If you have a young business then of course money will be one of the most important things in the business and probably something which keeps you up at night. In order to ensure that you stay on top financially it is important that you understand what kind of costs your business should get ready for, costs which will inevitably come, but costs which not everyone stays prepared for. We spoke to the business guru Jason Boreyko about the costs which his supplement business had in the beginning, which he says that all young businesses should be prepared for, let’s take a look.
If you decide that business marketing isn’t for you then you will end up losing in business, such is the competitive landscape right now. In terms of how much marketing will cost it will depend greatly on what you have, and on how hard you want to go. There are free ways that you can market your business in the first instance, but ultimately you will want to invest money if you want to get the best traction possible from the ads, and therefore boost your sales. Advertising in any business will cost money but the truth of the matter is that you should always view it as a new business investment rather than a cost, because of the return on investment that you will get back.
Claims can be thrown against you at any given time and it is vital that you stay prepared for such an eventuality. This could be a claim from a logistics company who believe you didn’t honor the contract, it could be a supplier who says that you ordered more than you think or it could be a customer who has caused damage to their health with your product. Whether or not the claim is true is not important as such, it is important that you are financially ready whatever the case is. In many cases a business will settle out of court for issues like this, not as an admission of guilt but to stop their company from being dragged through the mud.
There is no telling how long a member of staff may stay in the business and whilst of course you will hope that they stay with you for a long time, this is not always the case. The costs involved with recruiting a member of staff, training them and then managing them through the business is quite costly and if this happens no numerous occasions you will need to be confident that you have the money ready. Without the staff there is no business so you should always make sure that whenever a staff member leaves, you and the business are financially ready to recruit someone new in no time at all.
Don’t overlook these costs, doing so can cause havoc for you and your business. And if you’d like to learn more about Business Marketing, click here.