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The overlooked costs of running a business

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Running a business is rarely straightforward. There are many different factors that need to be taken into account. One area that needs your attention is the financial side of things. This is where a lot of business owners make mistakes. They are often guilty of underestimating the costs that are associated with running a company. With that in mind, let’s take a look at some of the most overlooked costs of running a business. 

  • Unexpected office maintenance – Things aren’t going to run smoothly at all times. You need to make sure you allocate some of your funds to office maintenance. After all, you may need to pay for a computer technician, or you may require an electrician to come out to your office to fix any electrical faults. Of course, these expenses are the most difficult to quantify. However, it is important to prepare for them, as things don’t last forever.
  • Trademarking – This is another expense that is often overlooked. Trademarking is a long process and it is a costly one. Not only will you have to pay a fee to trademark your business in one category, but also there will then be an additional fee for every other category you want your business to be in.  You may be debating skipping this altogether. However, this is something you need to think about carefully, as trademarking can be even costlier if your business starts to gain traction and produce revenue.
  • IT support – This relates to the office maintenance section. However, for a lot of businesses, continual IT support is a necessity. If you rely on IT for your business to run, you should definitely align with a company that can provide 24/7 support. After all, every minute spent offline is a minute you are hurting your company’s reputation and profit.
  • Taxes – All business owners recognise that they need to pay tax. But a lot of businesses underestimate the taxes they need to pay. This is because your annual taxes are going to depend on the sort of entity you decide to set up, as well as a number of other factors. You also need to determine what tax structure is right for you.
  • Credit card fees – It is a good idea to give customers as many payment options as possible, and this usually means that they can pay with a credit card. You do need to be mindful, though, that you will be subject to a fee for every credit card payment. This tends to be around 3% of the total charges.
  • Time – You know what they say: time is money. If your business is not running as efficiently as possible, it’s going to cost you financially. You can’t afford to waste time – it is a valuable resource.

Have you overlooked some of the costs that have been mentioned above? If so, make sure you include them into your financial plan so that your business is better prepared. Overlooking business costs can hurt your company in the long run.

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