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5 Unexpected Costs Business Owners Often Overlook

4 Minutes

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.

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.

Customer Experience

A huge part of a 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.

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

Although you can’t put a price point on your time, it is without 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.

It takes money to make money in business. So, it’s important to not only be aware of all your business costs, but also how to best manage those costs and find ways to save. Using EnergyBot to shop for your electricity and gas is a great way to save both time and money. We make finding the best energy plan and rate for your business quick and painless.

Written by Team EnergyBot

July 2019

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