As an entrepreneur, you know that not everyone has the drive, ambition, and attention to detail that it takes to start a business. When it comes to costs, it’s important that you outline everything in detail – from real estate to advertising – and many new entrepreneurs make the mistake of overlooking costs like the ones below. When in doubt, ask your network for help navigating these and other costs so you don’t overlook anything important.
License and Registration Fees
As a new business, you’ll need to pay licensing and registration fees to set up your business as its own entity. Depending on your local governments, the type of business you’re starting, and the exact location of your business, the exact costs will vary – but it pays to get in touch with your local governments as soon as you have the details of your business plan. Your legal counsel can help you navigate these costs, and if you’re not sure which paperwork your business will require, contact your local city hall or other government office.
Travel Costs
Starting a new business can mean a lot of running your own errands: going to networking events, meeting prospects, or running to get more office supplies. You’ll spend more time on the road, and while you’ve probably accounted for gas costs, you also need to factor in the wear and repairs for your car, tolls, meals on the road, or potential airline travel down the road. As your business grows, these costs can increase, so it’s important to have a realistic view of what you’ll need early.
Hiring Costs
In the excitement of your businesses’ growth, it’s easy to focus on all the upsides of hiring new employees. You’ll have more brains on the business, extend your network, and have someone to chat with over your morning coffee. But there are many expenses (beyond just salary) that come with hiring new employees. With each employee, you’ll have a set of benefits that you pay for, as well as the fees for processing paperwork and fees for things like background checks. These costs can add up – but remember, it’s all in the name of hiring the right people for the job and growing your business.
What other costs have you encountered? Tell us about your experience in the comments. And if you’d like to talk about starting your business in the Tampa area, contact me!
Image: Ken Teegardin
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