Tuesday, January 25, 2022

How much does it cost to start a NFT business

Theoretically, you should price every item you carry to cover its wholesale cost, labor costs, freight charges, a proportionate share of your overhead and a reasonable profit. In reality, some items will warrant a high gross profit and others will require a low or no gross profit for you to move them quickly.

How to Start a Gift Basket Service

You've been complimented on your crafty and unique gifts for years. Turn your talent into a hot new business with a gift basket service.

They could well be the closest thing to the perfect gift because they can be totally customized to suit the giver, the recipient, the occasion and the desired price. For some people, creating them is the perfect business: an opportunity to be artistic, creative and entrepreneurial.

The product is gift baskets. And as an artistic, creative and entrepreneurial individual, you've decided this is the business for you.

What's Inside

  • Introduction

Certainly it's an industry with tremendous "fun" potential. You get to buy lots of cute, clever gift items; you get to pull those items together in an attractive container and create a charming presentation; and you get to provide a product that delivers infinite pleasure to the recipient. Both givers and receivers of gift baskets appreciate the creativity and uniqueness of the concept.

There's also a respectable profit potential. As popular as they are, the market for gift baskets is still wide open and the sales opportunities are virtually limitless. But this isn't a game; it's a serious business. It doesn't require a great deal of startup capital--many successful gift basket businesses were started with just a few hundred dollars. What it does require is thoughtful planning, preparation and commitment fueled by a strong dose of excitement and enthusiasm.

When we begin talking to a potential client and are helping them weigh whether an outside investment in branding makes sense for them, here are the two key questions we ask:

Question 1: How is the startup funded?

Startups come in all shapes and sizes. Some are funded out of personal savings or are unfunded and developed on the side while working a full-time job (what we’ll refer to as pre-seed funding startups). Others are funded by wealthy family members, friends, incubators, crowdfunding efforts, or early angel investors (which we’ll call seed-funded startups).

Once startups gain a certain amount of traction, they may even be able to attract additional investment from late-stage angel investors, venture capitalists, or even other corporations. These are what we’ll refer to, for simplicity, as venture-funded startups.

We recommend a different branding approach for startups at each of these three stages.

Answers to these questions will help you determine the potential for possible clients in the area you are considering starting your PT clinic.

2. Choose Your Physical Therapy Niche Based on Your Market

Steps To Starting Your Own Physical Therapy Business

A clear idea of what exists in your market gives you the necessary insight into what niches are underserviced. Maybe it’s pediatrics or geriatric.

Choose one of those niches, and you will likely set yourself up for success. With a clear idea of the niche you hope to represent, begin reaching out and discussing your idea with therapists who are respected in that area.

After you’ve chosen a niche, you can also start searching for physical therapy practices for sale in your area.

Server Specs

Additional Cost Considerations

The Initial Setup Cost

Another consideration when trying to figure out "how much does a server cost for a small business?" is the setup cost.

For most business owners, this isn't a job they will want to tackle alone. As a result, hiring the professionals is best.

A typical rate for this job would be between $100 and $150, but this also varies based on what needs to be done. For example, setting up an email host, or a disaster recovery, and advanced backup system are large projects on their own.

The key to an affordable and successful server setup is finding the right team to handle the job.

Maintenance Costs

You will have to have professionals come in and maintain your server and provide troubleshooting tips from time to time. If you choose to rent or colocate a server, you can rely on our 24x7 expert support team for help rather than having to hire a pro.

Servers are complicated pieces of software and hardware, and they have to be maintained to continue working properly. The exact costs of the maintenance depend on what is needed.

NFTs are here. They’re no longer fringe. Specifically, art and collectible NFTs have gone mainstream with breathtaking speed – faster than even the most starry-eyed, to-the-moon crypto bull could have dreamed. We now have a better idea of why. As I wrote in the beginning of this cycle, NFTs (especially art and collectibles) are fun, visualizable, culturally relevant and they’re easy to understand in a way that many blockchain concepts are not.

Events and ticketing

Another hypothetical: Drake has an upcoming concert, and you want to go. Tickets are $100. Now imagine the ticket you buy is actually an NFT, and your NFT does the following six things:

1. It’s emblazoned with some artwork from a designer you like.

2. It serves as concert memorabilia. So it might even be worth something someday, like old ticket stubs to Beatles concerts.

3. Inside the venue, you can use the NFT as a means of getting snacks or beers.

4. Thanks once again to the magic of smart contracts, the revenue from your NFT automatically pays Drake 40%, the DJ 10%, the lighting crew 2%, the janitors 1%, and on and on. No middle-person is needed to orchestrate the payments, which means you pay almost nothing in fees.

5. If you bought the VIP ticket, the NFT unlocks your access to visit Drake backstage, or maybe it gives you exclusive access to future digital goodies.

6. Amazingly, the NFT gives you the right to be not just an event-goer, but even a shareholder in Drake’s concert. This NFT functions as concert equity, and you’ll get a small slice of the profits. If things break right? Maybe you’ll even make money by attending the show.

This future is closer than you might think. “What excites us is NFTs being used in the real world,” said Carolin Wend, co-founder of Mintbase, an NFT-minting platform. Take an upcoming festival in Lisbon, the NEARCon, which is anchored around the NEARProtocol, a smart contracts system that Mintbase uses instead of Ethereum. “The festival founder wants to do 100% NFT ticketing,” said Wend, and this could (one day) include “staking” your ticket, meaning that you could earn a profit on what you plunk down for the ticket.

Some of these capabilities are still off in the future, but even at the Lisbon festival (held Oct. 26th), Wend expects them to “QR the heck out of the space,” so that people can scan QR codes to do things like redeem their NFTs for burritos. This last bit is not hypothetical. In Lisbon, said Wend, “We will be doing burrito NFTs.”

If you were investigating a specific business to create or acquire—i.e. spent money incorporating a specific business, travelled to check out a specific startup you were thinking of acquiring, etc.—you might be able to deduct some of these expenses as a personal capital loss. If you made any big purchases in the lead up to your launch like equipment or property, you’ll be able to deduct those losses too once you sell them.

What if I never go into business?

Let’s say you make a bunch of start-up and organizational expenses, but never end up launching the business. What happens then? Can you still deduct those expenses?

If you were investigating a specific business to create or acquire—i.e. spent money incorporating a specific business, travelled to check out a specific startup you were thinking of acquiring, etc.—you might be able to deduct some of these expenses as a personal capital loss. If you made any big purchases in the lead up to your launch like equipment or property, you’ll be able to deduct those losses too once you sell them.

On the other hand, if you were just doing general research, didn’t have a specific business in mind, and nothing comes of your research, those expenses are considered personal expenses and are not deductible.

What's Bench?

We're an online bookkeeping service powered by real humans. Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. We’re here to take the guesswork out of running your own business—for good. Your bookkeeping team imports bank statements, categorizes transactions, and prepares financial statements every month. Get started with a free month of bookkeeping.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.

Obviously, costs can vary heavily. Some software takes a lot longer and is much more involved to create. Sometimes you need to contract out a lot of work because you simply don't have a specific skillset to accomplish it quickly.

How Much Does It Cost to Start a Software Company?

How Much Does It Cost to Start a Software Company?

How much money do you think it takes to start a software company? $10,000? $100,000? ONE MILLION DOLLARS?

A lot of startups talk about revenue, but not many talk about costs--operating or starting up.

Note: assume everything I ever write relating to software is about bootstrapping/not involving VCs. I've worked with startups who raised capital and it's not better or worse than bootstrapping, but it is a different mindset when you're spending someone else's money. And spending an amount that you couldn't provide yourself.

Obviously, costs can vary heavily. Some software takes a lot longer and is much more involved to create. Sometimes you need to contract out a lot of work because you simply don't have a specific skillset to accomplish it quickly.

For ofCourseBooks (a company I cofounded), we decided we wanted to spend as little as possible to get it off the ground. Not only because we're cheap, but also because we wanted to prove to ourselves and other folks thinking about creating software that it can be done, and on the cheap ( Inc. helps entrepreneurs change the world. Get the advice you need to start, grow, and lead your business today. Subscribe here for unlimited access.

A number of factors affect the performance of the consulting business industry. These drivers include:

How to Start a Consulting Business

How to Start a Consulting Business

If you’re looking to start a consulting business, you’ve come to the right place. Since we’re going to show you exactly how to do it.

We’ll start with key consulting business industry fundamentals like how big the market is, what the key segments are, and how revenues and profits are generated.

Then we’ll discuss keys to not only starting a consulting business, but succeeding in it!

Importantly, a critical step in starting a consulting firm is to complete your business plan. To help you out, you should download Growthink’s Ultimate Consulting Firm Business Plan Template here.

Download our Ultimate Consulting Business Plan Template here

How Big is the Consulting Business/Industry?

There are approximately 779,699 consulting businesses in the US, and $200.6 billion in revenue was been generated by the consulting industry last year. Over the past 5 years, its annual growth rate has reached 5.2%.

What are the Key Segments of the Consulting Industry?

The two largest segments of the industry are Corporate strategy and Marketing and sales. Organizational design makes up the next largest segment, followed by Process and operations management, Human resources advisory, Financial advisory and IT strategy.

What External Factors Affect the Consulting Industry?

A number of factors affect the performance of the consulting business industry. These drivers include:

  • Corporate profit: An increase in the corporate profit signifies that there is a high demand for consulting services among businesses. This also increases the industry revenue.
  • Aggregate private investment: This refers to the value spent by business owners for equipment, properties, and software. When businesses expand their investments, they tend to need more help from consulting businesses, so an increase in aggregate private investment is good for the consulting business industry.
  • Number of businesses: An increase in the number of businesses also indicates a high demand for consulting services and provides more prospect clients for consultants.
  • Government consumption and investment: As the government expands its investments, the demand for consulting business’ services also increases thus the industry revenue also rises. Government consumption and investment has increased over the last year.

Who are the Key Competitors in the Consulting Business Industry?

The market leaders, in terms of market share are Accenture PLC (3.3%), McKinsey & Company (2.6%) and Deloitte Touche Tohmatsu (2.7%).

What are the Key Customer Segments in the Consulting Industry?

The key customer segments in the consulting business market are Financial services companies, Consumer products companies, Government organizations, Manufacturing companies, Technology and media companies, Individuals and non-profit organizations, Life science and healthcare companies, and Energy and utilities companies organizations.

The Economics of Becoming a Consultant

How to Start a Consulting Business

What are the Key Costs in the Consulting Industry?

Wages – Over half of the consulting business industry’s revenue last year is used for wages. It is expected to drop in the next five years.

Purchases and depreciation – Purchases make up almost 10% of the consulting businesses’s revenue, while depreciation is 0.9%.

Rent and utilities – Last year, almost 4% of the industry’s revenue is comprised of rent and utilities.

Other – Marketing costs make up 1.8% of consulting business industry.

What are the Keys to Launching a New Consulting Business?

1. Know your expertise

Identify the field where you can use your skills and knowledge and study everything that you need to know about it. Maximize your strengths and work on improving your weaknesses so you’ll be sure to provide excellent service to your clients.

2. Secure your certifications

Consider taking certifications that are related to your specialization. This will build your reputation and increase your client’s trust and confidence in your business. This also gives you an advantage over non-certified consultants.

3. Consider hiring an employee

Have someone reliable who can work on the administrative tasks that need to get done in your business. This will save you time and effort and keep you focused on taking care of your client’s specific and technical needs.

4. Set your rates right

Determine whether you are setting reasonable rates by looking up other consulting businesse’s rates before giving your clients a quotation. Make sure to include in your computation all of the expenses that you would incur in a project especially your professional effort’s worth.

5. Sell yourself

Bump up your marketing efforts and let yourself be known by your potential clients. Advertise the services that you offer and your edge over competitors through word of mouth, print ads, and phone, email, and social media marketing.

6. Value relationships

Remember that you are not your own boss so make your client’s needs a priority. Pay attention to their demands and always be ready to offer solutions that work. Most importantly, establish personal connection with your clients by meeting with them as often as needed.

7. Be emotionally ready

Starting a consulting business also means dealing with a lot of meetings with potential clients that do not end up hiring you. Be prepared on how to deal with such failures professionally. Your target clients will remember you in the way you deal with them and a positive attitude towards an unclosed deal might redeem you the next time they need a service that you offer or meet a friend that needs your expertise.

Consulting by the Numbers

Consulting business statistics infographic

What are the typical startup costs for a new consulting business?

Startup cost for new consulting businesses range from $10,000 to $50,000.

How much do consulting business operators make?

The average salary for a consulting business operator is $107,553.

How to start a milk tea business?

How to start a Milk Tea Business

Milk tea is a beverage originating from Hong Kong but is influenced by the British in their long stint in the region. It is consist of black tea with evaporated milk or condensed milk. Unlike Chinese Tea which is served plain, milk tea uses condensed milk and sugar that gives the tea a richer feel. Milk tea is one of the two types of bubble tea also known as pearl (milk) tea or boba (milk) tea and is a Taiwanese-originated beverage.

milk tea business

Honey Milk Tea Photo Courtesy of Yahoo Images

How to start a milk tea business?

1. Choose the best milk tea recipe suitable for your area.
Be sure that your milk tea recipe and concept will drive every possible customer in your shop. Study your customer’s preference of milk tea. Every age has their own taste of milk tea. However, don’t forget to offer wide arrays of choices for your milk tea recipes like using soy milk or fruits that adds a flavorful taste to your milk tea.

2. Be original.
Milk tea business is a flourishing business but what makes you different from other businesses is your originality. Successful milk teas businesses have one thing in common–and that is their unique and distinct concept and recipes. If you are offering milk tea, be sure it is milk tea but present customers with many choices.

green milk tea

Green Milk Tea Photo Courtesy of Yahoo Images

3. Understand your market.
It is good if you find out personally what makes your customers happy. Talk to your customers as if they have been in your shop for a long time. Bridged friendship to them so that you will find out their comments about your milk tea.

4. Love your staff
Before anything else, show concern for your staff. Your crew has friends and relatives who could be your number one customers. Understand their situation and they will surely give you the best service for your clients. Your staff mirrors your leadership.

5. Register your Business
In order for your business to be official and legitimate, make sure you have all pertinent permits and licenses to operate. This is to protect your business and your recipes from any copycats.

How to Make Milk Tea

To make the tea, water and tea (about 1 to 3 teaspoons of tea a cup, depending how strong the drinker likes) are brought to a boil then simmered for about 3–6 minutes. The tea is usually put in a sackcloth bag before the water is added to the pot to filter it out or if no bag available poured through a strainer. Many people also remove the pot from the heat once it boils for about 3 minutes, then bring the pot to a boil again. This process can be repeated several times, intensifying the caffeine/flavor. – wikipedia

Bobba Jelly Tea and Coffee is open for franchise this June, 2012. For interested party, kindly call Polee Cantada or Joel Chan in their contact number: 09277991781 or email them at: bobbajelly@yahoo.com

Small business attorney fees differ from legal services provided by larger law firms. Larger law firms tend to charge more per hour for their services than smaller firms. Some attorneys may charge different rates depending on the task; meaning, they may charge a higher hourly rate for court work, and a lower rate for research. Typical hourly fees range from $150 per hour to $325 per hour. Hourly fees for legal services can vary widely based on the factors previously mentioned.

How Much Will a Business Lawyer Cost?

A business attorney provides legal services relating to the operating and regulating of businesses. Business attorneys can represent several different types of clients, including business owners, employees, insurance agencies, and other parties. Other work-related matters, such as discrimination and hiring disputes, are handled by employment law attorneys. Business lawyers address aspects that are related to the operations and structure of a business operation.

You might need a business attorney to advise and assist you in knowing which laws and regulations your specific business will need to adhere to. For new and startup businesses, a business attorney can help you ensure a legal start, as well as provide you with advice on how to use the law to protect your new business. If your business is already established, the attorney can ensure that any mergers or acquisitions go smoothly, and with limited complications. A business attorney can also navigate any complicated compliance issues you may be facing.

While business attorneys handle various legal matters, they most commonly address:

  • Filing incorporation documents;
  • Drafting and reviewing business contracts;
  • Business formation; ;
  • Conflicts that involves the sale and purchase of stocks, and other securities;
  • Compliance with business regulations and laws;
  • Responding to the improper use of protected business information, such as copyrighted and trademarked materials; and
  • Interstate and international legal issues, such as the transportation of goods.

Besides litigating business disputes, a business attorney may assist with various tasks, such as:

  • Negotiating, drafting, and reviewing business contracts;
  • Assisting with business start-up and incorporation filings;
  • Addressing business termination or transfer issues; and
  • Assisting the business in their shift or change in organizational structure.

Business lawyers may be consulted for a wide range of legal issues. In some lawsuits, a business lawyer may play the role of an expert witness. An example of this would be if the court needs additional information regarding a particular business practice.

How Much Does a Business Attorney Generally Cost?

Legal fees for business lawyers are generally structured as an hourly fee. The amount an attorney charges per hour is generally determined by several factors. These factors include:

  • The experience of the lawyer;
  • The complexity of each specific case;
  • The average hourly rate in your community; and
  • The size of the firm.

Small business attorney fees differ from legal services provided by larger law firms. Larger law firms tend to charge more per hour for their services than smaller firms. Some attorneys may charge different rates depending on the task; meaning, they may charge a higher hourly rate for court work, and a lower rate for research. Typical hourly fees range from $150 per hour to $325 per hour. Hourly fees for legal services can vary widely based on the factors previously mentioned.

If the business issue goes to trial, litigation work can incur higher rates, as can complex work such as mergers or acquisitions. It is important when consulting attorneys to discuss their fee structure, as well as clarify what their hourly fee is if that is the agreed upon fee structure.

Generally speaking, an attorney will work out how their fees are to be paid when they first meet with you. A standard attorney fee arrangement will usually require you to fill the attorney’s retainer, which provides a set amount to the attorney that they may draw from for their first amount of work. Any subsequent legal work would incur the agreed upon standard hourly rate. The average business lawyer retainer fee as of 2020 ranges from $2,000 to $100,000.

What Other Fee Structure May Be Utilized By a Business Attorney?

Some business attorneys utilize an hourly fee structure, while others prefer a flat fee. This typically means that the lawyer charges a fixed, total fee. A flat fee structure is commonly offered if the case is relatively simple, or routine. Business incorporation, LLC formation, and reviewing business contracts are some examples of the business services some attorneys will perform for a flat fee. An example of this would be a flat fee for forming an LLC in California, which can range from $500 to $2,000.

With a flat fee structure, fees paid to any third parties are not typically included. Meaning, while you may pay your attorney $500 for an incorporation, you will owe an additional fee to the state in which you are incorporating. Some startups have been offering to compensate their attorney with equity in their new venture, instead of providing conventional monetary payment. While allowed under legal ethics, it is likely a risky bargain for the attorney, and many attorneys will not consider or agree to this sort of payment arrangement.

As of 2020, the average business lawyer hourly rate is between $100 and $400 per hour. Again, this rate can vary greatly depending on the aforementioned factors. Location and type of case will heavily influence an attorney’s hourly rate.

Which Fee Structure is Best, and How Might I Be Able to Keep Hourly Costs Low?

The best fee structure is whichever structure works best for the client. As business attorneys are both sensitive to and aware of the needs and limits of businesses, they want to ensure that their clients are getting the most for their money. An attorney who is meeting a potential client could be flexible in their fee structuring, and how they are paid.

Although some business matters will incur a flat fee, most business attorneys prefer to utilize an hourly fee structure. As previously mentioned, a flat fee structure would likely be most advantageous for businesses with relatively simple and straightforward issues to address. An hourly fee structure may be best for business needs or situations that do not neatly adhere to common procedure. Additionally, the hourly fee may be negotiated, whereas flat fees are set.

Do I Need a Business Attorney?

A business attorney will prove to be invaluable when establishing a firm legal foundation for your business. An experienced business attorney will protect your rights and ensure you are adhering to all applicable laws, while also assisting in more complex matters as your business grows. LegalMatch can assist you in locating a local, affordable commercial lawyers.

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