Approximately 543,000 new businesses are generated each month, according to data reported by Forbes. However, Inc.com research shows that 96 percent of businesses commonly fail within 10 years. What gives? In many cases it is due to financials. When starting your own business it is critical to know what expenses you’ll need to be prepared to pay down the line. Here are five overlooked business costs all entrepreneurs need to know about before flipping around an open sign.
Getting your business up and running requires a lot of paperwork. No form should be overlook or shrugged off, including necessary permits. Permits are not typically a one-time expense, so be sure to find out how regularly you will need to pay for licensing and permits for your business. Nearly all businesses require some sort of permit, when it comes to what kind it depends on the state you live in and your type of business, as well as what type of government rules are applicable. The U.S. Small Business Administration can be a great resource for entrepreneurs, as information concerning state and federal licensing and permits is laid out in an easy-to-understand format.
Maintenance is key when operating a company of any size. Routine maintenance should be conducted in order to stay competitive. This includes tech maintenance to make sure your company’s systems are running properly, payroll apps, computer updates, etc. It’s wise to take a hard look at each aspect of your business once in awhile to determine what needs maintenance. Before you launch, you should be considering potential future costs and how often you’ll have to sign a check for them.
One of the most commonly overlooked aspects of running a business is the cost of utilities. This includes the rent of your space as well as everything else that goes along with it, from the water bill to the light bill. In many cases, startups or small businesses can operate from a home office or from a rented meeting room or shared office, like those found on ShareDesk. Entrepreneurs operating out of their home or online can book a meeting room or office space with ShareDesk to meet with clients, hold meetings, or hire staff. When it’s the right time to scale up, however, you will have to eventually consider utility costs.
Security Camera Systems
Your business is precious. No matter what your product is or what you are selling, you will want to protect it. Without a security camera system your business is at risk. Having a system can give you peace of mind, allowing you to rest assured your business is safe. Many systems can be operated remotely, too. The 2K IP security camera system from Lorex is great for small businesses, as it offers 2K resolution, double that of 1080P. The top-of-the-line security camera system features six 4-megapixel security cameras that all come equipped with color night vision, which provides extreme detail and top-notch picture quality.
Office supplies may seem like a menial subject; however, the cost of upgrades includes more than just an order of pens now and then. When starting your business it is critical to think about the upgrades that you will have to make down the line. Like maintenance, things around your space will need to be upgraded or replaced. This can include anything from carpeting and furniture to HVAC systems and computers.