Starting a business of your own is extremely tough and you need to make sure that you have all your bases covered before jumping in head first.
Melinda and I have spoken many times about one day opening up a bar/restaurant until we go over all of the costs associated with opening a business.
Here are a few hidden costs people miss when starting a small business:
- Trademarking The Business Name – You spend a lot of time in the planning process and coming up with just the perfect name for your new business so you want to make sure that you protect it so others do not try to use your name. For additional details on how to do this click HERE.
- Technology, Including Software/Equipment – So you have your name selected now it is time to purchase the technology. For myself and Melinda if we run with the restaurant idea we would need cash registers, POS order taking systems, credit card machines plus office equipment. This is just a small piece of what it will take to make a business run.
- Setting Up A Dedicated Internet/T1 Service – Now that you have your business name and equipment decided on you now need reliable internet service to keep your business running. Make sure you find a dependable internet provider because there would be nothing worse than losing your internet and having your business come to a stop. For reliable internet go here http://www.xo.com/services/network/dia/Pages/overview.aspx
These are just a few hidden costs associated with starting a small business.
My father owns his own roofing company so I have seen a lot of the things he has had to go through to ensure success. Owning your own business is a lot of work and at times extremely stressful but in the end it is all worth it.
This post was sponsored by About Dollar, a financial information resource with articles on topics ranging from personal savings to corporate accounting.
