The Hidden Costs of Starting a Business Opening a business can be both challenging and highly rewarding. It is easy to consider the initial costs required to get up and running; you have planned the costs to rent or buy a building, to pay hired employees, and having products or tools to manufacture or perform services. But don't forget the less obvious costs which can add up.
Building Security Perhaps you'll be fine with an alarm system, or perhaps you need patrolling guards to tour, but whatever the case you'll need to remember the cost of security. If you opt for the purely electronic route, you're still buying into an on-going service which will require regular payments.
Small businesses may be fine with just a regular alarm system, but the larger you are, the more security you'll need. It may be prudent to have video cameras monitoring the parking lot and building side doors.
Meet with a local police officer to check out your building and property and point out possible security concerns. |
Shipping Everything you need transported to and from your business will need to be shipped. Hiring a shipping company can be expensive and is a crucial factor to consider when thinking about your anticipated costs.
There are many tips online for reducing freight costs and finding the best freight rates. Most shipping companies provide a freight shipping calculator on their website to give you a freight shipping quote for transporting a pallet or other large items.
Go online to find LTL freight company reviews to help you find a company which will give you the best combination of price and service.
Cleaning Things will go downhill quickly if you've neglected to think about how your business will stay clean. Between constant restroom upkeep and general office or store cleaning, you'll need either a good collection of cleaning supplies or to have special staff to do cleaning.
Often the easiest way is to hire a cleaning service to regularly come in and clean. Cleaning services can also be cost effective when you recognize that hiring your own staff would require you to pay them the same benefits as the rest of your employees.
It depends on the size of your business as to what will best suit your needs.
Insurance Insurances are great to have, but they can also be expensive. Understand what types of insurance you need to have by law, as well as investigate insurances to protect your business from theft, vandalism, disaster, as well as to protect your employees.
Shopping for insurance can be a headache, but you'll appreciate being able to rest easy knowing that a worst-case scenario will be compensated for. |
