This is a contributed post
As a business, one of the most important things you need to factor in is money. You need to consider how much you not only bring in each month, but also what your outgoings are, and what these might be projected to be. Your income could be fantastic, but if you have just as much coming out as you do coming in, then you’re not left with any profit. Many people start a business and consider just what they need to bring in to make a bit of money each month, without considering what the additional overheads are going to be. In this article we take a look at some of the most important costs to consider when starting your business that you might not think about otherwise.
Table of Contents
1. Your website costs
Your website might seem like a small thing in terms of costs, but it is still something you need to think about that requires regular maintenance and upkeep too. You will need to not only pay someone to initially build your site, but also for things such as hosting and if you want developments and changes done to it as you go. You might also have add-ons to your site which are necessarily, but could be charged for, including a secure payment api, or an SEO plugin that helps optimize your site for search engines.
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2. Your physical business premises
Whether you are getting a shop to sell your goods to customers, or an office where you will house your employees, these are costs you need to factor in. Think about if you want to buy somewhere or rent it, any decorating that needs to be done and then the other bills such as electricity, water, heating etc. Factor in what size premises you will need too, accounting for things such as business growth and where you see yourself in a few months time and if you’ll need somewhere bigger.
3. Your staff
Staff costs are another big factor and you need to think about more than just their wages. You’ll also need to pay for things such as equipment for them like a desk and a laptop or phone, Christmas bonuses, holiday pay and facilities for them to use such as in the kitchen. You should provide things like tea and coffee and might need to offer uniforms for them to wear too.
Important Business Costs You Shouldn’t Overlook
These are just a few things you need to think about when you are starting a business that can have a real impact on your success and what you need to create your targets as. By being as precise as you can with your monetary trajectories it can make it easier to know what you need to aim for and have a more accurate measure on how successful you are and if what you are doing is working. What are some top tips you have for the costs you might need to consider when starting a business? Let us know in the comments below, we’d love to hear from you.