Personal Finance Business

How Much Does It Cost To Start A Personal Finance Business? (In 2024)

Updated: January 18th, 2023

Looking to start a personal finance business?

But curious about:

  • how much it costs to start a personal finance business?
  • what are the typical personal finance business startup costs?
  • or the actual cost of starting personal finance businesses?

Well, we have the data to prove it, supported by real personal finance businesses and how much they actually cost to start.

Let's go over it.

Learn more about starting a personal finance business:

Where to start?

-> Pros and cons of a personal finance business

Need inspiration?

-> Other personal finance business success stories
-> Marketing ideas for a personal finance business

Other resources

-> Profitability of a personal finance business

Equipment & Supply Expenses

Starting a personal finance business may require purchasing some equipment, whether that's for producing the product or packaging the goods, or equipment needed in the back office.

Cost Required? Min Cost Max Cost
Cleaning Supplies ➜

Optional

$63

$200

Retail Business Expenses

If you plan to have a brick & mortar location for your personal finance business, you must weigh the costs of your rent, as it may be the most expensive part of running your business.

Rent costs for your personal finance business very much depends on your location. This cost will vary by both region and specific areas of town: a lease in the heart of Manhattan could cost over $80,000/month in rent. Meanwhile, a storefront lease in Florida or Tennessee could cost less than $1,000/month.

Cost Required? Min Cost Max Cost

Shop Decor

Optional

$0

$5,000

Utilities (storefront business)

Optional

$0

$1,000

POS System

Optional

$0

$1,200

Business Formation Fees

There are a few key costs associated with forming your business entity, such as setting up an LLC and getting trademarks, copyrights, and patents sorted.

Cost Required? Min Cost Max Cost

Set up business: LLC & Corporations

Required

$50

$500

Small Business Insurance

Recommended

$500

$2,000

Permit and License Fees

Optional

$50

$700

Software Expenses

Your personal finance business needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost Required? Min Cost Max Cost

Email marketing tool

Recommended

$0

$100

Accounting & Invoicing Software

Recommended

$0

$50

Social Media Management Tools

Optional

$0

$50

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your personal finance business grows.

Cost Required? Min Cost Max Cost
Rent ➜

Optional

$0

$5,750

Utility Costs For Office Space ➜

Optional

$0

$1,150

Inventory Expenses

If you sell a physical good, you'll likely have to start with some inventory.

Cost Required? Min Cost Max Cost

Upfront Costs For Inventory

Optional

$300

$5,000

Vehicle Expenses

Cost Required? Min Cost Max Cost

Mode of Transporation

Optional

$0

$10,000

Training & Education Expenses

Cost Required? Min Cost Max Cost

Online Learning Sites

Optional

$0

$1,000

Advertising & Marketing Costs

Cost Required? Min Cost Max Cost
Business Cards ➜

Optional

$0

$50

Direct Campaigns, Printing and Mailing

Optional

$0

$300

Press

Optional

$0

$500

Facebook & Instagram Ads

Optional

$0

$350

Website Costs

Every business should have a website, and it's worth spending a bit of money to set it up right.

Cost Required? Min Cost Max Cost
Domain Name ➜

Required

$12

$200

Business Email Hosting Service ➜

Recommended

$1

$15

Food Business Expenses

Cost Required? Min Cost Max Cost

Initial Ingredients

Optional

$25

$500