How Much Does It Cost To Start A Multi Tool Brand? (In 2024)

Updated: January 18th, 2023
Start A Multi Tool Brand

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

The cost of opening a a multi-tool brand can vary based on several factors. However for a a multi-tool brand you can expect to spend $62 to $47,445 with an average cost of $24,873.

  • The minimum startup costs for a multi-tool brand: $62
  • The maximum startup costs for a multi-tool brand: $47,445
  • The average startup costs for a multi-tool brand: $24,873

Here's a detailed list of a multi-tool brand startup costs:

Learn more about starting a multi-tool brand:

Where to start?

-> How to start a multi-tool brand?
-> Pros and cons of a multi-tool brand

Need inspiration?

-> Other multi-tool brand success stories
-> Examples of established multi-tool brand
-> Marketing ideas for a multi-tool brand
-> Multi-tool brand names

Other resources

-> Multi-tool brand tips

Equipment & Supply Expenses

Starting a multi-tool brand may require purchasing some equipment, whether that's for producing the product or packaging the goods, or equipment needed in the back office.

Cost Required? Min Cost Max Cost
Cleaning Supplies ➜

Optional

$63

$200

Retail Business Expenses

If you plan to have a brick & mortar location for your multi-tool brand, you must weigh the costs of your rent, as it may be the most expensive part of running your business.

Rent costs for your multi-tool brand very much depends on your location. This cost will vary by both region and specific areas of town: a lease in the heart of Manhattan could cost over $80,000/month in rent. Meanwhile, a storefront lease in Florida or Tennessee could cost less than $1,000/month.

Cost Required? Min Cost Max Cost

Shop Decor

Optional

$0

$5,000

Utilities (storefront business)

Optional

$0

$1,000

Building improvements and remodeling

Optional

$0

$950

Storefront Property Rent ➜

Optional

$1,250

$3,500

Business Formation Fees

There are a few key costs associated with forming your business entity, such as setting up an LLC and getting trademarks, copyrights, and patents sorted.

Cost Required? Min Cost Max Cost

Set up business: LLC & Corporations

Required

$50

$500

Software Expenses

Your multi-tool brand needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost Required? Min Cost Max Cost

File Hosting Service

Recommended

$0

$299

Project Management Software

Recommended

$0

$25

Internal Communication Tool

Recommended

$0

$20

Email marketing tool

Recommended

$0

$100

Accounting & Invoicing Software

Recommended

$0

$50

IT Support ➜

Optional

$150

$2,000

Payroll Software

Optional

$0

$200

Social Media Management Tools

Optional

$0

$50

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your multi-tool brand grows.

Cost Required? Min Cost Max Cost
Rent ➜

Optional

$0

$5,750

Utility Costs For Office Space ➜

Optional

$0

$1,150

WiFi & Internet ➜

Optional

$0

$100

Website Costs

Every business should have a website, and it's worth spending a bit of money to set it up right.

Cost Required? Min Cost Max Cost
Domain Name ➜

Required

$12

$200

Website Hosting Costs ➜

Required

$0

$300

Business Email Hosting Service ➜

Recommended

$1

$15

Web Designer ➜

Optional

$200

$6,000

Inventory Expenses

If you sell a physical good, you'll likely have to start with some inventory.

Cost Required? Min Cost Max Cost

Upfront Costs For Inventory

Optional

$300

$5,000

Inventory Storage

Optional

$0

$5,000

Package Design ➜

Optional

$50

$3,000

Shrinkage

Optional

$0

$1,000

Distribution costs

Optional

$0

$750

Advertising & Marketing Costs

Cost Required? Min Cost Max Cost
Business Cards ➜

Optional

$0

$50

Customer Research & Surveys

Optional

$0

$300

Business Signage ➜

Optional

$75

$2,486

Direct Campaigns, Printing and Mailing

Optional

$0

$300

Affiliate Marketing Commission & Fees

Optional

$0

$250

Influencer Marketing

Optional

$0

$750

Press

Optional

$0

$500

Google Ads

Optional

$0

$300

Facebook & Instagram Ads

Optional

$0

$350