When you’re starting a new business, money is likely to be tight, which means that, not only will you want to get the most value from what capital you do have available to you, but you’ll also want to concentrate your spending on the most important things your company needs to get started.
With that in mind, here are the essential startup expenses you shouldn’t avoid:
Your Own Domain
This will not only give you the ability to set up your own website but will also give you a professional email address from which to correspond with clients.
Of course, it would be pointless buying a domain without actually taking the time to set up your own website.
If you want your online presence to be as professional as possible, hiring experienced web designers to create it, and professional writers to fill it with content is essential and will help your site to get noticed by search engines.
If you want to make the most of your capital and ensure that your finances are in good shape, there’s no getting around it, you really do need to employ an accountant, even if it’s only for an hour a month to check that the books are in order.
Professional Liability Insurance
If you want to protect your finances from claims for everything from the inability to provide a service to errors in the product or service you are selling, you need professional liability insurance.
Even if you think you are doing everything right, there is a chance that someone may decide to take action against you, and this could lead to financial ruin if you don’t have the right insurance in place, so look into a policy today.
If your business is operating online (and it should be), you really should invest in an SSL Certificate for each and every website you operate.
An SSL certificate can cost as little as $9.99, and it will protect your customers’ data, as well as giving them confidence that they can buy from you without risk.
If you’re serious about running a successful business, you will need to also run databases.
You need databases to store customer data, databases for staff information and databases to store details of the products you sell, which means that you can’t just use your computer.
You need to either invest in your own database hosting machines (expensive) or use a database hosting company (as little as $100 per month).
If you are running more than a one man operation, or if you are running the kind of business where you will need to meet clients, you should start looking for office space/premises as soon as possible.
The better the areas your business is based in, the more prestige you will have, but don’t blow the budget on an expensive office unless you can really afford it.
What are the startup expenses you believe to be essential to a successful company? Feel free to let me know via Twitter: @phresh_ID