Starting a business is not a piece of cake, and we know it, but it doesn’t have to be total chaos as well. Being realistic and aware of as many insights as possible will definitely be a big push when entering the business world.
You think you have done your research about the cost of doing business and you calculated the rent costs, buying equipment, paying salary, etc, but there are costs of doing business that don’t go by the book. That’s when asking business owners to share their experience comes in.
9 most (un)expected costs of doing business
In order to avoid any financial surprise, we’ve asked business owners who already went down that road to share the cost of doing business they wish they knew earlier.
Inefficient employees
Omid Torkian, CEO at Shipbots
Having a website
Andre Kazimierski, CEO of Improovy
Taxes
Jamie Hickey, Founder of Coffee Semantics
Regulatory and insurance costs
Devon Fata, CEO at Pixoul
Small business loans
Carter Seuthe, CEO at Credit Summit
Marketing
I calculated my cost of doing business by determining what I would be willing to spend out of pocket before establishing a steady revenue stream. I would advise new business owners to be aware of marketing expenses.
Marketing can include social media advertising, website creation, graphic design platforms, and even apparel. Individually, each is not very expensive. However, when you use multiple advertising sources, the costs can add up and not provide the desired results, income generation. Therefore calculating these costs upfront and making sure you get the most out of the advertising budget is imperative.
Annette Harris, Founder of Harris Financial Coaching
Hiring and training employees
Michael Moran, Owner of Green Lion Search Group
Equipment failure
Navarre Trousselot, CEO at Navexa
License costs
Ian B., President of Kredmo
Conclusion
Don’t start your business before you make sure you analyzed all your costs. Determine what costs are possible to minimize, which costs are a must and which are potential costs that can harm your workflow. Being a good boss means being prepared to respond accordingly to every scenario. Therefore, the priceless but biggest cost of doing business is taking risks and always being awake to predict potential problems before they lead to a disaster.
More must-read stories from Enterprise League:
- Motivating business role models to inspire your entrepreneurial spirit.
- Common hiring mistakes that employers make and how to prevent them.
- The importance of customer-focused strategy for your business.
- Unique and profitable drone business ideas you should be aware of.
- What it takes to start a wholesale business from scratch?
Related Articles
What is payroll and why is it critical for every business?
If you’re confused about payroll, this guide will explain what it encompasses and why getting it right is crucial for your business’s financial health.
Holiverse reviews: participant insights on the progression of digital worlds
From beginner challenges to advanced features, our Holiverse review article covers it all with authentic insights from regular participants and power users.
Dark horse cryptocurrencies to watch in 2025
Explore these underdog digital assets, each harboring unique features and innovative approaches that distinguish them from the mainstream cryptocurrency market.
What is payroll and why is it critical for every business?
If you’re confused about payroll, this guide will explain what it encompasses and why getting it right is crucial for your business’s financial health.
Holiverse reviews: participant insights on the progression of digital worlds
From beginner challenges to advanced features, our Holiverse review article covers it all with authentic insights from regular participants and power users.