Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$66

$700

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Food Business Expenses

$2,125

$36,000

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$75

$5,286

Total Startup Costs

$10,002

$106,447

Monterey Bay Spice Company

herbco.com

118,042

Patel Brothers

patelbros.com

362,559

My Spice Sage

myspicesage.com

388,124

The Spice Lab

spices.com

446,262

Shop Quality Wholesale Spices You Can Trust

olamspices.com

518,712

Watkins 1868

watkins1868.com

556,574

A Spice Above

aspiceabove.com

726,172

Sauer’s

sauerbrands.com

732,512

Curio Spice Co.

curiospice.com

842,419

Spice Munnar

spicemunnar.com

913,488

PS Seasoning

psseasoning.com

1,018,724

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.

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.

Meaningful business connections

You never know who you will meet as a spices business. This could be the start of an incredible business opportunity!

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.

Gain exposure and experience

This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you!

Unlimited income potential

With starting a spices business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.

Low margins

The gross margins for your spices business are typically around 40%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the spices business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a spices 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.

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

Time commitment

With starting a spices business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.

Difficult to build trust with your customer

With starting a spices business, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business.