Starting a business from scratch isn’t easy or cheap! There are so many costs associated with starting up your own business it may feel like you will be waiting a while before you start to turn a profit. You’ve made it through the planning stage and are ready to distribute your available funds to the parts of your business that you feel need it to help you succeed.

After all, you don’t to be part of the 30% of businesses that fail in the first two years. You want all your hard work and blood, sweat and tears to pay off in the long run as you take your business from strength to strength. So take a look at 3 different costs you should definitely factor into your finances when it comes to allocating those ever-important funds to give your startup the boost it needs.

Tech Support

Most businesses are started and run solely online these days. Making your startup available on the internet means you can reach a bigger customer base quicker than ever before. Even if your sector is built on face to face meetings, having the best online presence you can mean people can find you easier than if you were reliant on word of mouth alone.

But having an online presence, in any form, require support. You want a reliable hosting company and the peace of mind that if anything was to go wrong, you have the support you need when you need it. Companies such as orchestratetech.com can help give you peace of mind that all your IT services have the support they need.

Marketing

It can be so tempting to skip or reduce your budget allowance for marketing. Don’t. Marketing is a crucial department you need when it comes to getting your business out there and in front of the people who will benefit from it the most.

Whether you are taking care of marketing in house or contracting it out, make sure to allocate it the funds it deserves so you can reap the benefits of a good marketing campaign. This also goes for social media campaigns too. Word of mouth has grown and utilising your social media accounts to the fullest can help you cash in on spreading the word and reaching a bigger market quicker than ever before.

Payroll

This may seem like a no-brainer, but hear me out. In the early days, when factoring in costs setting aside a bigger budget for payroll can seem daunting. Regardless of how many employees you are looking to take on, always allow ample budget for payroll. It is good business sense to have funds to cover you for the first 6 months of your startup.

In this figure always include yourself. You are working, you deserve to be paid. Make sure you pay yourself a proper working wage for the role you are doing. From day 1. It can be tempting to skip over this part, but if you allocate this ages in your finances before you start your business, you can put accommodations in place to ensure you have the funds available to cover everyone who is involved in your business.