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:
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.
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.
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.
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.
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.