Posted in Blog
Six Startup expenses that entrepreneurs shouldn’t miss. Planning a budget for your business can include the most common things such as your products, your staff, your website, among many others. Make sure you don’t miss out on getting the following expenses:
- Business insurance
While you are hoping for the best, this is not always the case. When you launch a new venture, not having business insurance may be costly for you. You may end up paying for expenses that you didn’t budget for. Every business is different, so choose the insurance that best covers your situation.
- Fees and licenses
Fees and licenses are one of the most overlooked expenses when you are starting a new business. You may have to pay fees to register your business name; you may need federal or state licenses and permits. The cost and requirements of the prices and licenses may vary.
- Utility Bills
A startup office is more than just the rent; your bills may include: electricity, heat and AC, phone, internet, water, gas, etc.
- Professional Experstse
Legal and accounting fees are usually underestimated but are essential for any business. Paying for sound advice regarding your business can save you thousands of dollars.
- Taxes
There is no getting away from paying taxes, so find out what municipal, state, and federal taxes you should be paying and when. Expect to pay at least the state income taxes and state employment taxes if you have staff in your business.
- Payroll/Bookkeeping Fees
While a bookkeeper may charge anywhere from $20 to $50 per hour, a monthly flat-fee arrangement may be better, or you may opt for a subscription to an automated online payroll and bookkeeping program.
Minimize your risk of failure and maximize your potential for success by realistically budgeting for all types of startup costs. This way, you’ll be better financially prepared to handle the unexpected expenses that are bound to arise.
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