ” Starter Story. Accessed on October 20, 2023.

“ How Much Does It Cost To Start An Entertainment Information Business? (In 2023). ” Starter Story. Accessed on October 20, 2023.

“ How much do small businesses pay in taxes? ” Nationwide. Accessed on October 20, 2023.

“ How much does small business insurance cost? ” Insureon. Accessed on October 20, 2023.

“ How to Create a Marketing Budget for a Small Business. ” Salesforce. Accessed on October 20, 2023.

“ What are the general costs of incorporating? ” Legal Zoom. Accessed on October 20, 2023.

“ How Much Do Y’all Spend on Packaging Materials Per Order? ” Esty Community. Accessed on October 20, 2023.

“ Average Electric Bill For Businesses In the US. ” Integrity Energy. Accessed on October 20, 2023.

“ Flat Rate Shipping — UPS Simple Rate. ” UPS. Accessed on October 20, 2023.

“ 9 Sales Commissions Structures (With Formulas and Examples). ” Indeed. Accessed on October 20, 2023.

“ The Average Cost Per Month for Office Supplies. ” Hearst Newspapers. Accessed on October 20, 2023.

“ Daily business tourism expenses in the United States 2018–2021. ” Lopez, Ana M. Accessed on October 20, 2023.

“ Small Business Development Centers. ” U.S. Small Business Administration. Accessed on October 20, 2023.

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Starting a business involves much more than just setting up an office or choosing furnishings. It demands careful financial planning and precise accounting, particularly in the initial stages.

Many new businesses make the mistake of not properly estimating and budgeting for startup costs, relying too much on a sudden influx of customers. This approach often leads to poor results and even the business's failure . A solid financial plan is key not only for managing startup costs but also for building a foundation for your venture's future growth.

Key Takeaways

• Startup costs are expenses incurred while establishing a new business. They can be divided into two categories: pre-opening and post-opening. 
• Pre-opening startup costs include a business plan, advertising, employee training, professional services, and setting up books and records.
• After the business opens, costs shift toward advertising, promotional activities, and employee salaries.
• Different types of business structures—like sole proprietorships, partnerships, and corporations—each have unique startup costs. Understanding these variations is crucial as you plan your budget and financial strategy.

Startup costs are the expenses a new business faces during its creation. Unfortunately, starting a business with no money is challenging and not an option for most businesses, which will require capital to start operations. Each business is unique and thus incurs different types of startup costs depending on its nature of operations.

For example, online businesses, such as e-commerce websites, often have lower initial capital requirements than brick-and-mortar businesses, such as restaurants. This difference in startup costs may stem from online businesses needing less physical space, fewer furnishings, and often fewer staff compared to brick-and-mortar operations.

Despite these differences, several expenses are common across most types of businesses. These typically include costs related to legal or attorney fees, licensing, initial inventory, market research, and marketing efforts to launch the brand.

Keep detailed records of all your startup expenses from the beginning. This not only helps with budgeting and planning but also ensure you can take full advantage of any tax deductions available for startup costs.

The Business Plan

Creating a business plan is crucial for starting a business as it provides a detailed roadmap and prompts careful consideration of various startup costs. Underestimating these expenses can lead to an inflated expectation of net profit, which can be detrimental for a small business owner. Hiring a consulting firm or a business plan writer to assist with creating a business plan can cost between $1,000 and $5,000 or more. The final price often depends on the complexity and length of the plan.

Research Expenses

Before launching a business, it's crucial to thoroughly research the industry and target consumer demographics. Some business owners opt to hire market research firms for this purpose.

Hiring a market research firm is essential for companies wanting to excel in competitive markets. These firms offer key insights into customer preferences and industry trends, using both qualitative and quantitative data to inform strategies ranging from product development to marketing. Their analysis helps businesses make informed decisions and identifies potential risks and opportunities.

For business owners who choose to follow this route, the expense of hiring these experts must be included in the business plan.

Borrowing Costs

Starting up any kind of business requires an infusion of capital. There are two ways to acquire capital for a business: equity financing and debt financing. Equity financing usually entails the issuance of stock, meaning the company offers shares of its ownership to investors in exchange for funds. However, this doesn't apply to most small businesses, which are proprietorships and don't issue stock.

For small business owners, the most likely source of financing is debt in the form of a small business loan . Business owners can often get loans from banks, savings institutions, and the U.S. Small Business Administration (SBA). Like any other loan, SBA business loans come with principal and interest payments that need to be carefully planned for when starting a business, as failing to make these payments can result in severe consequences.

Insurance, License, and Permit Fees

Many businesses are expected to submit to health inspections and authorizations to obtain certain business licenses and permits. Some businesses might require basic licenses while others need industry-specific permits.

Carrying insurance to cover your employees, customers, business assets, and yourself can help protect your personal assets from any liabilities  that may arise. 

Technological Expenses

Technological expenses include the cost of a website, information systems, and software, including accounting and point of sale (POS) software , for a business. Some small business owners choose to outsource these functions to other companies to save on payroll and benefits.

Equipment and Supplies

Every business needs equipment and basic supplies, which are crucial components of startup costs. When planning these expenses, you must decide whether to lease or buy the equipment. 

The state of your finances will play a major part in this decision. Even with sufficient funds to purchase equipment outright, it might be more practical to lease initially, with the option to buy later, especially if other unavoidable expenses arise. However, it's important to remember that, regardless of the cash position , leasing isn't always the most beneficial option depending on the type of equipment and the lease terms.

Advertising and Promotion

A new company or startup business is unlikely to succeed without promoting itself. However, promoting a business entails much more than placing ads in a local newspaper.

It also includes marketing —everything a company does to attract clients to the business. Marketing has become such a science that any advantage is beneficial, so external dedicated marketing companies are most often hired.

Employee Expenses

Businesses planning to hire employees must plan for wages, salaries, and benefits, also known as the cost of labor . This includes not only direct payments but also any additional benefits that contribute to employee compensation packages, including health insurance, retirement plans, and bonuses.

Failure to adequately compensate employees can result in low morale, mutiny, and bad publicity, all of which can tarnish a company's reputation and be disastrous for the business.

Set aside some extra money for any overlooked or unexpected expenses. Most companies fail because they lack the cash to deal with unexpected problems during the business season.

It's important to note that the startup costs for a sole proprietorship differ from the startup costs for a partnership or corporation. Some additional costs a partnership might incur include the legal cost of drafting a partnership agreement and state registration fees.

Other costs that may apply more to a corporation include fees for filing articles of incorporation, bylaws, and terms of original stock certificates.

What Are Business Startup Costs?

Startup costs are the expenses required to create a new business. Once the business is operational, these costs can be broadly categorized into pre-opening and ongoing or operating expenses . Pre-opening costs may include expenses for developing a business plan, market research, securing a location, and initial marketing. Ongoing costs typically involve operational expenses like employee salaries, utilities, and inventory replenishment.

What Business Startup Costs are Tax Deductible?

Tax-deductible startup costs generally include essential expenses for establishing a new business, such as market research, opening advertisements, and employee training salaries. The IRS allows new businesses to write off startup expenses of $10,000 in startup costs and $5,000 in organizational costs in the year the business begins. However, total startup costs must be $60,000 or less and organizational costs must be $50,000 or less. If the costs exceed the maximums, the remaining has to be amortized.

How Do I Calculate Business Startup Costs?

To calculate your startup costs, first identify all necessary expenses like office space, equipment, licenses, permits, salaries, and marketing. Estimate each expense by researching online and consulting with mentors or similar businesses. You can then organize these costs into one-time and monthly categories, then calculate a total to understand your capital needs. Calculating your expected startup costs can help you secure funding, attract investors, and launch your business successfully.

Understanding and planning for startup costs is crucial for any new business. These costs include pre-opening expenses, like market research and business plans, and post-opening expenses, such as marketing and employee salaries. Every business has unique costs, but common expenses often involve legal fees, permits, equipment, and technology.

Accurately estimating your startup costs is key for any new founder. Realistic figures can help secure funding from investors or banks and ensure smooth operations. Keeping detailed records from the start can also help you in financial planning and maximizing tax benefits.

Internal Revenue Service. " Why Should I Keep Records? "

PlanBuildr Business Plan Software. " How Much Does a Business Plan Cost? "

U.S. Small Business Administration. " Fund Your Business ."

Internal Revenue Service. " Publication 583, Starting a Business and Keeping Records ." Pages 9-10.

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How Much Do Business Plan Writers Cost?

When you’re starting or growing a business, it’s important to have a clear plan in place. Writing a business plan can help you outline your goals and sales strategies, and it can be a valuable tool when seeking funding from potential investors such as venture capitalists or a bank loan. 

If you don’t have time to write your own business plan, or if you need help getting started, professional business plan writing services can be a great option. But, how much do these services cost? And is it worth the investment? Let’s take a closer look.

How Much Should I Pay For a Business Plan Writing Service?

Professional business plan writers and consultants generally charge between $2,000 and $25,000. However, the cost largely depends on the required quality of your plan, the complexity of your business plan, and the length of the document. Professional business plans for very small companies may only require a few thousand dollars to be written, while more complex business plans for larger, growing companies can easily cost over ten thousand dollars.

There are also private consultants who will write or edit your business plan on an hourly fee basis. Fees can range from $50 to $300 per hour or more, depending on the consultant and the complexity of your business plan.

Whoever you choose to get started with your business plan, be sure to consider what’s included in your service. At the very least, you should expect:

• Comprehensive business plan including an executive summary, market analysis, marketing plan, financial plan with 3-5 years of financial projections, and other essential components required by potential investors
• Customization based on your business model and specific to your business needs
• Well-researched business plan based on relevant industry information and a thorough competitive analysis

There are several companies out there that offer complete business plan writing services. However, the quality of their work can vary dramatically. If you’re considering hiring outside help to write your business plan, choose carefully.

It’s important to remember that you get what you pay for when it comes to these types of services. If you go with a cheap plan writer, you run the risk of ending up with a low-quality business plan. If your business plan isn’t strong and professional-looking, it may be harder for you to get funding or attract investors.

Looking for a Business Plan Writer?

You’ve come to the right place!  Since Growthink was founded in 1999, we have provided business plan writing services for thousands of clients including startups, small business owners, nonprofit organizations and mid to large-sized companies. 

We understand that writing a business plan can be a time-consuming process for many entrepreneurs.  Hiring a business plan writer will allow you to quickly and expertly create a custom business plan.

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Get Started Now!

Call us at (800) 216-3710 or complete the form below and one of our business plan writers will reach out to you to schedule a time to speak about your business plan needs.

You can learn more about our business plan consulting services here

What Factors Impact Business Plan Pricing?

Some things that impact business planning services pricing include:

• Length – Longer, more complex business plans will cost more than shorter business plans.
• Company Size – A business plan for a large or complicated company can be more expensive to write.
• Level of Expertise – Smaller companies may opt to hire less experienced writers who charge lower prices, while larger, well-established companies choose to work with high-quality professionals who charge higher rates. You can’t expect a less experienced writer to help you achieve your goals (funding, growth) for your business plan.
• Turnaround Time – Generally, shorter turnaround times mean increased prices. Typically it will take 3-4 weeks to write a quality business plan.
• Additional Services – Some companies offer additional services, such as business plan presentation and pitch deck editing and support. These can cost extra.

To really get your business off the ground, it’s important to have a business plan in place that has been written by someone with the expertise to put together a successful business plan. A professional business plan consultant is an excellent investment for increasing your chances of securing the funds you need to start and/or grow your business. However, it’s important to do your research and choose carefully when you’re ready to hire.

Who Can I Hire To Write My Business Plan?

When choosing a business plan writer or consulting firm, it’s important to look for a company with significant business experience and proven expertise in business plan development. Look for companies that have been around for at least five years and do business plan writing on a regular basis. They should also be able to provide references from other companies that they’ve worked with.

A Business Plan Writing Company or Consultant

When hiring a business plan writing service , you’ll have two primary options. You can opt to work with a single writer or a dedicated team of experts who will be responsible for the entire project. The price of the service may vary depending on which option you choose.

A business plan writer typically costs less than an entire team, but it’s important to keep in mind that you may have less control over the outcome. The upside is that your business plan will be written by an expert with a deep understanding of the writing process.

When choosing this route, you should ask for references and examples of previous work. Before hiring any business plan writer, be sure they have the proper credentials and experience to meet your needs. You should also ask about any fees associated with revisions or updates.

Many businesses choose to work with a business plan consulting firm that offers a collaborative team of experts. This type of company will give you the best of both worlds. You’ll be able to utilize the knowledge and expertise of all the experts involved in the project, while still retaining control over the direction and vision of your business plan.

If you’re trying to determine how much it will cost to work with a business plan writing service, take some time to explore all of your options before making a final decision. You should consider both pricing models as well as the qualifications offered by the various service providers in your area. Doing so will ensure you find the most qualified choice for your business planning needs.

You Can Write It Yourself

If you are a newer entrepreneur or business owner or you are trying to save money, there are several free resources available online to help you write your business plan. The Small Business Administration (SBA) and your local Chamber of Commerce offer business plan services, workshops, or courses that can help you get started. Using a business plan template is a great way to quickly and easily complete your plan, especially if you are unfamiliar with the business planning process.

Some business owners are comfortable writing business plans without any outside help. This option offers you complete control over the process, but it typically takes more time than you have to spare. For that reason, not writing your own plan is usually recommended for experienced business owners, even those with plenty of business plan writing experience.

In most cases, experienced business owners who write their own business plans will have a better idea of what elements are needed and how they should be presented. However, it can still take considerable time to compile all the necessary information into a cohesive business plan that meets your audience’s needs. And it’s one thing to write a business plan; it’s another to write a business plan that gets investors or lenders to write you a large funding check.

A Combination of Business Planning Services

If your budget doesn’t allow you to hire a comprehensive business plan service, combining outside services with writing your own business plan may be the best option. This approach gives you complete control over the process, while still allowing you to benefit from an expert business plan writer’s advice. It is also a great option for entrepreneurs who don’t have time to write their plan but aren’t quite ready to hire someone else to do it either.

Other business services that could help you include:

• Market Research – Conducting thorough market research can help you determine which business opportunities are viable. Experienced consultants can help you identify your target customer so you can design the right marketing strategy to reach them.
• Copywriting Assistance – Many entrepreneurs have a great product or idea, but lack the writing skills needed to effectively advertise it in their business plans or online marketing materials. A business plan copywriter can help you create a compelling marketing message that resonates with your target audience.
• Startup / Growth Opportunities – If you’re thinking about starting a business or expanding your established business, it’s important to consider all of the potential opportunities before diving into something that may not be feasible for your current situation. A business plan consultant can help you identify what makes your business idea unique and how you can capitalize on those opportunities.
• Business Plan Review – Once you’ve completed your business plan, it’s important to have it reviewed by an expert. They can identify any gaps or mistakes in logic that could affect how potential lenders or investors perceive your business idea.

As with any decision affecting your company’s future, you should take the time to explore all of your options before committing to a specific service provider. The goal is not only to find the best fit for your budget and needs but also to find a business plan consulting service that can meet your expectations and deliver quality content on time and within budget.

Is It Worth It To Use a Professional Business Plan Writing Service?

As with anything else, you’ll get what you pay for. If you are short on time or don’t have the writing skills required to write a business plan, it may be worth considering a professional writing service. These services can help you complete the necessary research and planning to get a comprehensive business plan written for your company.

How Growthink Can Help Your Business

Since 1999, Growthink has developed thousands of business plans for entrepreneurs and business owners to start and/or grow their businesses. From small business owners to Fortune 500 companies, we have provided a variety of business plan services to meet the needs of each client.

Our business planning services include:

• Business Plan Consultants – Our experienced business plan consulting team has helped numerous businesses from small businesses to multi-million dollar corporations identify new opportunities and develop their business plans using existing information where possible, or by conducting new research as needed.
• Business Plan Writing Services – Our business plan writers are experienced professionals who are committed to providing you with a business plan that delivers results. Depending on your needs, our business writers can either help you complete the research and writing process, or write your business plan for you from start to finish.
• Done For You Market Research – Our market research team can conduct independent market research for your business through access to several market research databases. Utilize this research to help you write a business plan that is more in-depth and gives you a distinct advantage over competitors in your industry.
• Private Placement Memorandums – Growthink’s experienced business consultants can help you prepare a private placement memorandum (PPM) that is tailored to the unique needs of your business. PPMs are used to help businesses raise capital from accredited investors.
• Growthink’s Ultimate Business Plan Template – Our simple business plan template is available in MS Word and when completed can be sent to investors and lenders in Adobe PDF format. Use this business plan template to help you focus your business concept on the information that is most relevant for lenders and investors, while also providing a flexible foundation for future growth.
• Business Plan Writing Help Center – We have a wide variety of free resources for business planning on our website. Use our selection of 200+ business plan examples to help you write a business plan specific to your industry or learn more from our selection of business planning and funding articles.

No matter what product or service you choose, we wish you success in your business venture

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What is a Premium plan?

Creating your website is free. With a Premium plan you can connect your own domain, remove Wix branding from your site, and more. Most Premium plans include a 1 year free domain voucher, which is only valid with a purchase of a new domain from Wix and cannot be used to renew or extend a domain you already own. For best value, we recommend our yearly or multi-year plans.

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How do I get my free domain?

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A custom domain, like mystunningwebsite.com, is a great way to get found online and promote your brand. Replace your free Wix URL (username.wixsite.com/sitename) with a custom domain you purchased from Wix, or one you already own.

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How to Start a Vending Machine Business: Cost, Tips, Pros and Cons

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Vending machines are not a novel business idea — they’re basically everywhere. However, if you’re looking to start your own business, there is a lot to like about the vending industry. Consider that there are millions of machines in the U.S. alone — and the vending machine industry in the U.S. generated over $8.6 billion in annual revenue in 2023 [0] IBISWorld . Vending Machine Operators in the US - Market Size (2005–2030) . Accessed Feb 21, 2024. View all sources .

The vending machine industry is an attractive option for both new and experienced entrepreneurs because of its versatility. It can be a great weekend side hustle, a low startup-cost business or an interesting new way to expand your portfolio.

Vending machine costs

The majority of the cost to start a vending machine business comes from the vending machines and the stock items, and can be financed through a small-business loan or personal savings. With as little as a $2,000 investment, you can generally get a basic vending machine business up and running.

Many vending machine operators recommend buying used or refurbished machines, which you can find between $1,200 and $3,000. A new vending machine will cost anywhere from $3,000 to $10,000, depending on its size and features.

Besides the machine itself, you'll also want to consider the cost of inventory to stock your machines. Depending on how many machines you plan to own and what kind of inventory you'll stock, this could span a few hundred to thousands of dollars.

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How to start a vending machine business: A step-by-step guide

Though helpful, previous experience and connections in the industry aren’t necessary to get a vending machine business off the ground — and make money doing it. Here's how to start a vending machine business in six steps.

1. Consider your vending machine options

There are a wide range of vending machines available today. In general, there are four different categories of vending machines (which we'll outline below). Consider all four types when choosing the machine whose products are best suited to the target market you’ve defined in your business plan .

Whichever type of vending machine you choose, start out with one or two machines with a specific market focus. That way, you can gradually learn about popular stock- and site-specific patterns, and add new machines accordingly.

Food and beverage vending

According to a report from Vending Market Watch released in 2023, food and beverage vending machines with snacks, soda and candy make up the majority of the vending market share in the U.S., with beverages alone accounting for 23% of vending sales.

You can get a machine that just offers drinks, snacks or snack-and-drink combinations. Some vending machine entrepreneurs choose to purchase different types of machines for one location or place one kind of machine in multiple locations. If you’re a new vending operator, consider starting with a specialty — healthy snacks, beverages or fresh food — until you learn more about the industry.

To make the most sales, cater your offerings to a specific, location-driven market. For instance, you might stock healthy alternatives such as protein bars and shakes at a gym location or juice and granola bars in a school vending machine.

Bulk vending

Starting a vending machine business with machines that stock gum balls, stickers or rubber balls — also known as bulk vending — requires very little capital and low maintenance costs.

These typically low-maintenance vending machines might not be glamorous, but the quarters do add up. A refurbished vending machine could cost you less than $50 and bring in $30 per month with only a few sales a day. The products you’re offering have incredibly low overhead. In the right market — like a school or amusement park — this modest investment offers the potential for a reliable, passive income source.

Most bulk vending machines are mechanical devices and don’t require electricity or battery power to operate, which means the cost of operation is low to nonexistent. That said, many candy and toy vending machines are older, so a used device might require minor repairs before it’s functional.

Specialty vending

You're not just limited to food and drinks when starting a vending machine business. Large public places like arenas, airports and malls often have machines offering goods like tech accessories, beauty products or other specialty items. Some of these vending machines use the same technology as standard vending equipment, and some with advanced features like touch screens and contactless payment are differentiated as Automated Retail Machines.

Some specialty vending items include:

Hot beverages: Coffee or hot beverage vending can be successful in offices, universities and conference centers. Manufacturers often produce both specialty beverage equipment and traditional machines, so you may be able to combine your purchases.

Retail merchandise: Essential travel items like phone chargers, headphones and neck pillows can be lucrative vending products if you’re able to negotiate a contract with a local transit station or airport. Upscale vending machines in malls and airports often contain luxury skin care products or electronics.

Laundry products: Individually packaged detergent, fabric softener and dryer sheets make great vending products if you identify the right market for it — like laundromats, apartment complexes or dormitories.

Tobacco: Tobacco vending is legal in many states and can be lucrative, depending on the state taxes. Even cannabis vending machines are becoming available, but with a much more limited market.

Franchising options

If you don’t want to build your business from scratch, you may want to consider buying a franchise to start your vending machine business. As a franchisee, you will be able to work within a proven business framework and receive extra support and training to get your vending business set up. You’ll also be able to decide how many or how few machines you want to invest in. However, keep in mind that as a franchisee, you will be responsible for paying a portion of your profits to the franchisor.

» MORE: Best franchise financing options for your business

2. Find the right location for your vending machine

The location of your vending machine is a crucial factor in earning a profit. For instance, an upscale food and beverage vending machine might fail in a strip mall full of restaurants, but that same machine might flourish in an office park.

When starting a vending machine business, think about the locations where you have personally purchased something from a vending machine, as well as the times when people are most likely to purchase beverages, snacks or other items.

Some location ideas for your vending machine include:

Schools, colleges and university campuses.

Hospitals, medical centers and care facilities.

Grocery and retail stores.

Airports, train and bus stations.

Shopping malls.

Laundromats.

Gyms and other exercise facilities.

Business offices and complexes.

Apartment buildings.

Manufacturing plants, distribution centers and industrial parks.

Car dealerships.

Secure your location

If you already have locations in mind, reach out to proprietors or work on getting contact information for the relevant manager. Talking to prospective proprietors about location needs can help you get a better understanding of local demand and inform your vending machine and product selection.

Researching online or contacting your local Chamber of Commerce for information about major businesses in your area can help you identify potential locations. Ideally, try to place your vending machine at companies with at least 100 employees or considerable foot traffic, like a multi-business office park.

Understand state-specific vending laws, regulations and compliance

Different rules apply to various types of vending machines, and vending regulations vary by state. Before starting a vending machine business and reaching out to prospective location proprietors, find out how your state governs vendors by looking up your state and local small business regulations online.

Also, any vending machine you put in a public place may be subject to certain ADA compliance standards , and it’s a good idea to keep accessibility in mind when considering vending machine options.

Know commission requirements and prepare a proprietor contract

You’ll need to pay commission to the proprietor who provides the location and the electricity required to operate your machine. Generally, you can expect to pay the property owner 5% to 25% of the revenue from your vending machine.

Draw up a contract with the proprietor stating your agreed compensation rate, contract length and terms. Include provisions for breach of contract, too. It’s also smart to include expectations and obligations regarding servicing and restocking your vending machines, vandalism or theft, and the possibility of unprofitability. As always, have a lawyer look over the contract before signing.

3. Find your vending machine

Finding your vending machine can be as simple as an online search. To get an idea of the different vending machines offered and price points, search both local and national suppliers. You’ll also want to consider the cost of inventory when looking at vending machine prices.

You can start your search with these three types of sellers:

Manufacturers or wholesale vending suppliers have the widest selection of vending machines for sale, new technology and end-to-end services for delivery, repairs and training. This is likely the most expensive option.

Secondary market sellers or specialty online retailers allow you to browse multiple brands and models of vending machines and often have helpful resources for business owners.

Consumer-to-consumer platforms like Craigslist and eBay have vending machines for sale. Save time by filtering by merchant or owner location, so you don’t have to worry about major shipping costs. This may be the best option for first-time vending entrepreneurs who don’t want to spend thousands on a new or refurbished machine.

Vending machines come with a range of features and capabilities, all at different price points.

Some of those special features include:

Snack/drink combination machines.

Credit card and large bill functionality.

Touch or voice accessibility.

Remote monitoring software and low-stock alerts.

Branded “wraps” for the front of your machine.

Interactive screens.

These special features can be tempting, but they will often add to the overall cost of the machine. Choose the vending machine that best fits the products you want to offer and what you can afford.

4. Explore your financing options

Starting a vending machine business doesn’t typically require as much startup capital as some other small businesses, which can cost hundreds of thousands of dollars to start.

However, depending on the type and number of machines you want and the stock you plan to carry, you may want to explore financing. Here are some options to consider:

Short-term loan

If you’re already a business owner and have the business financial history to prove it, securing a short-term loan to finance your vending machine might be your best course.

Short-term lenders deposit a lump sum of cash directly to your business bank account, and you’ll repay your loan, plus interest, over a predetermined amount of time. Repayment terms for short-term loans are usually 12 months or less, although you may find terms up to 24 months. Interest rates are a bit higher than longer-term loans.

Short-term loans can be easier to qualify for than other forms of financing because lenders are often more flexible when it comes to credit score and time in business.

» MORE: Best online business loans

Equipment financing

An equipment financing loan is another option to consider. The terms of these loans depend on the value of your equipment, which also acts as collateral in case you default on your loan payments.

In addition to your financial information and business plan, you will need equipment quotes for the machine(s) you plan to purchase when you apply for an equipment loan. And, if you need capital to purchase inventory, you may want to consider inventory financing .

5. Stock your vending machine with inventory

Once you’ve settled on a vending machine, you have to stock it with inventory.

Rather than choosing to stock items based on wider food and beverage trends, pay attention to local, site-specific needs. To stay on the safe side, don’t over-order stock in the beginning, and adjust your offerings based on demand.

If you choose to provide combined food and beverage services in your vending machine business, drinks will make up most of your sales. As the growing refreshments market expands to flavored water and healthier beverages like coconut water, consider what your location can support in terms of pricier specialty foods and drinks.

Drink size and shapes will affect your range of machine choices, so if you feel strongly about selling cartons or irregularly shaped products, try to find a machine with adjustable product sizing.

6. Make the right investments

After you’ve purchased your machine and placed it at a selected location, you’ll want to focus on making the business profitable.

Invest in a vending management system (VMS)

Depending on the technology in your machine, your vending equipment may come pre-programmed with management software, which you can use to streamline operations, record inventory and track revenue.

If you have machines that require you to manually manage your inventory, it might be possible if you own just a couple of vending machines. Once you have five to 10 vending machines, though, it’s probably a good idea to invest in a vending management system to help you stay on top of your inventory remotely. VMS software allows you to remotely manage your vending machines from an internet-enabled device. Most VMS systems provide real-time inventory updates and reporting tools.

Invest in customer service

Even if you only have one or two vending machines, it’s worthwhile to emphasize customer service from the beginning of this (or any) venture.

Most importantly, ensure that your vending machines are stocked and functioning on a weekly or biweekly basis. You can also consider providing an 800-number for service requests and comments, which is a great way to get useful feedback.

Like many location-based businesses, vending operators are often dependent on word-of-mouth referrals and in-person connections. Foster relationships with business owners, look up your state’s vending association or join local networking groups for entrepreneurs.

Invest your time

Starting a vending machine business requires more than just capital investment — you’ll have to invest some time and attention to your vending machine business, too.

A full-size vending machine might require you to collect money weekly, which is important to keep in mind when determining how much time you can realistically spend traveling to locations. In addition to the time it takes to purchase inventory, visit locations and restock, operating a vending machine business requires you to spend time researching trends in sales, new products or locations, and talking to peers.

If you can’t get away from your full-time commitments often, bulk vending — with non-perishable candy or stickers — might be a good way for you to break into the vending machine business without sacrificing too much of your time.

Pros and cons of starting a vending machine business

Like any new venture, starting a vending machine business has advantages and disadvantages to consider.

Easy to scale: Scaling your vending machine business is relatively easy. You can start off with a few vending machines, and as you become more successful, expand locations.

Variety of choices: There are all types of vending machines. Vending machines now serve healthy foods, gourmet options and items completely unrelated to food.

Little to no overhead costs: There are little to no overhead costs of running a vending machine business, especially if you don’t have employees or require office space.

Time commitment: Operating a vending machine business will require you to commit some time and energy into stocking, servicing and collecting money from your machines on a regular basis.

Theft and vandalism: Vending machines can be an easy target when it comes to theft and vandalism. Ensure that your machines are in secure and safe areas to avoid a loss in profits.

Yes, vending machines can be profitable. The average vending machine generates $75 a week or around $300 a month. However, vending machines that are well-stocked and placed in safe, high-traffic locations can generate more than double that.

Yes, vending machine owners pay rent or commission to the owner of the property. Vending machine owners generally pay between 5% to 25% of their vending machine sales.

Yes, vending machines are charged sales tax on the revenue they generate. The amount of sales tax varies depending on your state.

You can place vending machines in most commercial spaces such as offices, retail shops, bowling alleys and more. But you'll need to sign a contract with the property owner first.

LLC Formation

A version of this article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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