How Much Does It Cost To Develop A Cost Monitoring Tool? (In 2024)

Pat Walls

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Updated: January 18th, 2023

Looking to start a cost monitoring tool?

But curious about:

how much it costs to start a cost monitoring tool?
what are the typical cost monitoring tool startup costs?
or the actual cost of starting cost monitoring tools?

Well, we have the data to prove it, supported by real cost monitoring tools and how much they actually cost to start.

Let's go over it.

Learn more about starting a cost monitoring tool:

Where to start?

-> Pros and cons of a cost monitoring tool

Need inspiration?

-> Marketing ideas for a cost monitoring tool

Other resources

Software Expenses

Your cost monitoring tool needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost	Required?	Min Cost	Max Cost
File Hosting Service	Recommended	$0	$299
Email marketing tool	Recommended	$0	$100
CRM Software ➜	Recommended	$12	$300
Project Management Software	Recommended	$0	$25
Internal Communication Tool	Recommended	$0	$20
Accounting & Invoicing Software	Recommended	$0	$50
IT Support ➜	Optional	$150	$2,000
Social Media Management Tools	Optional	$0	$50
Design Programs & Software	Optional	$0	$50

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your cost monitoring tool grows.

Cost	Required?	Min Cost	Max Cost
Rent ➜	Optional	$0	$5,750
Utility Costs For Office Space ➜	Optional	$0	$1,150
WiFi & Internet ➜	Optional	$0	$100

App Creation Costs

Cost	Required?	Min Cost	Max Cost
App Development ➜	Optional	$1,000	$20,000
Apple Developer Program	Optional	$99	$99

Advertising & Marketing Costs

Cost	Required?	Min Cost	Max Cost
Business Cards ➜	Optional	$0	$50
Customer Research & Surveys	Optional	$0	$300
Affiliate Marketing Commission & Fees	Optional	$0	$250
Influencer Marketing	Optional	$0	$750
Press	Optional	$0	$500
Google Ads	Optional	$0	$300
Facebook & Instagram Ads	Optional	$0	$350

Website Costs

Every business should have a website, and it's worth spending a bit of money to set it up right.

Cost	Required?	Min Cost	Max Cost
Domain Name ➜	Required	$12	$200
Business Email Hosting Service ➜	Recommended	$1	$15

Training & Education Expenses

Cost	Required?	Min Cost	Max Cost
Professional Training	Optional	$0	$850

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