How Much Does It Cost To Start A Personal Finance Business? (In 2024)
Looking to start a personal finance business?
But curious about:
- how much it costs to start a personal finance business?
- what are the typical personal finance business startup costs?
- or the actual cost of starting personal finance businesses?
Well, we have the data to prove it, supported by real personal finance businesses and how much they actually cost to start.
Let's go over it.
Learn more about starting a personal finance business:
Where to start?
-> Pros and cons of a personal finance business
Need inspiration?
-> Other personal finance business success stories
-> Marketing ideas for a personal finance business
Other resources
-> Profitability of a personal finance business
Equipment & Supply Expenses
Starting a personal finance business 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 personal finance business, you must weigh the costs of your rent, as it may be the most expensive part of running your business.
Rent costs for your personal finance business 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 |
|
POS System |
Optional |
$0 |
$1,200 |
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 |
|
Small Business Insurance |
Recommended |
$500 |
$2,000 |
|
Permit and License Fees |
Optional |
$50 |
$700 |
Software Expenses
Your personal finance business 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 |
|---|---|---|---|
|
Email marketing tool |
Recommended |
$0 |
$100 |
|
Accounting & Invoicing Software |
Recommended |
$0 |
$50 |
|
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 personal finance business grows.
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| Rent ➜ |
Optional |
$0 |
$5,750 |
| Utility Costs For Office Space ➜ |
Optional |
$0 |
$1,150 |
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 |
Vehicle Expenses
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
|
Mode of Transporation |
Optional |
$0 |
$10,000 |
Training & Education Expenses
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
|
Online Learning Sites |
Optional |
$0 |
$1,000 |
Advertising & Marketing Costs
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| Business Cards ➜ |
Optional |
$0 |
$50 |
|
Direct Campaigns, Printing and Mailing |
Optional |
$0 |
$300 |
|
Press |
Optional |
$0 |
$500 |
|
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 |
Food Business Expenses
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
|
Initial Ingredients |
Optional |
$25 |
$500 |
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
