25/06/2022

Tannochbrae

Built Business Tough

Basic costs to consider for your start-up

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Starting a business can transform your idea into a profit-making machine. It is vital to know the costs involved when starting our own business.

Start-ups are popular business ventures that seemingly appear out of nowhere almost overnight. With so many technological advancements and changes, starting a business is a straightforward process and does not necessarily need to cost you the earth. If you are taking out a loan to cover your start-up costs, you will need to have a basic idea of how much money you will need before you approach credit services to apply for a loan. If your start-up is small, you need not worry about costs like jumbo mortgages, but this will be determined by the number of employees, type of business, and location. 

What are the typical costs to consider for start-up companies?

We have put together a list of the most important costs to consider when starting your own business.

Rent

You will need a space from which to operate. The size of your office space will be determined by the number of employees you have and if you need on-site storage facilities for the products, you will be selling. They charge rent based on the location, size, and age of the building. 

Website Costs

This includes website design, web hosting, and maintenance of the business website once it is up and running. It is advisable to hire a professional to help you with any website-related needs as they know how to create a great website to market your company and its services or products. If you’re going for Ecommerce site do consider Magento Hosting

Salaries

You cannot expect your company to turn over profits in the first few months. Taking out a loan to cover salaries might not be a bad idea. This ensures that employees will receive a salary for their demanding work and contributions to growing the company.

Marketing and Advertising

Getting your company name out there is one of the most important costs to consider. How effective your marketing and advertising campaigns are can directly affect the overall success of the business. Consult with a marketing and advertising agency or freelancer to create the best plan to market your company and develop amazing and unique advertising campaigns. 

Office Supplies

Each employee will need a desk, chair, computer, and phone to do their job. Purchasing an ergonomic chair is a great idea as it provides the best comfort for those long hours at the office while the business is still fairly new, and everyone works furiously to achieve a common goal. You can rent or buy office furniture from many online stores and companies. 

Consumables

Often the least considered but most important items for your office are the consumables. From coffee to keep employees going to a microwave to heat their home-cooked lunches, office consumables are essential. Try to get an overall feel for the most like coffee brand and supply sugar, milk, and creamer to help your employees beat that mid-afternoon slump. You can include snacks such as cookies, candy, and chocolate bars if you so wish.