Business Costs You Simply Cannot Ignore

Running your own business is something so many of us aspire to accomplish. Being your own boss, watching your business grow from a tiny idea into something exiting and profitable – being able to build a name for yourself and even have something to pass onto your children. And while it’s easy to get lost in the daydream of designing a new logo, creating a bold mission statement and looking at a new computer, it’s frighteningly easy to overlook some of the more important aspects of running your own business. And the one thing all these aspects have in common? They’re all financial.

Read on for 4 business costs you simply cannot ignore.

Due diligence

By this, we mean health and safety. And in the business world, there’s nothing more important than ensuring the safety of your employees, your customers and of course your business. From risk assessments to fire safety, first aid and emergency protocol, all of this is your responsibility. You’ll need to focus some of your budget on identifying potential risks and then taking steps to reduce those risks. So, everything from high visibility jackets to “mind the step” signs, even the signs that direct staff and visitors to the car park in case of fire, all of this will need to be assessed and then the right solutions put in place.

Your website

This is something that many new start ups look forward to; having the ability to go free reign on their website, create something really professional looking, is easy to navigate and is user friendly as well as being easily spotted in search engines…. Let me just say that very few businesses that create their own website from scratch actually achieve any of this. It’s much more cost and time effective to have someone else design and create your website for you. You might think you’re saving money if you do this yourself, but you’ll simply be stalling your business’s success.

Marketing

You have a great website, a striking logo, bold mission statement and your social media is up to date. Now what? Having all of these is a step in the right direction, but they mean very little if there is no online footfall to your business. This is where marketing comes in, easily the most budget consuming tip on this list. You’re going to need targeted ads, SEO visibility, and also funds to showcase your business on social media. Not forgetting the more traditional methods of marketing such as flyers, posters, printed stationary and even the cost of entries into trade shows and industry meet ups.

Admin costs

It’s always the cost of the little things that usually surprise new businesses. From the printer ink supplies to the cost of all your stationary, letter headed paper, as well as packaging for your products, shipping costs and insurance. It all adds up, so take note of the cost of everything including your paperclips and filing cabinets! And make sure you’re budgeting for this aspect of your business journey.

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