The Cost Of Launching A Business

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February 25, 2011 by Angela Shupe | 1 Comment

Who knew it was so expensive to start up and run a new business? According to the Wall Street Journal, not many.

In a recent survey by Bermuda-based insurer Hiscox, one third of 500 U.S. business owners with fewer than 100 employees said higher-than-expected costs was their single biggest start-up mistake, followed by hiring the wrong people, not knowing how to market and sell products, and not securing enough financing.

Many of the new entrepreneurs discovered that they lacked a necessary understand of the taxes they would have to pay, detailed information about financing and credit, and the necessities behind hiring and firing employees. They were not discovering this need for information until it was too late, after their business had already been launched. Even though they have the enthusiasm needed to market their product, they still need to work on those basic business skills.

According to Hiscox Director Kevin Kerridge, “Cash flow, human resources, marketing and insurance issues can seem boring, but are hugely important.” Ignoring those needs can lead to trouble for your new business.