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Start-Up Business Cost
Being a business start-up and making the move to become a business owner and entrepreneur can be a huge step for you and your future. You probably know a lot about the kind of business you want to run and best practices within your industry, and while there’s virtually no limit to the number of unexpected expenses your business may be affected by, there are some expenses that may affect businesses more frequently than others. Here are a few unexpected costs that you should keep in mind before you take the plunge.
Licenses and Regulatory Costs
To run a business start-up, you have to have a valid license and make sure that you are following all applicable regulations. Those licenses and regulations come with their own set of costs that many business owners don’t know to budget for. Before you start your business, be sure to figure out what licenses you need and what you need to purchase to ensure that you are meeting all regulations so you can have a better idea of the costs you are incurring. It is also helpful to consider all your financing options, things like loans can make it a little bit easier to make sure you have paid all your licensing and regulatory expenses.
Not all of these licenses and permits will be required for your business, you will need to do further research into which are applicable to your particular business. Still, here is a list of many common compliance documents:
- General business license
- “Doing business as” license or permit
- Federal and state tax identification number
- Sales tax permit
- Zoning permit
- Home occupation permit
- Professional/occupational licenses
- Health permits
- Fire department permits
- Environmental permits
- Sign permit
- Building or construction permit
- Special state licenses
- Special federal licenses and permits
From the location of your business to the parking lot and even equipment you use, the maintenance costs of running a business can add up. You must get a general idea of the things you have that will need regular maintenance and make that a part of your business budget, even including it in potential loans if necessary. Making smart choices about maintenance and preventative care can also help you to cut costs while keeping your business looking and running great. For example, A coat of epoxy paint can make your concrete floors last longer.
Managing Your Time
Your time is valuable and running a business can come with huge expenses to your time. Making sure that you use time effectively and that you make time for yourself can help you to keep the costs low. From making sure that you have your priorities straight to making and sticking to a schedule, managing your time well can save you time and money while also allowing you to have a full life at work and home. The better you balance your time, the more comfortable you will be with running your business start-up.
The Basics of Time Management
Improving your time management skills can make you more productive and less stressed. Here are five easy steps to improve your time management:
- Prioritize Tasks
- Plan Ahead
- Eliminate Distraction
- Don’t Multitask
- Reward Yourself for Good Work
Managing business expenses is all part of the job. Whether those expenses are through time or money, it is worth it to manage things smartly and be aware of costs from the beginning. Good time management improves efficiency, effectiveness, and productivity of your business,remember,your time is (a) valuable resource, and you can’t afford to waste it.
If you’re in need of money for your business start-up, check out our funding options!