3 Hidden Costs That You Need To Be Aware of In Your New Business

People start up new businesses everyday. They can be on a small-scale, like being a blogger which is what I do, or starting up a new venture complete with premises, staff and the bills to pay. I’m writing this post to make sure you are aware of the hidden costs that you need to plan for to stop your business from becoming a failure from the very start. Planning is key to get your business on the way up from the beginning.

These are the top 3 hidden costs you need to be aware of:

Utility Bills

Bills such as electricity and gas can creep upon you if you don’t keep an eye on the usage. Did you know that a micro business based in the UK will use on average 7,500 kWh of electricity per year and face a total bill of £1,062 as a result? According to data from BusinessEnergy. The bill rises to £2,038 for a small business, £3,146 bill for a medium-sized business and a £7,346 bill for an industrial business.

All of this doesn’t include your gas bill costs.

So as you are setting up your business shop around and find the best offers for your needs. Flogas, for instance, offer a competitively priced and reliable gas supply and can help save up to 45 per cent on your gas alone.

Hidden business costs to be aware of when starting a venture

Appreciate your staff

With a new business comes new staff. You need to start off on the right foot with them so if you look after them they will appreciate it and look after you. Looking after your staff reaps great rewards. They are your eyes and ears, but you need to gain their loyalty.

It will cost you to set up staff bonus schemes, giving them targets with rewards. In the long run they will want to work hard and help you make the business a success.

Treat them to a meal on a night out, this will boost staff morale and gain a positive attitude to work. Happier employees mean lower sickness rates.

Set up training courses for your staff. Again this is another hidden cost but it will give the staff motivation and the tools to do their job efficiently and effectively.

Keeping up with the times

Times change so fast. There is always some new equipment or the latest technology available. To keep your business at the top you will need to invest in the latest up to date products. This may be computers, tablets and such and with these you will of course need the best online security programmes. To give you a piece of mind and protect your business.

 

All of these hidden costs do mount up, but by keeping on top of them, you are sure to run your business more effectively and will reap the rewards over time.

 

Thanks for stopping by today.

I hope you have found this post useful.

rachelbustin.com

*This is a collaborative post

 

2 Comments

  1. Margaret Gallagher
    March 19, 2018 / 11:12 am

    Certainly vital to any business – appreciation of stagf is so important

  2. Natalie Crossan
    March 19, 2018 / 10:47 am

    Very helpful information as I will be starting my business (hopefully) soon – i definitely agree in appreciating staff! x

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