What’s the average cost to start a small business?
The average cost to start a small business varies widely. You can start a freelance writing company for the cost of a laptop and an internet connection. Opening a restaurant or other capital-intensive business could cost tens of thousands or more than a million.
Which business expenses are tax-deductible?
Many of a business’s expenses are tax-deductible. According to the IRS, any expense that is “ordinary and necessary” is deductible. Ordinary and necessary means one that is common and accepted in your industry or that is helpful or appropriate for your trade.
What tools can help you track expenses for a small business?
There are many tools you can use to track small business expenses, including accounting software or spreadsheets.
How do you get funding to cover small business expenses?
You can fund your small business out of your own pocket or turn to business financing and credit cards.

Final Word

Running a small business means dealing with small business expenses. Have a plan for how you’ll pay for startup costs and be ready to pay ongoing expenses before you start making a profit. Keep an eye on your costs and try to keep them low to make your business as profitable as possible.

About the Author

TJ Porter

TJ Porter

Personal Finance Writer

I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

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