what are the hidden costs?
There are a number of things to take into consideration when it comes to working out the costs of your business.
some are more obvious than others. Heres a list of things you may be forgetting.
The cost of paying employees is an obvious factor that business owners know they have to pay towards, however, some business owners fail to factor in the fact that the workforce is not always stable.
People leave for various reasons throughout the year, so you must factor in costs for recruiting new employees, for example putting out adverts or paying for trials.
Depending on the nature of your business, you may also have to pay for the training of your employees.
Whether you pay rent on a property for your business, or you own the premises, there will always be costs when it comes to the location of your business.
Whether that is for rent, maintenance costs or paying for new equipment, from pens to computers, everything adds up.
You can never be sure what is going to happen to your business. All business owners insure their business, this includes keeping money saved in the case of any legal issues.