Multi Tool Brand

How Much Does It Cost To Start A Multi Tool Brand? (In 2024)

Pat Walls

•

Updated: January 18th, 2023

Looking to start a multi-tool brand?

But curious about:

how much it costs to start a multi-tool brand?
what are the typical multi-tool brand startup costs?
or the actual cost of starting multi-tool brands?

Well, we have the data to prove it, supported by real multi-tool brands and how much they actually cost to start.

Let's go over it.

Learn more about starting a multi-tool brand:

Where to start?

-> Pros and cons of a multi-tool brand

Need inspiration?

-> Other multi-tool brand success stories
-> Marketing ideas for a multi-tool brand
-> Multi-tool brand names

Other resources

-> Multi-tool brand tips

Equipment & Supply Expenses

Starting a multi-tool brand may require purchasing some equipment, whether that's for producing the product or packaging the goods, or equipment needed in the back office.

Cost	Required?	Min Cost	Max Cost
Cleaning Supplies ➜	Optional	$63	$200

Retail Business Expenses

If you plan to have a brick & mortar location for your multi-tool brand, you must weigh the costs of your rent, as it may be the most expensive part of running your business.

Rent costs for your multi-tool brand very much depends on your location. This cost will vary by both region and specific areas of town: a lease in the heart of Manhattan could cost over $80,000/month in rent. Meanwhile, a storefront lease in Florida or Tennessee could cost less than $1,000/month.

Cost	Required?	Min Cost	Max Cost
Shop Decor	Optional	$0	$5,000
Utilities (storefront business)	Optional	$0	$1,000
Building improvements and remodeling	Optional	$0	$950
Storefront Property Rent ➜	Optional	$1,250	$3,500

Business Formation Fees

There are a few key costs associated with forming your business entity, such as setting up an LLC and getting trademarks, copyrights, and patents sorted.

Cost	Required?	Min Cost	Max Cost
Set up business: LLC & Corporations	Required	$50	$500

Software Expenses

Your multi-tool brand 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
Project Management Software	Recommended	$0	$25
Internal Communication Tool	Recommended	$0	$20
Email marketing tool	Recommended	$0	$100
Accounting & Invoicing Software	Recommended	$0	$50
IT Support ➜	Optional	$150	$2,000
Payroll Software	Optional	$0	$200
Social Media Management Tools	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 multi-tool brand 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

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
Website Hosting Costs ➜	Required	$0	$300
Business Email Hosting Service ➜	Recommended	$1	$15
Web Designer ➜	Optional	$200	$6,000

Inventory Expenses

If you sell a physical good, you'll likely have to start with some inventory.

Cost	Required?	Min Cost	Max Cost
Upfront Costs For Inventory	Optional	$300	$5,000
Inventory Storage	Optional	$0	$5,000
Package Design ➜	Optional	$50	$3,000
Shrinkage	Optional	$0	$1,000
Distribution costs	Optional	$0	$750

Advertising & Marketing Costs

Cost	Required?	Min Cost	Max Cost
Business Cards ➜	Optional	$0	$50
Customer Research & Surveys	Optional	$0	$300
Business Signage ➜	Optional	$75	$2,486
Direct Campaigns, Printing and Mailing	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