How much does it cost to start a business?
This is a really common question among women who want to start their own business because most people believe that following their dream and building their own business is TOO COSTLY.
I am going to IMMEDIATELY and COMPLETELY refute this. The idea that getting into business is ‘too expensive’ to pursue is a very destructive myth that has kept so many women from living the life they dream of.
Common Sayings that Keep Women Stuck
You’ve heard common sayings like:
‘It takes money to make money,’ or ‘only the rich get richer.’ And I have to say, I absolutely HATE these very quotable, easy to quip phrases because they have led so many women astray. Phrases like this are ‘easy excuses’ that that keep you stuck in the same place. And what’s worse than the fact that these excuses keep so many women stuck is that they are simply not true.
I address this in The Playbook: A Beginner’s Guide to Following Your Dreams because I think it is so very important to understand that not everything we have been taught is actually true.
One of the most important things I’ve learned in following my dreams is that because your dream requires work and an investment of your resources, there is a part of you that will try and talk yourself out of pursuing the life you were made for.
The sayings and phrases that you’ve heard over time like ‘it takes money to make money’ may start to ring in your ears as you consider taking steps to follow your dream. Because following your dream of success requires things of you and may feel risky, you will start to find reasons why you shouldn’t bother.
These reasons—also called excuses—are lies.
I know, this is a bold statement but believe it sis.
If you are talking yourself out of writing a book or starting a business or otherwise following your dreams—whatever they may be—you are lying to yourself in an attempt to stay in the same old comfortable place.
The Cost of Not Following Your Dream
Before we talk about the actual cost of starting a business or following your dreams, let’s address the cost of not following them to put it into perspective. I launched the Million Dollar Mama Club because I wanted to reach women like you and help to change the trajectory for women that have big dreams that they have not yet—and may never pursue—without the right resources.
Too many women stop following their dreams because they think that the ‘cost’ of starting their business or pursuing their dream is too high. I argue the opposite. The cost of NOT FOLLOWING YOUR DREAM is astronomical. If you do not pursue the valuable ideas that you have, you risk far more than if you try and don’t have the success you hoped for.
The Actual Cost to Starting Your First Business
Depending on how you decide to begin, I was able to start my first business (the company that I have made several million dollars running) for FREE.
How did I did I start my business for free?
I quit my job and started taking freelance work on Craigslist. Yes, Craigslist. It’s shocking I know.
As I was working freelance, I realized that I wanted to continue growing my potential to acquire new clients and the best way to do this was to formalize the business that I was already making money from.
To formalize my business, I needed to create a name for myself and a strategy for growing my business and reaching more clients.
How much did it cost to build my business as I began to grow it?
The first 4 steps I took to start my business that did cost a money were the following:
- Name the business. Cost = Free
- Make a logo. I made my first logo myself; this was free. If you are serious about your idea and are not a graphic designer, I recommend hiring a professional to listen to your ideas and create your first logo. You can have a logo developed for anywhere from $25-100. Logos can cost more than this, but you can get a great logo developed on a budget that is very achievable. Upwork.com is a great place to find a talented graphic designer within a budget that you control.
- Purchase a domain name. This domain is where you will build your future website. Domain names can be purchased from a site like godaddy.com for as little as .99 cents. Sometimes even less!
- File the business (Sole Proprietorship, LLC, C-Corp, S-Corp, etc.). I organized my company as an S Corp (because there were many tax benefits with this structure—but that’s another article) through at legalzoom.com. Today, you can file your business as an LLC/S-Corp/Corp etc. for $149 (plus state filing fees). If you chose to operate as sole proprietor, you can register your business DBA (Doing Business As) with a service like legal zoom for less than $100.
Different kinds of businesses require different levels of investment and different skill sets. These factors together determine how much building your business will actually cost. If your dream is to open a restaurant or a boutique there are likely more costs to consider than if your dream is to become an author or build a consulting firm.
I hope this answer is helpful! If you are a woman with a dream that you want to follow but FEEL STUCK and are not sure of what steps to take next. I wrote The Playbook: A Beginner’s Guide to Following Your Dreams just for you. Unlike many other resources, this book is truly written for the beginner. It is a creative tool to help you develop thinking strategies that will build your confidence and help you discover that your dream of success (however that looks for you) is incredibly valuable and WORTH PURSUING.
The Million Dollar Mama Club brings beginner level resources. We are on a mission to inspire women to follow their dreams by taking real action.
If you are reading this article and started your own business, if you want to comment on how much your business cost or what you invested to get your business off the ground, this would be so helpful to our readers!
Stay at Home Mom’s Guide to Starting Your First Business
By the end of this guide, you will: Understand the ins and out of starting your first business from home while always prioritizing your family first. You will need: A notebook A pen or pencil