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Home » 5 Unexpected Costs Business Owners Often Overlook

5 Unexpected Costs Business Owners Often Overlook

April 6, 2020 by Jeff Long

Owning your own business can be rewarding, but it also can be stressful when it comes to expenses. Most of these expenses are obvious-salaries, equipment, rent, utilities. But what about those expenses that you didn’t think about or plan for? Here are a few expenses to keep in mind as a business owner, many of which you can write off:

magazines ads

Advertising & Marketing

You want potential customers to know about your business. This requires promotion- whether through ads, social content, or even attending a trade show. A good advertising or marketing strategy requires a budget, even if it is small. It may seem like a trivial thing, but it can make a huge difference in attracting a significant customer base.

Insurance umbrella

Insurance

Whether theft or a natural disaster, sometimes things happen that you just can’t plan for. Paying for insurance (property, liability, medical, etc.) is one of the smartest moves a business can make. It protects you against costly incidents that you may not be able to recover from otherwise.

Business owner and customer

Customer Experience

A huge part of good customer experience is hospitality. From sending customers a small token of appreciation to a lunch meeting with a potential client, these expenses can be worth it in the long run if it results in new and retained customers.

Business training

Training

Educating both yourself and your employees is a great way to invest in the growth of not only your employees but also your business. Adequately trained employees will help your company be more efficient and effective. Sending your employees to conferences or bringing in trainers is an initial investment that can save you money down the road.

Time clock

Time

Although you can’t put a price point on your time, it is, without a doubt, your most valuable resource. And as a business owner, you can’t afford to waste it. That is why it’s important to understand how much time and energy you’re spending on your day-to-day tasks and determine what can be delegated or automated to free you up to focus on the most important things in your business.

Filed Under: Business, Entrepreneurship, Strategy Tagged With: Management, Small Business

About Jeff Long

Jeff Long is a Senior Editor at BusinessChew. He writes about trends in technology and business that impacting the world.

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