Nearly 2/3 Of Founders Cut Their Pay To Cover Unforeseen Costs

Even careful planning doesn’t protect many entrepreneurs from unexpected startup costs. A Bluevine survey of 776 small-business owners found 51% overlooked at least one expense and 54% encountered costs they weren’t aware of before launching. Equipment and physical space, insurance and licensing were among the biggest surprises, while nearly two-thirds of founders reduced or eliminated their own pay during their first year.

The findings highlight opportunities for businesses that can help entrepreneurs prepare, finance and operate a new venture. Sellers can prospect banks and credit unions, accountants, insurance providers, attorneys, commercial real estate firms, office and equipment suppliers, payroll providers and business technology companies, positioning their services as resources that can help small-business owners avoid costly surprises.