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Starting a new business is an exciting time. You might have been building up this moment for years, so it’s understandable to get swept away with the potential success, the planning, and design of things like your logo, your colour scheme, your products, etc. But what about all those hidden business costs? You know, the ones that no one really talks about?
Away from the glitz and glamour of your website design, your social media pages, and your new technology, are the hidden business costs that need just as much attention – and financial devotion. Unsure of what they might be? Read on for the business costs you shouldn’t ignore.
Health and safety
If you’re providing a place for others to work in or for the public to visit, then you’re going to need to provide a safe and secure place for them to go about their business.
Health and safety means everything from a mind your head sign, to health and safety audits and fire safety equipment. All of which can be costly.
Signage is important in all aspects of health and safety – like ensuring you have caution signs posted everywhere they need to be, so it’s important to invest in plenty throughout your business premises.
Training costs
In order to provide the very best service for your customers and to ensure that your employees are confident and competent in their work, you might need to provide the appropriate training.
From a first aid training course to the latest in food hygiene practices, training towards a machine operating qualification etc, these can all be costly, especially if you have more than one person you need to train. Not forgetting membership fees of associations that have provided training!
Utilities and rent
These costs can run into the thousands, with rent of commercial buildings, in particular, being a real sting in the tail to new businesses who are trying to get a head start on profits. You’ll also need to pay for things like gas, electricity and water supply. If your business premises is within a building then you might also have to pay maintenance costs.
Insurance
All types of businesses need insurance, from public liability to product liability insurance. If something goes wrong, you need to be covered. Keeping your business protected is crucial, so don’t skip this one!
Shipping and delivery
If you have to send products out to customers, then it’s important to factor in the shipping costs.
It can make a huge impact on your profits and your general finances. Not only that, but the packaging itself can also be costly, particularly if you have lots of different kinds of products in all shapes and sizes that will require different sized boxes. And of course not forgetting all the padding and protective packing products you’ll need to keep the item in one piece.
Marketing
Every business owner should set aside a large portion of their business spending to put towards their marketing. From flyers and online ads to content marketing, social media ads and so much more.