You are about to embark on a
wonderful bummy- jumpy business ride and you have got the plans laid out.
Office space and furnishings are all ready, insurance cost is in place and you
simply can’t wait to see your business
startup scale up the success ladder says Neil Haboush. However, before you get caught up in the excitement
of the moment, here are other things you might have ignored during your
preparation.
Neil Haboush shared 4 most
important business startup expenses
every aspiring or young entrepreneur should know.
1. Online presence for Business Startup
Having an online presence is
very crucial for any Business Startup
who aims to succeed. Some business might require a brick and mortar store, but
having an online presence is still required says Neil Haboush. There are various social networking sites such as Facebook,
Instagram, TikTok, Linkedin and the more where businesses can communicate with
consumers, earn their trust, develop good relationship, make sales and build
brand reputation. The good news is, these sites are free.
Moreover, with 80percent of
people making an online purchase, having a professional website is very crucial
to growth. Your website will communicate your brand, provide information about
your service/products, and include contact information and much more. In fact,
any reputable company is expected to have a website that projects the services
provided or products to be purchased. However, there is more to it than you
think. It requires a user-friendly, clean, professional-looking website that
will demand some bucks
2. Inventory for Business Startup
Inventory can be a bit tricky
to determine when you are just starting but it is better to be prepared
beforehand and include it in your business start-up budget. Not all businesses
require an inventory especially if you are providing a service. However, in
case of ecommerce, consumer goods, retail or manufacturing, inventory is most
likely part of your business. Careful planning, vigilance and inventory
management is essential. You don’t want to have overstocked goods due to low
demand neither do you want to lose out on customers or sales simply because you
are out of stock. Spoilage, damage, and loss of money can also occur especially
if you are dealing with perishable goods or items.
3. Equipements and Utilities
Equipment’s cost depends on
the industry you are venturing into, the size of the business, and if the
nature of work demands the employee have their equipment. For instance, a
person starting a catering service will require different equipment from one
who is about to start a photography business. You can decide to purchase the
equipment if your cash position permits or try other options such as leasing or
loans.
