{"id":8713,"date":"2023-10-03T03:52:30","date_gmt":"2023-10-03T03:52:30","guid":{"rendered":"https:\/\/www.ownr.co\/blog\/?p=8713"},"modified":"2026-04-13T13:30:27","modified_gmt":"2026-04-13T13:30:27","slug":"everything-you-need-to-know-about-startup-costs","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/everything-you-need-to-know-about-startup-costs\/","title":{"rendered":"Everything You Need to Know About Startup Costs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">For many entrepreneurs and aspiring business owners, launching a startup is a dream come true. Each year, an <\/span><a href="\&quot;http:\/\/www.ic.gc.ca\/eic\/site\/061.nsf\/eng\/h_03126.html\&quot;"><span style=\"font-weight: 400;\">average of 96,580 new businesses<\/span><\/a><span style=\"font-weight: 400;\"> are created in Canada, with a total of 68.8 percent of those businesses considered small businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/list-of-things-needed-to-start-business\/\&quot;"><span style=\"font-weight: 400;\">new businesses<\/span><\/a><span style=\"font-weight: 400;\"> incur startup costs to get off the ground. Without sufficient capital, you may have difficulty procuring real estate and equipment or hiring the staff you need to launch your startup.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Identifying your startup costs gives you a solid foundation to build your new Small Medium Enterprise (SME) upon. Securing your finances <\/span><i><span style=\"font-weight: 400;\">before<\/span><\/i><span style=\"font-weight: 400;\"> you open also increases the likelihood your business will succeed without running into cash flow issues or requiring unexpected capital.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are startup costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Startup costs are the expenses you incur when starting a new business. They represent what it takes to transition a business from an idea to actually becoming a functional, operating company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your startup costs are dictated by multiple factors, including the:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Type of business you\u2019re opening<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Industry you intend to operate in<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Size of your company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equipment, materials, and property you require<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To that end, startup costs aren\u2019t one-size-fits-all for all new businesses. The costs you incur to launch your startup will likely differ from those incurred by competitors\u2014or even other businesses in your industry or location.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why calculate startup costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Understanding the unique financial needs of your startup\u2014before you begin\u2014helps you prepare, stay on-target, and mitigate the likelihood you\u2019ll need to incur unplanned debt or make unintended changes to your business plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a way, calculating your startup costs is similar to planning for a new car purchase or buying a house. Figuring out your startup expenses provides you with a framework to work from and helps determine if your idea is financially feasible at every stage, from initial conception to grand opening and beyond.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is the average cost to start a small business?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href="\&quot;https:\/\/www.lendingtree.com\/business\/startup-costs-by-industry\/\&quot;"><span style=\"font-weight: 400;\">data analyzed by LendingTree<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">21 percent of business owners start a business for less than $5,000 USD<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">11.5 percent of business owners incur $5,000 to $9,999 USD in startup costs, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">16 percent require $10,000 to $24,999 USD.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, depending on your industry and specific business needs, startup costs may potentially exceed $3 million USD, though only 0.9% of businesses incurred such significant startup costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the U.S. Small Business Administration <\/span><a href="\&quot;https:\/\/www.businessnewsdaily.com\/5-small-business-start-up-costs-options.html\&quot;"><span style=\"font-weight: 400;\">estimates<\/span><\/a><span style=\"font-weight: 400;\"> an average startup cost of $3,000 USD for microbusinesses and $2,000 to $5,000 USD for most home-based businesses. While these numbers are based on U.S. data, figures would be similar in terms of spend for Canadian businesses.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Understand what types of costs you&#8217;ll have<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Business startup costs aren\u2019t all front-loaded at the time you launch your business. Understanding the <\/span><a href="\&quot;https:\/\/www.investopedia.com\/articles\/pf\/09\/business-startup-costs.asp\&quot;"><span style=\"font-weight: 400;\">types of startup costs<\/span><\/a><span style=\"font-weight: 400;\"> your business may incur over its lifetime helps you reach and achieve your goals and milestones.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">One-time vs. ongoing costs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some startup costs are fixed one-time expenses. After making a payment in full, you never have to worry about the cost again. Other expenses are fluid and ongoing, and may even evolve as your business grows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, <\/span>developing a business plan<span style=\"font-weight: 400;\"> is likely a one-time expense per business. Though you may be able to <\/span><a href="\&quot;https:\/\/www.inc.com\/jeff-haden\/how-to-write-perfect-business-plan-a-comprehensive-guide.html\&quot;"><span style=\"font-weight: 400;\">write a business plan<\/span><\/a><span style=\"font-weight: 400;\"> yourself, it may require significant (and costly) <\/span><a href="\&quot;https:\/\/www.forbes.com\/sites\/theyec\/2020\/02\/28\/understanding-market-research-for-your-business-plan\/?sh=2167942d6458\&quot;"><span style=\"font-weight: 400;\">market research<\/span><\/a><span style=\"font-weight: 400;\"> to fully map out your expectations, budget, and financial forecast or to see what\u2019s worked (or hasn\u2019t) for your would-be competitors.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast, other startup costs are ongoing. <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/guide-to-business-incorporation-in-canada\/\&quot;"><span style=\"font-weight: 400;\">Incorporating your business<\/span><\/a><span style=\"font-weight: 400;\"> comes with fees for registration, licensing, inspections, and permits, some of which need to be paid on a renewal basis. Rent, utilities, and subscription fees to required software are also examples of ongoing startup costs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Essential vs. optional costs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Startup costs for opening a new business may be unavoidable and essential. For example, if you plan to sell merchandise, inventory represents an essential cost that\u2019s likely to make up <\/span><a href="\&quot;https:\/\/www.nerdwallet.com\/article\/small-business\/business-startup-costs\&quot;"><span style=\"font-weight: 400;\">17 to 25 per cent of your total budget<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, some expenses, such as <\/span><a href="\&quot;https:\/\/www.bdc.ca\/en\/articles-tools\/marketing-sales-export\/marketing\/what-average-marketing-budget-for-small-business\&quot;"><span style=\"font-weight: 400;\">marketing costs<\/span><\/a><span style=\"font-weight: 400;\">, are optional when you\u2019re first starting out. Instead of spending money on paid ads or billboards, you can instead decide to get creative or take advantage of social media, your network, or word-of-mouth marketing. When the time is right and your budget allows for it, you can then increase your marketing budget to attract new clients or customers.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Fixed vs. variable costs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some business startup costs are a <\/span><a href="\&quot;https:\/\/www.thebalancesmb.com\/a-guide-to-fixed-and-variable-costs-of-doing-business-393479\&quot;"><span style=\"font-weight: 400;\">fixed rate<\/span><\/a><span style=\"font-weight: 400;\"> for a set period of time. Utility bills, rent, and insurance are representative of fixed startup costs; you may reasonably set aside a fixed amount of money for each expense without significant changes from period to period.<\/span><\/p>\n<p><a href="\&quot;https:\/\/www.investopedia.com\/terms\/v\/variablecost.asp\&quot;"><span style=\"font-weight: 400;\">Variable startup costs<\/span><\/a><span style=\"font-weight: 400;\"> differ from one period to the next. For example, a woodworker may require $40,000 of materials in one quarter. In the next quarter, customer demand\u00a0 may increase, necessitating an increase in the cost of acquiring materials.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Estimate your startup costs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">No two businesses are alike. Your unique approach, preferences, and plans all play a role in the total startup cost for your new business. <\/span><a href="\&quot;https:\/\/www.sba.gov\/business-guide\/plan-your-business\/calculate-your-startup-costs\&quot;"><span style=\"font-weight: 400;\">Estimating your startup costs<\/span><\/a><span style=\"font-weight: 400;\"> allows you to <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/business-budget\/\&quot;"><span style=\"font-weight: 400;\">develop and follow a budget<\/span><\/a><span style=\"font-weight: 400;\">, ensuring you have the <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/financial-planning-as-a-small-business-owner\/\&quot;"><span style=\"font-weight: 400;\">money you need<\/span><\/a><span style=\"font-weight: 400;\"> for each stage of operating your business. To help you get started, RBC provides a free <\/span><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/pdf\/Startup%20costs%20template.pdf\&quot;"><span style=\"font-weight: 400;\">business start-up cost<\/span><\/a><span style=\"font-weight: 400;\"> template.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Determine your startup expenses<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Begin your startup cost estimate by <\/span><a href="\&quot;https:\/\/www.nerdwallet.com\/article\/small-business\/how-to-calculate-startup-costs-for-small-business\&quot;"><span style=\"font-weight: 400;\">listing your expected expenses<\/span><\/a><span style=\"font-weight: 400;\">, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent, real estate, or coworking fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Incorporation, licensing, permit, and registration fees for your industry, city, state\/province, and country<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equipment, furniture, materials, and tools you require to begin operations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Marketing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Utilities and insurance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Initial inventory<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit and loan repayments<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payroll<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Estimated taxes<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once you compile your list, research the <\/span><a href="\&quot;https:\/\/www.kabbage.com\/resource-center\/finance\/how-much-start-up-equipment-costs-by-industry\/\&quot;"><span style=\"font-weight: 400;\">average startup cost<\/span><\/a><span style=\"font-weight: 400;\"> for businesses in your industry. Getting quotes from contractors, suppliers, and vendors to put a price on each expense. Consult your local and regional business departments and agencies to determine the combined cost of registrations, fees, and permits your business requires.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, set aside an allotment of funds to serve as an <\/span><a href="\&quot;https:\/\/www.ramseysolutions.com\/business\/business-emergency-fund\&quot;"><span style=\"font-weight: 400;\">emergency fund<\/span><\/a><span style=\"font-weight: 400;\">. Maintaining sufficient <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/working-capital-guide-entrepreneurs\/\&quot;"><span style=\"font-weight: 400;\">working capital<\/span><\/a><span style=\"font-weight: 400;\"> may keep your company afloat if business doesn\u2019t pick up as quickly as you expected, or if you run into any snags along the way.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Identify your startup assets<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your startup may launch with a handful of <\/span><a href="\&quot;https:\/\/www.investopedia.com\/terms\/b\/business-asset.asp\&quot;"><span style=\"font-weight: 400;\">business assets<\/span><\/a><span style=\"font-weight: 400;\">\u2014items that can be assigned some tangible value. Startup assets may include funds you set aside for startup purposes, land or property owned by your business, vehicles, trademarks, and even intellectual property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of your assets may <\/span><a href="\&quot;https:\/\/www.planprojections.com\/projections\/start-up-assets\/\&quot;"><i><span style=\"font-weight: 400;\">begin<\/span><\/i><span style=\"font-weight: 400;\"> as expenses<\/span><\/a><i><span style=\"font-weight: 400;\">,<\/span><\/i><span style=\"font-weight: 400;\"> such as furniture and equipment. However, once you\u2019ve purchased the items, they, by definition, become business assets.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to save on startup costs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Starting a business is rewarding, but startup costs are often significant and, in some cases, downright frightening. Making every dollar count is crucial to the success of a new business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keeping initial startup costs to a minimum requires some creative and frugal thinking, but is possible. <\/span><a href="\&quot;https:\/\/www.forbes.com\/sites\/serenitygibbons\/2021\/05\/11\/8-strategies-for-lowering-your-startup-costs\/\&quot;"><span style=\"font-weight: 400;\">Reduce and save on startup costs<\/span><\/a><span style=\"font-weight: 400;\"> by:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchasing used equipment and tools, or leasing new equipment instead of buying it outright<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Reducing overhead<span style=\"font-weight: 400;\">\u2014for example, operating in a coworking space or working from home instead of renting dedicated office space<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reassessing your business plan to <\/span><a href="\&quot;https:\/\/www.score.org\/resource\/10-ways-save-money-startup\&quot;"><span style=\"font-weight: 400;\">scale back<\/span><\/a><span style=\"font-weight: 400;\"> planned inventory or services<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Operating your new business as a <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/side-hustle-ideas\/\&quot;"><span style=\"font-weight: 400;\">side hustle<\/span><\/a><span style=\"font-weight: 400;\"> while working in more traditional employment, even temporarily<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bartering your goods or services in exchange for goods, services, or discounts from other businesses, partners, and vendors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Staying on top of your <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/accounting-bookkeeping-whats-the-difference-and-why-do-i-need-them\/\&quot;"><span style=\"font-weight: 400;\">bookkeeping<\/span><\/a><span style=\"font-weight: 400;\"> to track your cash flow, expenses, and receivables<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href="\&quot;https:\/\/www.ownr.co\/blog\/how-to-hire-for-your-small-business\/\&quot;"><span style=\"font-weight: 400;\">Hiring<\/span><\/a><span style=\"font-weight: 400;\"> only when your business is capable of supporting new staff<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Are business startup costs tax-deductible?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Reasonable and legitimate <\/span><b>business<\/b><span style=\"font-weight: 400;\"> expenses are <\/span><a href="\&quot;https:\/\/turbotax.intuit.ca\/tips\/need-know-claiming-start-costs-new-business-canada-8828\&quot;"><span style=\"font-weight: 400;\">tax-deductible in Canada<\/span><\/a><span style=\"font-weight: 400;\">, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Advertising and marketing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registration and licensing fees, permits, dues, and taxes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance and utilities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Professional fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory and supplies<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bear in mind that some purchases are considered <\/span><a href="\&quot;https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/sole-proprietorships-partnerships\/business-expenses.html\&quot;"><span style=\"font-weight: 400;\">capital expenses<\/span><\/a><span style=\"font-weight: 400;\">. Depreciable property must be <\/span><a href="\&quot;https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/sole-proprietorships-partnerships\/report-business-income-expenses\/claiming-capital-cost-allowance.html\&quot;"><span style=\"font-weight: 400;\">deducted over time<\/span><\/a><span style=\"font-weight: 400;\"> rather than in full in the year in which you made the purchase.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How far back can I claim startup costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You may only deduct business expenses in the <\/span><a href="\&quot;https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/sole-proprietorships-partnerships\/business-expenses\/business-start-costs.html\&quot;"><span style=\"font-weight: 400;\">fiscal period you incurred the cost<\/span><\/a><span style=\"font-weight: 400;\">. In other words, the date you start your business may not necessarily coincide with the date you <\/span><i><span style=\"font-weight: 400;\">opened<\/span><\/i><span style=\"font-weight: 400;\"> for business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you purchase inventory two months before you plan to begin selling products, your start date should be the day you purchased inventory. If this is not the case, the expense will not be tax-deductible.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A thorough understanding of your startup costs is one of the first steps to launching your new business. Here&#8217;s what you should know, and how to calculate yours.<\/p>\n","protected":false},"author":5,"featured_media":8714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[978],"tags":[228,518,685],"class_list":["post-8713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-and-tax","tag-costs","tag-overhead-costs","tag-startup-costs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Everything You Need to Know About Startup Costs | Ownr Blog<\/title>\n<meta name=\"description\" content=\"A thorough understanding of your startup costs is one of the first steps to launching your new business. 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