Starting a small business doesn’t mean you have to have a lot of money, but any business (mostly) will involve some kind of initial investment as well as the ability to cover ongoing expenses before you are turning a profit.
Put together a spreadsheet that estimates the one-time startup costs for your business. This may include things like licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, and more. Then make another list of things you expect you will need to keep your business running for about 12 months. This includes things like rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, and your own salary, etc.
Those numbers combined is the initial investment you will likely need.
All information found from the author Alyssa Gregory on https://www.thebalancesmb.com.
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