Planning ranges, not quotes. Rent, wages, permits and insurance vary a lot by state and city. Use these to size your savings or loan, then replace each line with your own quotes.
At a glance (typical case)
| Kind of business | Year-one cost | Cash before you open | Year-one range |
|---|---|---|---|
| Home-based service or freelancer | $6k | $3k | $1k–$25k |
| Online store | $23k | $16k | $2k–$120k |
| Local retail shop | $210k | $110k | $63k–$670k |
| Restaurant or café | $890k | $480k | $360k–$1.8M |
| Food truck | $130k | $83k | $41k–$330k |
| Salon or barbershop | $280k | $160k | $11k (booth rent)–$640k |
| Car wash | about $1M project | $130k–$225k of your own cash | $11k (mobile)–$4.8M |
| Contractor or trades | $130k | $72k | $9k–$340k |
| Professional office | $97k | $34k | $7k–$270k |
| Small nonprofit | $5k | $2k | $1k–$47k |
- Year-one cost is your one-time startup costs plus 12 months of running costs (rent, staff, insurance, software, marketing, accounting, utilities). It's what you spend before counting any sales.
- Cash to have before you open is your one-time costs plus a reserve: 3 months of running costs in the typical case, 1 month in the low case and 6 in the high case. Franchise disclosures commonly budget 3–6 months. The median small business holds only 27 days of cash, and more than half of startups run at a loss.
- Not included: your own pay, loan payments, the cost of what you sell (beyond opening stock), sales tax and card fees.
What moves the number most
- Space. Shopping-center rents average about $25 per sq ft a year, from roughly $16 in cheaper metros to $42 in Miami. Many leases add taxes and maintenance on top.
- Staff. Wages plus about 8–10% in employer taxes, plus workers' comp. Workers' comp is about $0.11 per $100 of payroll for office staff and about $4.58 for carpentry. Cost of hiring calculator →
- Build-out. A space that already suits your use (an old restaurant, an old salon) can save tens of thousands.
- Buy, lease or rent equipment. This matters most for trucks, kitchens and car wash equipment.
- Your state and city. Licenses, permits, liquor licenses and insurance rates swing widely. Formation cost by state →
By type of business
Tap a type to open its line-by-line budget.
Starting a local business? Pick yours:
Local retail shopRestaurant or caféFood truckSalon or barbershopCar washContractor or trades
Home-based service or freelancer$6k typical year-one cost
One person working from home: consulting, design, tutoring, bookkeeping.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Local business license / DBA · once | $100 | $0–$500 | once |
| Insurance · yearly | $1.4k | $300–$3.1k | yearly |
| Workspace · yearly | $0 | $0–$3k | yearly |
| Equipment (computer, phone, desk) · once | $1.5k | $500–$4k | once |
| Software and website · yearly | $900 | $300–$1.8k | yearly |
| Marketing · yearly | $1.2k | $0–$6k | yearly |
| Professional fees (tax prep, bookkeeping) · yearly | $500 | $0–$3.8k | yearly |
| Phone and internet (business share) · yearly | $600 | $0–$1.8k | yearly |
| Year-one cost | $6.3k | $1.2k–$25k | |
| Cash to line up before opening | $2.9k | $600–$15k |
What moves it
- Whether clients require professional liability insurance (about $88 a month on average).
- Coworking instead of home: a dedicated desk starts at about $250 a month.
- Electing S-corp tax treatment adds payroll service and a corporate return. S-corp calculator →
Calculators: LLC cost by state · S-corp calculator · Quarterly tax calculator
Based on: Insureon; Google Workspace, Squarespace and QuickBooks price pages; National Society of Accountants; WeWork. Full sources
Online store$23k typical year-one cost
Selling products online from home through Shopify, Etsy or Amazon.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Sales tax registration and local license · once | $100 | $0–$500 | once |
| Insurance · yearly | $1.1k | $500–$2.9k | yearly |
| Storage / fulfillment space · yearly | $0 | $0–$6k | yearly |
| Equipment (camera, shipping scale, printer) · once | $1k | $300–$3k | once |
| Inventory / product costs (year one) · once | $13k | $0–$50k | once |
| Software and platform fees · yearly | $1.6k | $400–$4.8k | yearly |
| Marketing (ads, samples) · yearly | $6k | $600–$30k | yearly |
| Payroll (part-time helper, high only) · yearly | $0 | $0–$20k | yearly |
| Professional fees · yearly | $500 | $0–$5.4k | yearly |
| Year-one cost | $23k | $1.9k–$120k | |
| Cash to line up before opening | $16k | $500–$89k |
What moves it
- Inventory and ads are most of the bill. Platform plans are about $29–$79 a month.
- Card fees of about 2.9% + 30¢ per sale come out of revenue.
- Register for sales tax in your state before you sell taxable goods.
Calculators: LLC cost by state · Quarterly tax calculator
Based on: Shopify, Amazon and Stripe price pages; Insureon; a Shopify survey of 300 owners (first-year spend about $40k, product costs 31.6%). Full sources
Local retail shop$210k typical year-one cost
An independent shop of about 1,500 sq ft in a neighborhood or strip center, with two staff.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Licenses and permits · once | $1k | $100–$5k | once |
| Rent (annual base rent) · yearly | $38k | $13k–$150k | yearly |
| Security deposit (about 1-2 months) · once | $6.3k | $1.1k–$25k | once |
| Build-out, fixtures, signs · once | $44k | $12k–$200k | once |
| Opening inventory · once | $28k | $15k–$85k | once |
| Insurance (excl. workers comp) · yearly | $1.1k | $1.1k–$2.5k | yearly |
| Payroll incl. employer taxes · yearly | $77k | $17k–$150k | yearly |
| Workers' comp · yearly | $800 | $200–$1.7k | yearly |
| Software and POS · yearly | $1.2k | $500–$3k | yearly |
| Marketing incl. grand opening · yearly | $10k | $1k–$25k | yearly |
| Professional fees · yearly | $3k | $500–$8.1k | yearly |
| Utilities (electric + other) · yearly | $4.1k | $1.6k–$9.2k | yearly |
| Year-one cost | $210k | $63k–$670k | |
| Cash to line up before opening | $110k | $31k–$490k |
What moves it
- Rent per sq ft, and whether the lease adds taxes and maintenance (NNN).
- How much stock you open with.
- A space that's already fitted out for retail versus a bare shell.
Calculators: LLC cost by state · Cost of hiring · Licenses and permits
Based on: Cushman & Wakefield retail rents (Q4 2025); BLS wages (May 2025); Insureon; Oregon workers' comp study; a franchise disclosure for a 3,500–4,500 sq ft store; EIA electricity data. Full sources
Restaurant or café$890k typical year-one cost
An independent restaurant or café of about 3,000 sq ft and 120 seats, based on a survey of independent operators. Staff wages are the biggest yearly cost, but sales pay for most of them once you're open. Food cost (about 32% of sales) isn't included.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Licenses and permits (health, food service, liquor, building) · once | $5k | $500–$25k | once |
| Construction / build-out · once | $200k | $70k–$470k | once |
| Kitchen and bar equipment · once | $95k | $40k–$200k | once |
| Pre-opening expenses (training, opening marketing) · once | $20k | $10k–$50k | once |
| Opening food inventory · once | $10k | $5k–$20k | once |
| Security deposit · once | $13k | $5.4k–$35k | once |
| Rent · yearly | $78k | $32k–$210k | yearly |
| Insurance (excl. workers comp) · yearly | $4k | $2.3k–$5.3k | yearly |
| Payroll (wages + benefits) · yearly | $410k | $170k–$690k | yearly |
| Workers' comp · yearly | $4.5k | $1.9k–$7.5k | yearly |
| POS and software · yearly | $3k | $1.2k–$8k | yearly |
| Marketing (ongoing) · yearly | $12k | $3k–$40k | yearly |
| Professional fees · yearly | $8.1k | $3k–$13k | yearly |
| Utilities · yearly | $24k | $14k–$50k | yearly |
| Year-one cost | $890k | $360k–$1.8M | |
| Cash to line up before opening | $480k | $150k–$1.3M |
What moves it
- Taking over a former restaurant with its hood and grease trap versus building new. Construction was about 36–73% of startup cost in the survey.
- Liquor licenses: modest in some states, very expensive in quota states.
- The survey dates from 2018, and building costs have risen since, so treat these as floors.
Calculators: LLC cost by state · Cost of hiring · Licenses and permits
Based on: RestaurantOwner.com cost-to-open survey; National Restaurant Association labor and food-cost ratios (2024 data); Insureon; Florida DBPR fee schedule (example); EIA. Full sources
Food truck$130k typical year-one cost
One used truck and one cook. Renting a truck (about $2,000–$3,000 a month) is the low-cost start.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Permits and licenses (first year) · once | $1.9k | $600–$17k | once |
| Truck (used typical, new high) · once | $60k | $0–$150k | once |
| Truck rent instead of buying ($2k–$3k/mo) · yearly | $0 | $0–$24k | yearly |
| Serveware, POS, small equipment · once | $1k | $300–$3k | once |
| Opening inventory · once | $2.5k | $2k–$3k | once |
| Insurance (excl. workers comp) · yearly | $3.7k | $2.9k–$4.4k | yearly |
| Payroll incl. employer taxes · yearly | $41k | $0–$98k | yearly |
| Workers' comp · yearly | $400 | $0–$1,000 | yearly |
| Commissary kitchen · yearly | $9.6k | $4.8k–$18k | yearly |
| Fuel and maintenance · yearly | $6.5k | $4k–$10k | yearly |
| Marketing · yearly | $3k | $500–$8k | yearly |
| Professional fees · yearly | $3k | $500–$8.1k | yearly |
| Propane / generator · yearly | $2.4k | $1.2k–$4.8k | yearly |
| Year-one cost | $130k | $41k–$330k | |
| Cash to line up before opening | $83k | $6.1k–$250k |
What moves it
- Used ($40k–$80k) versus new ($75k–$150k) versus renting.
- City permits: about $600 a year in Indianapolis versus $17,000 in Boston in a 2018 study.
- Commissary kitchen fees, which many cities require.
Calculators: LLC cost by state · Cost of hiring
Based on: Square food truck cost guide; U.S. Chamber Foundation "Food Truck Nation"; Insureon; BLS. Full sources
Salon or barbershop$280k typical year-one cost
A 1,200 sq ft independent shop with three stylists on payroll. Renting a booth or suite (from about $400 a month) is the low-cost start.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Salon/shop license and local permits · once | $500 | $95–$2k | once |
| Build-out and site costs · once | $70k | $0–$200k | once |
| Fixtures, chairs, equipment · once | $40k | $2k–$55k | once |
| Opening inventory and supplies · once | $4.7k | $1k–$6k | once |
| Security deposit · once | $5.1k | $400–$14k | once |
| Rent (booth/suite or shop) · yearly | $30k | $4.8k–$84k | yearly |
| Insurance (excl. workers comp) · yearly | $1.3k | $900–$2.7k | yearly |
| Payroll incl. employer taxes · yearly | $120k | $0–$230k | yearly |
| Workers' comp · yearly | $1.2k | $0–$2.3k | yearly |
| Booking/POS software · yearly | $1.2k | $300–$3k | yearly |
| Marketing incl. grand opening · yearly | $5k | $500–$25k | yearly |
| Professional fees · yearly | $3k | $500–$8.1k | yearly |
| Utilities · yearly | $4.7k | $0–$8.7k | yearly |
| Year-one cost | $280k | $11k–$640k | |
| Cash to line up before opening | $160k | $4.1k–$460k |
What moves it
- Booth rent, commission or W-2 staff. This is the biggest swing.
- Plumbing for shampoo bowls, and the build-out.
- State shop and personal licenses. Florida's salon license is $95.
Calculators: LLC cost by state · Cost of hiring
Based on: Great Clips franchise disclosure (published investment range); Insureon; Florida DBPR; Vagaro booth-rent guide; BLS. Full sources
Car washabout $1M project typical year-one cost
Most car washes are real estate projects financed with loans. Mobile detailing is the low-cost start. A small self-serve site runs roughly $0.6M–$1.5M (our estimate), and a new express tunnel about $4M or more.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Project cost (land, building, equipment, soft costs) · once | $900k | $4.5k–$4M | once |
| Operating capital · once | $25k | $0–$100k | once |
| Insurance · yearly | $8k | $3.5k–$25k | yearly |
| Payroll · yearly | $16k | $0–$310k | yearly |
| Chemicals, utilities, other variable costs · yearly | $41k | $1.5k–$300k | yearly |
| Marketing · yearly | $4.7k | $500–$30k | yearly |
| Professional fees · yearly | $3k | $500–$8.1k | yearly |
| Year-one cost | $1M | $11k–$4.8M | |
| Your own cash, if financed (10–20% equity + operating capital + reserve) | $130k–$225k | express tunnel: about $0.7M–$1.2M |
What moves it
- Land and site work, which can be about half of construction cost.
- SBA loans need at least 10–20% of the project in your own cash, plus operating capital: the car wash industry association suggests about $25k for a self-serve wash and $100k for an express tunnel.
- Loan payments aren't included above, and they're usually the largest yearly cost.
Calculators: LLC cost by state · Cost of hiring
Based on: Auto Laundry News (2025 construction costs and self-serve survey); International Carwash Association via Professional Carwashing & Detailing; SBA SOP 50 10 8.1; BLS. Self-serve project cost is our estimate. Full sources
Contractor or trades$130k typical year-one cost
A small remodeling or trade business with a truck and one helper.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| State license and bond · once | $600 | $100–$2k | once |
| Work vehicle · once | $44k | $0–$68k | once |
| Tools and equipment · once | $10k | $3k–$30k | once |
| Shop or yard rent · yearly | $0 | $0–$24k | yearly |
| Insurance (excl. workers comp) · yearly | $4.8k | $1.1k–$7.1k | yearly |
| Payroll incl. employer taxes · yearly | $51k | $0–$170k | yearly |
| Workers' comp · yearly | $2.2k | $0–$7.1k | yearly |
| Software · yearly | $1.2k | $500–$3k | yearly |
| Marketing · yearly | $3k | $500–$12k | yearly |
| Professional fees · yearly | $3k | $500–$8.1k | yearly |
| Fuel and phone · yearly | $6k | $3k–$12k | yearly |
| Year-one cost | $130k | $8.7k–$340k | |
| Cash to line up before opening | $72k | $3.6k–$220k |
What moves it
- Workers' comp by trade: about $2.37 per $100 of payroll for electricians and $9.64 for roofers (state medians).
- Buying or financing the truck. New pickups average about $44k (mid-size) to $68k (full-size).
- State license and bond rules. California charges $650 in license fees and requires a $25,000 bond.
Calculators: LLC cost by state · Cost of hiring
Based on: Kelley Blue Book (Sept 2026); California Contractors State License Board; Insureon; Oregon workers' comp study; BLS. Full sources
Professional office$97k typical year-one cost
An agency or bookkeeping firm with a 500 sq ft office and one assistant. Running a crew instead? Contractor or trades.
| Item | Typical | Range | When |
|---|---|---|---|
| Forming the LLC (state fees) · once | $100 | $35–$900 | once |
| Professional and local licenses · once | $300 | $100–$1k | once |
| Office rent · yearly | $19k | $3k–$67k | yearly |
| Security deposit · once | $3.2k | $0–$11k | once |
| Furniture and fit-out · once | $5k | $0–$30k | once |
| Computers and equipment · once | $4k | $1.5k–$12k | once |
| Insurance (excl. workers comp) · yearly | $3.1k | $900–$4.1k | yearly |
| Payroll incl. employer taxes · yearly | $51k | $0–$110k | yearly |
| Workers' comp · yearly | $52 | $0–$100 | yearly |
| Software · yearly | $2.4k | $900–$6k | yearly |
| Marketing · yearly | $3k | $500–$15k | yearly |
| Professional fees · yearly | $3k | $500–$8.1k | yearly |
| Utilities and internet · yearly | $1.9k | $0–$5.3k | yearly |
| Year-one cost | $97k | $7.4k–$270k | |
| Cash to line up before opening | $34k | $2.1k–$160k |
What moves it
- An office (about $39 per sq ft a year on average) versus coworking.
- Hiring your first employee.
- Professional liability insurance and any professional-firm license.
Calculators: LLC cost by state · Cost of hiring · S-corp calculator
Based on: Cushman & Wakefield office rents (Q3 2026); WeWork; Insureon; BLS. Full sources
Small nonprofit$5k typical year-one cost
A volunteer-run charity with under about $50,000 a year in gross receipts.
| Item | Typical | Range | When |
|---|---|---|---|
| State formation + IRS exemption fee · once | $300 | $300–$800 | once |
| Charitable solicitation registration · yearly | $75 | $10–$1.5k | yearly |
| Insurance · yearly | $1.3k | $500–$2.5k | yearly |
| Workspace · yearly | $0 | $0–$3k | yearly |
| Equipment · once | $500 | $0–$2k | once |
| Website, donation and accounting software · yearly | $900 | $200–$1.8k | yearly |
| Fundraising and outreach · yearly | $1k | $0–$5k | yearly |
| Payroll (part-time staff, high only) · yearly | $0 | $0–$25k | yearly |
| Workers' comp · yearly | $0 | $0–$300 | yearly |
| Accounting and annual return · yearly | $500 | $0–$5.4k | yearly |
| Year-one cost | $4.6k | $1k–$47k | |
| Cash to line up before opening | $1.8k | $300–$25k |
What moves it
- Paid staff, if any.
- Charitable solicitation registration in each state where you raise money. In Florida it's $10–$75 a year at this size.
- Moving past $50,000 in receipts means a Form 990-EZ or 990 instead of the free 990-N.
Calculators: Nonprofit cost by state · Nonprofit vs LLC
Based on: FormCost nonprofit fee data; IRS; Florida Statutes 496.405; Insureon; National Society of Accountants. Full sources
Before you count on these numbers
- Get at least two quotes for rent, insurance and any build-out, and price your state's licenses. Licenses and permits →
- Put the totals into your plan as one-time and monthly costs, and count at least a year of monthly costs, as the SBA suggests. SBA: Calculate your startup costs ↗
- If you'll borrow, SBA loans to start-ups generally need at least 10% of the project in your own cash (SBA SOP 50 10 ↗).
Sources (56)
- Small Business Insurance Costs (Insureon, 2026 (updated Feb 6, 2026))
- General Liability Insurance Cost (Insureon, 2026 (updated Mar 30, 2026))
- Professional Liability Insurance Cost (Insureon, 2026)
- Workers' Compensation Insurance Cost (Insureon, 2026)
- Retail Business Insurance Cost (Insureon, 2026)
- Food and Beverage Business Insurance Cost (Insureon, 2026)
- Restaurant Insurance Costs (Insureon, 2026)
- Food Truck Insurance Cost (Insureon, 2026)
- Hair Salon Insurance Cost (Insureon, 2026)
- Cost of Salon and Cosmetology Business Insurance (Insureon, 2026)
- Contractor Business Insurance Costs (Insureon, 2026)
- Nonprofit Insurance Cost (Insureon, 2026)
- Oregon Workers' Compensation Premium Rate Ranking, Calendar Year 2024 (Appendix 6, class medians = rank 26 of 51) (Oregon Dept. of Consumer and Business Services, 2024)
- Occupational Employment and Wage Statistics, May 2025 (national annual median wage, via BLS API series OEUN...13) (U.S. Bureau of Labor Statistics, 2025 (released 2026))
- Publication 15 (2026), Employer's Tax Guide (IRS, 2026)
- Topic no. 759, Form 940 (FUTA) (IRS, 2026)
- Form 990-N (e-Postcard) filing requirement (IRS, 2026)
- 2020-2021 Income and Fees of Accountants and Tax Preparers in Public Practice (National Society of Accountants, 2021 (2020 fees))
- U.S. Retail MarketBeat Q4 2025 (shopping-center average asking rent) (Cushman & Wakefield, 2026 (Q4 2025 data))
- U.S. Office MarketBeat Q3 2026 (national gross asking rent) (Cushman & Wakefield, 2026)
- Electric Power Monthly Table 5.6.A (average commercial price, Aug 2026) (U.S. Energy Information Administration, 2026)
- CBECS 2018 Table C22: electricity intensity by building activity (U.S. Energy Information Administration, 2022 (2018 survey))
- How Much Does it Cost to Open a Restaurant? (member survey, 350+ responses) (RestaurantOwner.com, 2018)
- Restaurant labor costs are well above historical averages (2025 Restaurant Operations data, FY2024) (National Restaurant Association, 2025)
- Restaurant operators kept food cost ratios in check in 2024 (National Restaurant Association, 2025)
- Hotels and Restaurants - Food Service Fees (Florida DBPR, 2026)
- COSMO 6 Salon Licensure application (Florida DBPR, current form)
- How Much Does a Food Truck Cost in 2025? (Square (Block, Inc.), 2025)
- Food Truck Nation (U.S. Chamber of Commerce Foundation, 2018)
- Great Clips franchise initial investment (Item 7 summary) (Great Clips, Inc., 2026)
- Salon Booth Rental Costs: Pricing Guide (Vagaro (salon software vendor), 2026)
- Once Upon A Child estimated initial investment (Item 7 summary; 3,500-4,500 sq ft stores) (Winmark Corporation, 2026)
- Construction Costs - Building a Wash Is More Expensive Than Ever (Auto Laundry News, 2025)
- Examining 13 Years of Self-Serve Performance (Auto Laundry News annual self-serve surveys 2013-2025) (Auto Laundry News, 2025)
- Understanding SBA loans (cites International Carwash Association operating-capital figures) (Professional Carwashing & Detailing, n.d.)
- Typical New-to-Industry Self-Serve Carwash investment model (4VQP / Ryko Manufacturing exec (consultant handout), 2007)
- SOP 50 10 8.1 with Technical Updates (effective Oct 1, 2026): 7(a) start-up equity injection; 504 borrower contribution (U.S. Small Business Administration, 2026)
- Apply for a Sole Owner license (fees) (California Contractors State License Board, 2026)
- Bond Requirements (California Contractors State License Board, 2026)
- Kelley Blue Book Average Transaction Price tables, September 2026 (Cox Automotive, 2026)
- Shopify pricing (Shopify, 2026)
- Stripe pricing (Stripe, 2026)
- Selling on Amazon fees (Amazon, 2026)
- QuickBooks Online pricing (Intuit, 2026)
- Google Workspace pricing (Google, 2026)
- Squarespace pricing (Squarespace, 2026)
- WeWork On Demand / Dedicated Desk (WeWork, 2026)
- Understanding startup costs (reports Shopify survey of 300 US small-business owners) (Arkansas Business (ASBN), reporting a Shopify survey, survey 2020; article n.d.)
- Florida Statutes s. 496.405 (charitable organization registration fees) (Florida Senate, 2026)
- Cash Flows, Balances, and Buffer Days (JPMorgan Chase Institute, 2016 (2015 data))
- Calculate your startup costs (U.S. Small Business Administration, 2026)
- Small Business Finance FAQs 2024 (SBA Office of Advocacy, 2024)
- Small Business Finance FAQ (Feb 2022), Table 1 from Census ABS 2018 (SBA Office of Advocacy / U.S. Census Bureau, 2022 (2017 data))
- Frequently Asked Questions about Small Business Finance (Survey of Business Owners 2012) (SBA Office of Advocacy / U.S. Census Bureau, 2016 (2012 data))
- 2024 Report on Startup Firms (2023 Small Business Credit Survey) (Federal Reserve Banks, 2024)
- How to Create a Marketing Budget (LocaliQ (USA TODAY Co.), 2026)
Every figure, with its exact source and our confidence in it, is traced in our working notes. Rounded for display. Marketing budgets and the self-serve car wash project cost are our own estimates.
General information, not financial, legal or tax advice. These are planning ranges, not quotes, checked October 2026. Totals cover an owner-run business's typical costs and exclude the owner's pay, loan payments and the cost of goods sold.