Did you know that running out of money is one of the biggest downfalls for a small business? If you want to avoid this then you need to make sure that you do not overlook these top expenses.
Supplies
Even if you think that all your work can be done just on a phone or on a computer, you will likely still need supplies at some point in time. As a new business owner, I didn’t feel the need to anticipate my daily office supplies but the truth is, you have to.
Ink, filing cabinets, pens and stationary are all important and overtime these expenses add up. Expenses like these are usually glossed over because they are so cheap. That being said, you have to make sure that you do not overlook them, if possible. You need to track every expense that your company has, whether it is metrology parts or a brand-new laptop for your company.
Insurance
Insurance might not seem like something your business necessarily needs, but it can save you from the worse-case scenarios and potentially keep your business afloat if something happens. There are all kinds of insurance that you can take out when running a business and as your company grows, you may need to take out more. It’s vital that you find a specialist who can help you to know what insurance you need, and how much it is going to cost. If you can do this, I promise it will give you much more peace-of-mind!
Related Post: 4 Ways to Safeguard Your Business and Keep it Secure
Credit Card Processing Fees
Whew, this is a big one for me. And one I never even thought about when I first started my business. Cash-only companies are somewhat rare these days. Companies have been forced time and time again to adapt to the demands of consumers. 77% of people prefer to use a credit card over cash when they make their purchases.
That being said, so many companies do not understand the fees that come with using credit cards. The costs often go hidden, with negotiating rates and processers adding in extras that you might not need. And even if you aren’t selling anything direct to a consumer, if you are offering services, you will likely be paid via credit card and still be hit with the same processing fees. Make sure to figure this into your rates because it can add up throughout the year.
Overall, these fees are important to keep in mind when starting a business. They are expenses that I overlooked when I first started out and I hope that you don’t make the same mistake!
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