Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

University of California, Berkeley

berkeley.edu

1,676

Harvard Business Review

hbr.org

1,768

Ex Libris

exlibrisgroup.com

2,373

University of Wisconsin–Madison

wisc.edu

2,830

Association for Computing Machinery

acm.org

6,394

Open Library

openlibrary.org

10,351

Honeywell

honeywell.com

13,113

act_com

act.com

42,269

Innovative Interfaces Inc.

iii.com

103,228

Libib.com

libib.com

133,273

Management Study HQ

managementstudyhq.com

217,027

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a library management system business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a library management system business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

No overhead costs

To get your library management system business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

Competition is high when it comes to your library management system business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A library management system business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a library management system business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a library management system business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a library management system business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a library management system business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.