Starting a business can be exciting. But, having an understanding of your startup costs can help make it less scary. Keep in mind that these numbers are a guide to help you plan, but you must do your own research to create a budget for your business!
In compiling these numbers for each business model, we used some estimates and made a few assumptions:
- Included are estimated monthly costs for an outsourced bookkeeper and attorney. You may choose to handle some of these responsibilities internally or find less expensive means to handle these important duties.
- The business is a owned by one person and the owner takes at least $35,000 per year to cover their personal expenses. If you have a partner or want to make more or less that figure may be different for you.
- Unless employees are listed as a cost, the business is a one person endeavor.
- The average cost for utilities and rent is based on a 750 square foot facility in Baltimore, MD. If your space is bigger or smaller, that number may vary for you. If you are working from home, then this number will vary as well.
- Build costs and renovation costs will vary based on the business model. Building cost and renovation costs are not included in these numbers. However, costs may range from $5000 to $100,000 depending on the needed changes.
- Licensing, permits and fees are estimated. You should contact the Department of Labor Licensing and Regulation for the exact requirements and costs for your business. http://www.dllr.state.md.us/
- Taxes are estimated. You should contact The Maryland Comptroller's office for exact requirements for your business. http://taxes.marylandtaxes.gov/Individual_Taxes/Individual_Tax_Types/Property_Tax/
Below, you will find 10 of the most common business models in Baltimore City. If you do not see your model listed and/ or you want research completed for your business, please contact WHC using the Contact Form at the bottom of this page.
Have questions? Or, perhaps you don't see your business model... Please contact us using the form below!