Setting up a business is a huge financial endeavour and you need to ensure that you have enough credit to be able to pay for any expenses the business might face. There are many small costs you could face which are easy to overlook. Big things like rent and stock are easy to include; these are things which are likely to slip through the cracks. Here are some of them.
Printing
From designing a company logo to sorting out letterheads and business cards, you are going to need to find a reputable print fulfillment company to help you out with your printing. For instnace, there’s The Print Authority who have been working in the print business for nearly 30 years, giving them plenty of experience and making them experts in what they do. The right print fulfillment company will be able to work with you so you have all the paperwork you could need for the price which is right for you. You may not want or need custom printing at the launch of your company but it certainly helps to give off an air of professionalism from the get-go.
Lawyer Fees
Setting up a business requires an awful lot of legal management and time. Due to this, you need to be prepared to pay a pretty hefty legal fee at the end of it all, plus more if you want to then keep the lawyer on retainer. Make sure you are aware of any and all fees you might have to pay. You should not be caught out on something as simple as your legal fees.
Furnishing Your Premises
Sure, you’ve found the perfect office or retail unit for your business. However, more often than not these just come as open spaces ready for you to put your mark on them. The cost of outfitting a retail unit or office space can quickly climb if you are not careful. You need to buy electronics, desks or display units, not to mention the costs of hiring professional decorators to make the place look sleek. While you can buy some great pieces second-hand to furnish your office, the number you have to buy can seriously push the prices up.
Insurance
Depending on the nature of your business, you will have to buy a selection of different insurance policies to make sure you are adequately covered. Every business will need some form of general liability insurance to protect themselves and the public from an accident or something similar. Other insurance policies you choose will be entirely based on the nature of your business. For example, if you have a fleet of branded vehicles you should take out some commercial vehicle insurance to cover them. Another type you could consider is product liability insurance if you are manufacturing and selling your own products.
There are many hidden expenses when it comes to setting up a business and you should always make sure that you have enough credit to cover all of them. Make a start by allocating extra funds to cover these expenses in your business plan. That way, you can be certain that you are in the best possible position to be able to cover anything that comes your way.
