The challenging yet rewarding experience of starting your own venture does not come for free. Along with a ton of hard work, you’re going to want to keep an eye out for some hidden business costs.
Buying raw material, paying employees, and acquiring new customers are all costs most businesses can reasonably be expected to pay. However, there are a few you might not think of immediately, and they can really sneak up on you.
Employees
As we mentioned above, no one expects people to work for free, but there are more costs associated than just their salary or hourly wage.
Hiring
It takes time and effort to find the team members who will truly benefit your business. Time and effort are going to be needed during the hiring process, and that stuff isn’t free! Cut corners here, hire the wrong people too many times, and the costs to your business will be exponentially higher down the road.
Benefits
If you want to inspire loyalty, you have to earn it!
Health, dental, vision, and prescription benefit plans give your team a much-needed helping hand. Yes, they aren’t free (both you and your team will kick in for it), but it’s an investment worth making.
Time Off
While sick days and vacation time actually won’t directly cost you more, you will lose some productivity for the time they are away. However, we think the productivity you lose here is more than made up for when you have a team that knows they’re appreciated.
Professionals
Don’t get us wrong, your employees can definitely be professionals too! That’s just not what we’re talking about here.
Accounting
When you’re just starting out, balancing your budget might be a bit simpler. As you grow things might get a bit trickier.
There are some automated systems that can be useful for small- to medium-sized businesses, but at some point you might just have to hire a professional to cook the books for you. The good news is that choice might actually save you money (and headaches).
Lawyer
It’s not about whether you did everything by the book, it’s that you can prove it!
Don’t think for one second that just because you’re running your business honestly and with integrity, that mistakes can’t be made. This also goes for outside parties acting in less than ethical ways.
Check Out Another Blog: Mental Health: How To Support Your Team!
Technology
If your business can run on Quotrons and floppy disks, you’ll be able to save a boatload of money! However, we really don’t think that’s possible (or wise).
Screens
From computers to POS systems, business isn’t done on paper anymore. In-house employees might need something to work from, or a traveling sales team might need cell phones provided for them.
CRM
Whether it’s managing clients or gaining a deeper understanding of your consumers, a CRM is somewhat of a must for business owners. When you’re just starting out, there are some free options, but when you start to grow it will likely be time to fork over a monthly fee.