Essential Outgoings For a Successful Start upThe amount of people starting their own business seems to be continuously on the rise. This is fantastic news for the economy. However, with new opportunities come new challenges. Budding entrepreneurs are often stalled by start up costs and issues with how to manage their finances in an uncertain UK economy.
If you have recently launched a new venture or are planning to start one, you may have found yourself be counting the pennies and making your money stretch as far as it can; however, there are some costs that you simply cannot afford to scrimp on. Here are 4 essential outgoings that you need to prioritise:
You may be planning for your business’s bright future, but unfortunately, sometimes events and circumstances arise that impede your ability to trade. Business insurance then becomes critical. You may be tempted to wait until your business is more established before buying insurance, but if disaster does strike and you don’t have a policy in placet, your business may not recover.
Always have the right level of commercial insurance that your business needs, Hiscox can provide a bespoke policy that is tailored to meet the risks of your industry and the changing needs of your business as it grows.
Never underestimate the value of good legal advice. You will need sound legal advice throughout your business’s lifecycle; from defining the legal entity your business is going to exist as, to disputes with landlords, suppliers, employment contracts and through to negotiating with potential buyers when you are selling up for retirement. An initial outlay can save you thousands down the line.
You will find that can easily waste hours doing your own accounts. While you need to intimately know your business’s financial position, if you hire a good bookkeeper you will be able to focus on your business’s core activities and create more income opportunities. A good accountant will be able to give you tax advice that will save you money in the long run, again, something that you may not appreciate in the early days, but you will gain a substantial return on your investment.
Branding and marketing
You may have a great passion for your business, but that is not enough to make your business a success. Employing marketing specialists can help you get your branding right first time and develop a marketing campaign that supports and strengthens it. Too many businesses launch prematurely without defining key aspects of their brand – its more than a logo. Branding is about how people perceive your business, and getting it wrong can be a costly mistake.
It feels counterintuitive to spend perceived high value amounts of money when you are starting out in business, especially when you may not even be turning a profit. However, there are some outgoings that, if you avoid them, will cost you dearly in the long run.
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