Starting a new business venture can be a very exciting time but that excitement might soon turn to anxiety and worry when you realise the financial commitment that often comes with setting up a new business. It’s easy to jump in head first without proper planning and it pays to fully appreciate the things you need to invest in when setting up.
Equipment – almost every start up will need some form of equipment, for example, a removal company will need a truck. This equipment will obviously vary according to your business needs but can become quite costly, especially if there are several people involved who will need equipment of their own. There are finance options available for purchasing equipment for new businesses and this might be an avenue for you to explore.
Office Space – if you’ve outgrown your spare room then chances are you will be looking for some sort of commercial space and this can get pretty steep whether you decide to rent or buy. If you offer a service then maybe you can travel to client’s home and offer the service there to cut down on the cost of having a physical store. Rent will become a sizable part of your fixed costs. There will also be utilities to pay for in the course of your business operations such as water, electricity, internet and phone bills.
Advertising – it’s no good having a fantastic business if no one knows about you. Advertising will include costs for banners, business cards, signs and paid advertising options. Make the most of social media where much advertising can be done at no charge at all. Get your business onto Facebook, Twitter, Instagram, Tumblr, Pinterest and LinkedIn and to encourage people to like and share, run a contest or competition with some giveaways. For help with launching a brand, contact a Brand and Strategy Innovation Agency. For more information, visit www.lightbulbinnovation.com/.
Website – this is a vital element in any business these days and it pays to invest in one that looks professional, is easy to use and functional. It needs to contain all the information that customers will be looking for at the click of a button. You will also need a website that is mobile friendly as customers want to be able to access the internet wherever they are.
Office supplies and furniture – if you are employing others then each person will need a desk and chair, a computer and a phone. These costs can escalate very quickly. Make a comprehensive list of everything that you think you will realistically need such as filing cabinets, paper, printers, ink and computer software packages.
Insurance – just as you would have home and car insurance, to protect your business, you will need to pay for business insurance too. This is definitely one that you don’t want to overlook as there are different types of insurance. Insurance can cover you in the unlikely event that an angry customer sues you or insurance that will help you cope with a disaster such as a fire that shuts down your office or commercial space.