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"Starting A Business - Earnings And How Much To Start"

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So you are thinking of starting a business?

Starting your own business, and watching it grow and prosper is one of the most rewarding things you could ever do in your life.

Like most things in life, any endeavor that offers great pay off also requires great effort. Nevertheless, its a lot better to start than being paralyzed by the situation. Always remember the advice - "You don't need a perfect plan to start, you just need to start".

In this article, we are going to take two of the most common questions for anyone who wants to start a business. Namely, the potential earning and the cost of starting a business.

How Much Can You Earn?

If you are looking for an accurate answer, then you might be disappointed. This is because the answer depends on a lot of factors.

For example, your business is most likely to earn more if you are in the tech industry compared to the farm industry. On the downside, breaking into the tech industry is a lot difficult compared to the farming industry (generally). Still, it's a lot better if this article can show you some numbers to give you a better idea.

Average income by experience - for business owners who are operating for less than a year, the annual salary would range from $34,392 - $75,076. For businesses with more than 10 years, it can earn up to $105,757.

Average income by industry - for entrepreneurs in the electrical contracting industry, an annual salary would be from $49,910 - $114,00. On the other hand, child care providers can range from $19,792 - $61,674.

Average income by region - your location also plays a big role on your bottom line. For example, New York business owners can earn up to $125,185 annual salary, while a business owner in Georgia can only earn up to $75,500.

Now let's move to the second question...

How Much Money Is Required To Start The Business?

This is another question that has a wide range of answer. Some businesses can be started with $5,000, while others need $500,000. Heck, a small online business can be started with less than $1,000 if you know what you are doing and if you are resourceful enough.

Honestly, you can come up with a better answer to the question than this article. You simply need to know the right factors. So here are a few critical ones.

One-time vs. Ongoing costs - one time costs are the kinds of costs that you simply need to pay one time. These are a lot better compared to the ongoing costs. Ongoing costs are like rent, utilities and payroll.

Essential vs Optional costs - essential costs are the kind of costs that are considered as absolutely necessary for the company to continue running. The optional costs may range for perks to costs that increase productivity. Increasing productivity may be nice, but keeping your business afloat is a priority.

Fixed vs Variable costs - fixed costs are costs that don't fluctuate that much month-to-month, like rent. On the other hand, variable costs are the ones that fluctuate. For example, if you need more materials/inventory because of increasing demand, then this is variable costs.

These two questions are one of the common questions for aspiring entrepreneurs. Also, these questions are not to be taken lightly as it will give you an idea if starting a business is a worth your time and how much you are going to need to start. This article that suggests that you dig deeper into each of the questions and find a tailored answer. You can do this by asking or consulting the right resources in your chosen industry.