STARTING A NEW BUSINESS is incredibly tricky. There’s so much to consider, and so much to get right if you’re going to be successful. With that in mind, we’ve highlighted some of the key business essentials that may have slipped your mind. Or, alternatively, that maybe you’ve failed to account for.
Office Maintenance
You’re going to need office space to grow your small startup, and then not only means pay for renting the place out, but also for the maintenance of it. Some office leasing agreements will be serviced, and will include everything in one package. However, these are more expensive, and the chances are, that as a small company, you haven’t opted to go down this route. An unmanaged office rental will require some maintenance. Whether this is with the I.T or simple about keeping it clean, it needs to be done. You can get professional janitorial services to help keep the place tidier. However, you might need to fork out a bit more for I.T help. So, this is something that you should definitely bear in mind.
Staffing Costs
Secondly, you need to remember that staff cost money. A significant amount in fact. If you’re looking to branch out and really want the best of the best to work for you, then you’ll have to stump up for that. Not every professional is happy to work on minimum wage. In fact, very few often are. So, be sure to set aside a big chunk of your budget for staffing costs. Else, you’ll end up hiring people on the cheap who will then leave your startup six months down the line. It is worth investing good money and time into your employees because they are then going to be far more likely to stick with you in the future.
Marketing Budget
Finally, like employees and maintenance, marketing costs money. So, set aside a massive amount of your profits and general budget to pump straight back into this expenditure. Startups need to grow, and the only way that is going to happen very swiftly is through costly marketing campaigns. TV, radio and newspaper advertising all costs a fair whack, therefore, it is best to have a substantial amount of cash to cover for these expenses. There are ways you can advertise and market your business for less, however. Starting up multiple social media channels and pumping out unique content to them is a great way to grow a brand. The best thing about social media is that it doesn’t cost anything to sign up for. The only expenses may come from having somebody man them. However, this needn’t be the case. If you have faith in our youth, then why not hire an intern? They’ll be happy to lap up the experience and are likely to work unpaid. Result!
Hopefully, this post will help your small startup grow into a flourishing SME. We know that there is a lot to think about when starting a business, but don’t forget these important things, too. Will you? Good luck!
