Congratulations on pushing ahead with your own business! It feels good to finally be in control of your own career and to bring your initial business idea to life. There’s a lot to think about when you’re starting from scratch.
From the fun stuff like creating a logo an choosing a colour scheme to the not so fun stuff like finding an accountant and dealing with tax. Any fledgling business owner will tell you that initial start up costs can be expensive. There’s a lot to plan for both in the present and for the future and there’s even more to finance.
It’s tempting to overlook some areas of your business in order to reduce costs. However it’s not recommended. Read on to discover the business costs you should never cut!
Health and Safety
Have you yet considered how much of your budget should be put aside for health and safety and caution signage? If you’re providing a place of work for your employees or a somewhere that the public will have access to, its your legal obligation to ensure that it is safe and meets the latest health and safety standards.
Fire safety equipment, signage, high visibility clothing and workwear, training, fire safety reports etc. They’re all costs you shouldn’t ignore!
Having a team that know how to do their jobs safely and to the best of their ability, all depends on the level of training they receive from you, their prospective employer. This costs time and money. Whether you need to fund certain qualifications or send them on training courses in order for them to be fully competent in their roles, training is a vital part of any business and it’s something you need to keep on top of too!
Don’t forget the additional costs of being members of groups and organisations.
You might be thinking about designing your own website in order to cut costs, and of course to bring your own creative ideas to life. However, you should avoid neglecting to fund your website.
Creating an attractive website that is also user friendly, can be found on search engines, and also reflects your business’s professionalism and expertise, is not something you can do on a Sunday night. It’s always best to hire someone to do it properly and remember – you get what you pay for!
You might have an incredible website, a beautiful premises and a strong and powerful company message. But all that means nothing if no one can find you or even know that you exist. Marketing your business isn’t something you can try to save money on.
You can think traditional and go with flyers, posters, leaflets, business cards and even stationary which won’t be cheap. But you also need to focus on digital marketing, which will be even more costly.
Search engine optimization, content marketing, email marketing, social media marketing just to name a few are where your funds are going to be needed. So don’t avoid the cost!