Start-up Costs
Calculate the cost of your start-up, for both you and the business.
Emerging businesses might not see income for a while, and you as owner, might not be able to write yourself a paycheck right away. It's critical to determine your essentials - which things you can give up in the short term (e.g., vacations) and which are those things you absolutely need, both for your life and for the business.
The myriad costs during this phase can be daunting. It's important to establish a checklist of business essentials - and try to keep to that guide. The checklist will allow you to present an accurate picture to the advisors with whom you will meet.
These materials provide general information, and should not be construed as specific financial, insurance, tax, legal or accounting advice. You should consult a qualified advisor for individual guidance
in these matters. More details
Pay Yourself Back Any
Start-up Costs
If you've borrowed from your own assets to start your business
or to cover an emergency, remember to pay yourself back. Maintain accurate records and don't let it escape your memory. Once the business is operating smoothly and profitably, start paying yourself back. Your accountant can work with you to determine an affordable amount
of money to put away each month for contingencies, and to help you keep track of paying yourself back.