It is important to work out realistically how much it will cost you to set up your business. You should find out set-up costs and also how much it will cost to run the business in the first few months, not forgetting to pay yourself a salary. Knowing this information will help you when you set up a business bank account. Even if you do not need a commercial loan, you will still need to set up a dedicated business bank account that the tax authorities can use to give you tax refunds or from which you will pay tax. You must not use your private bank account to run a business.
The costs of starting a business and run it for the first few months might not be very high, but that is not always the case. The formal costs are related to registering the company. If you choose to start a private limited company you will need to have minimum 30 000 nkr for share capital. Other typical costs when you run your business are related to:
- hire a location for your business
- inventory (buying what you are going to sell)
- salaries to the employee/employees (and taxes)