Office Space Expenses

$0

$6,900

Business Formation Fees

$600

$3,200

Equipment & Supply Expenses

$63

$200

Retail Business Expenses

$0

$7,200

Inventory Expenses

$300

$5,000

Vehicle Expenses

$0

$10,000

Training & Education Expenses

$0

$1,000

Advertising & Marketing Costs

$0

$1,200

Software Expenses

$0

$200

Website Costs

$13

$215

Food Business Expenses

$25

$500

Variety

variety.com

2,549

Ars Technica

arstechnica.com

4,432

Philips

philips.com

5,910

Sleep Foundation

sleepfoundation.org

24,169

Eight Sleep

eightsleep.com

47,247

Newswise: News for Journalists

newswise.com

48,434

RecentlyHeard: Get all exclusive Breaking News, Latest News, Coronavirus News

recentlyheard.com

61,063

K2 Process Automation

k2.com

92,136

Sleep.org

sleep.org

98,816

Iris

iristech.co

138,549

American Academy of Sleep Medicine – Association for Sleep Clinicians and Researchers

aasm.org

208,465

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 sleep technician business costs significantly less money than most businesses, ranging anywhere from 62 to 35,615.

Rewarding work

Starting a sleep technician 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.

No overhead costs

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

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

High margins

The gross margins for your sleep technician business are typically around 80%, which is considerably high and allows you to grow your business and manage costs easily.

Crowded Space

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

Work can be inconsistent

As a sleep technician 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.

Isolation

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

No safety net

Typically, as a sleep technician business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

You may need to charge sales tax

If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article