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StartUp Costs

Underestimating The Costs Of Running A Business

A 2016 survey of  SMEs owners  found that 64% of business owners underestimated their expenses for the first business year.

This really isn’t a good way to get things started.

According to StartupDonut, ( they have a costs calculator on their website)  the biggest operating cost for businesses are usually premises and staff – but this depends entirely on the nature of your business. If you’re running a staffless eCommerce store, then perhaps neither of these costs apply to you.

Here are the most common expenses for small businesses listed by StartupDonut:

  • Premises and associated costs such as utilities
  • Stock
  • IT and other equipment
  • Office furniture
  • Branding
  • Business stationery and office supplies
  • Marketing your new business
  • Website development
  • Postage
  • Travel and transport
  • Phone and internet charges
  • Insurance
  • Professional fees
  • Wages for you and your staff
  • National Insurance and pension contributions

It all comes down to research and planning – plus making sure you have some extra funds in the kitty for any unexpected costs is essential.