Your business plan has roughed out a cost structure: what assets you need and what activities must be done to deliver on your business idea. Now you need to quantify those specifics. What will it cost to run and maintain the operation that delivers your value proposition in a way that keeps your audience coming back?
The startup and ongoing costs of website development, hosting, and metrics can vary widely depending on how complicated your needs are. For INN members, the open source platform Project Largo is supported by INN Labs.
What are your one-time start-up expenses? These may include:
- Professional services, such as hiring an accountant or bookkeeper who specializes in nonprofits to set up the organization’s financial statement.
What are your recurring costs to cover ongoing business needs? These may include:
- Salaried personnel
- Travel and entertainment
The following sections will cover the “how-to” of projecting costs and building a budget. But first, you’ll need to think about how to translate into dollars the narrative you’ve created about the business. They should match.