How much does it cost to start a company? Study says $109,016
Peter Morgan, AP
Out of 4,928 firms launched in 2004, the average price tag for a new business was $109,016, according to growthology.com, a blog of the Kaufman Foundation.
In the study, the largest amount of funding came from bank loans at 34.9 percent, while 30 percent of funding came from personal savings. Funding from friends and family had a 6.2 percent share in money invested in start-ups while credit cards made for another 6.2 percent of average investments.
“While it is truly a dumb idea to use credit cards as a source of start-up funding, given the ridiculously high interest rates the credit card companies charge, people still do it,” said Paul B. Brown, co-author of "Just Start: Take Action; Embrace Uncertainty and Create the Future," in a blog post for Forbes.
The average start-up costs for companies without employees was $44,793 while home-based businesses averaged a start-up cost of $58,448.
- Syracuse man develops router to keep Internet...
- What 'The Office' teaches us about job...
- UTA board approves new pay plan for...
- FDA to scrutinize unproven alternative remedies
- Salt Lake City to become next Google Fiber city
- Gillette company does work for NASA
- UDOT campaigning to reduce work zone crashes
- Looking for a job near home? Good luck, it's...
- Salt Lake City to become next Google... 17
- UTA board approves new pay plan for... 11
- Why you should begin planning for... 9
- AP Investigation: Slavery taints global... 6
- Oil council: Shale won't last, Arctic... 3
- The middle class has had a rough couple... 2
- Stericycle medical waste incinerator... 2
- 2015 mortgage rate trends: What house... 1