Starting a small business is a huge undertaking. There are so many things to think about and plan for. It’s easy to get bogged down in the details and lose sight of the big picture. That’s why we’ve put together a list of the top small business startup expenses in Canada, so you can be sure you’re prepared for everything.
1. Rent or mortgage payments
One of the biggest expenses for any business is their rental or mortgage payments. If you’re just starting out, you may not have the capital to buy your own property. That means you’ll need to factor in the cost of renting or leasing a space for your business.
Insurance is another crucial expense for any business. You’ll need to make sure you’re adequately covered in case of any accidents or mishaps. This can be a significant cost, especially for businesses in high-risk industries.
3. Wages and salaries
Another major expense for businesses is wages and salaries. You’ll need to factor in the cost of paying your employees, as well as any payroll taxes and benefits. This can be a significant cost, especially if you have a lot of employees.
4. Office supplies and equipment
Another necessary expense for any business is office supplies and equipment. You’ll need to make sure you have everything you need to run your business, from desks and chairs to computers and printers. This can be a significant cost, especially if you need to purchase new equipment.
5. Travel and transportation
If your business requires travel or transportation, you’ll need to factor in the cost of gas, plane tickets, and car rentals. This can be a significant expense, especially if you have a lot of employees who travel frequently.
6. Professional fees
If you need to hire any professional services, such as accounting or legal services, you’ll need to factor in their fees. This can be a significant expense, especially if you require a lot of professional services.
7. Marketing and advertising
Another important expense for businesses is marketing and advertising. You’ll need to make sure you have a budget for promoting your business and attracting new customers. This can be a significant expense, especially if you’re in a competitive industry.
Of course, you’ll also need to factor in the cost of taxes. This can be a significant expense, especially if your business is profitable.
Another necessary expense for businesses is utilities. You’ll need to factor in the cost of electricity, water, and trash service. This can be a significant expense, especially if you have a lot of employees.
10. Maintenance and repairs
Finally, you’ll need to factor in the cost of maintaining and repairing your premises. This can be a significant expense, especially if you have a lot of employees or a lot of equipment.
When getting into a small business, everything costs.
It is always a good idea to prepare yourself early on and seek alternatives to your own savings to fund your business.
Government funding is an excellent way to get capital to invest towards your business to fund startup and operational expenses, including many of the ones above.
Would a $25,000 or $50,000 government funding check help you with your startup cost?
Access the Funding Database to see over 1,500 different government grants, government loans, and funding options that can be helpful to your small business.
These are just some of the many expenses you’ll need to consider when starting a small business in Canada. Of course, every business is different, so your specific needs will vary. But if you’re organized and have a solid plan in place, you’ll be able to manage your finances and keep your business on track for success.
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