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5 Hidden Costs of Owning A Small Business


Planning for your new small business can be exciting and overwhelming. It’s easy to get caught up in all the new and exciting details that you may forget for some of these more mundane but still important expenses.

1. Benefits

If you plan to have any employees you obviously know that you need to pay them. However, you also might want to check the federal Department of Labor’s website to make sure that you have included all the required benefits as well. You have to consider sick pay, vacation time, as well as maternity leave.

2. Customer Credit Card Fees

When deciding on how you will accept payments from your customers you will want to make payment as easy as possible. One thing you have to consider, however, is that if you allow your customers to pay by credit card it will cost a little bit extra. If you neglect to take this fee into account it can definitely hurt you in the long run.

3. Maintenance Fees

There are a lot of fees that can be included under this type of expense. If there is any equipment you need or vehicles you’ll have to account for their maintenance, gas, etc. Also if you’re leasing office space you will have to consider any maintenance costs there as well.

4. Utility Bills

Utility bills are an easy expense to overlook especially since it can be hard to account for them until you actually know where your business will be located. If you have a general idea of where your business will be located it might be a good idea to do a little research to get a ballpark estimate of this expense. That way you can include it in your budget even if it is a little bit off.

5. Lease Payments

Lease payments can be an overwhelming expense for a new business. It can also be unnecessary if you’re just starting out or if your business lends itself to a virtual office structure. A virtual office can be a great alternative to the traditional, expensive leased office spaces. Not only will you have access to everything your business needs but it is an affordable expense that you can accurately and easily include in your small business’ budget.

Don’t overlook these hidden costs of owning your own small business. Be sure to account for everything in your business plan so you can set your business up for success.  A lot of the time getting an executive suite, or a virtual office can help you reduce some of these costs.

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