Consider the start-up costs of the food business as one of the most common causes of new business failures is not having enough cash to meet expenses, especially in the first 6-12 months of starting.
RECIPE FOR SUCCESS INGREDIENT CARDS
Ingredient 3: Cook the Books
Question:
What are the start-up costs of the food business?
Answer:
You can use this guide to help calculate your start-up costs and monthly expenses so you can avoid as many surprises as possible.
There are many costs associated with starting a food business. These may include:
-
- market research
- preliminary accounting and legal advice
- tenancy/lease bond, stamp duty, and lease agreement advice
- telephone/internet installation
- statutory requirements such as licenses/insurances
- power connection and bond
- signage and initial marketing
- restaurant equipment/furniture/fixture and fittings
- staffing and wages
- initial raw materials and/or stock purchases
- motor vehicle
- computer equipment/office furniture
Your exact start-up costs will depend on the type of business you are starting – restaurant, cafe, coffee shop or catering business.
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