When you decide to start your own business there’s a lot of risk involved. But there’s also potential for rewards too! Not only do you get to enjoy being your own boss, but you’re finally in control of your own destiny and you get to call the shots! There’s lots to consider when you start your own business, and its pretty easy to concentrate all your efforts into things like logos, colour schemes and office design. There’s always a lot going on behind the scenes of a fledgling business and there are plenty of start-up costs that you shouldn’t overlook!
Read on to find out what they are.
Your technology
From laptops to machinery, printers to paper, to programmes and services provided by scribbr to help improve and increase the quality of your work. You’re going to need to have plenty of money set aside to ensure that everything in your start-up is running correctly and in place so you can get to work as soon as possible.
Training
Training your staff so they can complete their work safely and competently is imperative in your early stages. You want things to run as smoothly as possible and your customers to have positive experiences from your first day of trading. Good training will help you achieve this. Not forgetting that training your staff is an ongoing expense. As health and safety laws change, you might implement new stages or products within your business. All of which will need to be trained for.
Health and safety
Within business, health and safety is king. So ensuring the safety of your staff and your customers should be a priority. To do this, you’ll need to ensure that you’ve had health and safety inspections and fire safety checks completed within your business, then you’ll be advised on how you can reduce risk in the workplace. In addition to this cost, you’ll also have to implement any advisories given to you. Which could cost you more money.
Security
If you’re working in an office, or a warehouse, a shop or even working from home, securing everything you’ve worked so hard to achieve is a business cost that shouldn’t be overlooked. Hiring a security expert to provide you with information on the best way to secure your premises, is a good idea. CCTV and recording equipment, shutters, electronic locking systems and not forgetting spyware and virus protection for all your computers and tech. If you’re handing important documents then the cost of having them disposed of correctly will also come at a cost.
Utilities and rent
They’re costs that are easy to overlook when you’ve found your perfect business premises and you want to move in as quickly as possible. But the monthly cost of your business premises and everything that comes with it including the water, electricity will be taking a huge chunk out of your business funds. If your premises is within a building amongst other shops and businesses then bare in mind you might have to pay maintenance costs too!
