Evaluating startup costs can be difficult for new retailers. If several of the steps to planning a business require you to have a retail business license, how will you obtain the necessary information to determine whether or not your retailing business plan is a viable one? The bottom line is many of the figures for the business plan will need to be estimates.
Also be sure to pay yourself a salary. Many retailers may argue about whether or not to take money from the fledgling business but as you draw from the fruits of your labor, you will feel a greater sense of accomplishment. It doesn’t need to be much in the beginning and can be paid on a monthly, quarterly, or semi-annual schedule.
By calculating your own salary in your business plan, you're providing a more accurate snapshot of how much capital you will need to finance the business. If you are funding the business from your own pocket, you'll still need to create accurate income, cash-flow projections and other financial statements.
Part-time and full-time staffing can be calculated based on the hours help needed, the job description and your area’s hourly wage. Other employment costs may include help wanted ads, training, worker's compensation insurance, health benefits, and/or retirement packages.
