What are the hidden costs of running a business?

Running a business is no walk in the park. When it comes to running a successful business there are many different things you must consider and ways you need to work in order to stay on your feet. 

Setting up a small business involves a lot of investments and most of us are able to prepare for those known costs we need to fork out for. But what about the hidden business costs?

There are many things you may not have considered when setting up a business and today we want to show you some of those hidden costs to think about. 

1. Licences

When it comes to running a successful business it is important for you to know the legal issues surrounding trading. Every authority is slightly different and there are many rules and regulations that you need to be acutely aware of when it comes to licencing. Make sure you have money to pay for your permits and licences. 

2. Office amenities

Renting an office space is a cost we are all well aware of when it comes to running a business, but what about the items that go INSIDE the office? Once you have kitted out the space with furniture and electronics you also need to think of the other amenities. Small appliances for the kitchen, cleaning products, stationery, toiletries…all of these should be provided by you to create a comfortable working environment. 

3. Maintenance

Once you have purchased an office space and a whole hoard of computer equipment for your employees you may think that your work is done. However, it is important for you to pay for regular maintenance of items to ensure that they stay in tip top shape. If not, you may end up impacting the productivity of your business. 

4. Perks

When setting up a business and hiring a team of employees it is a good idea to offer perks for loyalty. Every business these days offers different perks to their team such as having their birthday off, being able to volunteer for a charity, or having a car. Funding business cars and other perks such as this is expensive however it is worth the cost to ensure that your customers stay happy and loyal all year long. 

5. Insurance

As a business owner, you want to invest in the security of every aspect of your business just like you would at home. Insurance for the office building, for your employees, and for liability is crucial to keep you happily ticking over. Liability insurance in particular can protect you if a customer ever tries to take a lawsuit out on you for any reason.

6. Outsourcing

Outsourcing is a crucial part of business for smaller companies who may not have their own resources. This is popular for marketing, sales, and accounting where you yourself may not have the skills and expertise to do the work yourself. Make sure you choose the things you outsource for carefully because it can be important for the success of your business.