STARTING A BUSINESS? ASK THESE FIVE ESSENTIAL MONEY QUESTIONS FIRST

How much money do you need to start something new? Ten years ago, the average cost of starting a business was $31,150, according to one study. That seems laughably large today. While some businesses still require lots of money to get off the ground, 42 percent of respondents to the 2018 Inc. 5000 CEO survey said they used less than $5,000 to start their first company. While there’s no one answer for how much money you’ll need to scrape together, these five questions can help you set your startup budget.

Adapted from Startup Money Made Easy: The Inc. Guide to Every Financial Question About Starting, Running, and Growing Your Business, by Inc. editor-at-large