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11 Cards in this Set
- Front
- Back
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are expenses incurred before the business is running. |
Startup costs |
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You should know that startup costs are not a universally accepted or carefully defined financial concept. |
Important |
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Startup costs are the expenses incurred during the process of creating a new business |
important |
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Permits and licenses, Incorporation fees, Logo design, Website design, Brochure and business card printing, Signage, Down payment on rental property, Improvements to chosen location |
One-Time Expenses |
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Rent, Payroll, Taxes, Legal services, Loan payments, Insurance payments, Utilities, Marketing costs |
Ongoing Expenses |
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These are costs associated with long-term assets purchased in order to start your business. |
Startup assets |
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Why separate assets and expenses? |
Tax and personal protection purposes.
• Save money on taxes • Tax and personal protection purposes |
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uses a Startup worksheet-plan your initial financing |
traditional method |
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Consolidated estimates - estimates start when a business starts spending - no specific startup table |
Live-Plan method |
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key difference between Live-Plan and traditional methods are the estimates start when a business starts spending rather than when it launches and starts getting revenues |
Important |
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Any valuable inventory that helps you launch your business. This includes things like: Cash. Equipment. Inventory. |
Startup asset |
