As the saying goes, in business you need to spend money to make money. Anyone starting their own venture goes into it knowing it won’t be free, there are all types of costs involved. From selecting office space, hiring staff, buying equipment, stock and more, it can all add up. However, on top of these things, there are some costs that are easy to overlook. There are some costs you want to consider to make sure your brand is accurately represented.
Here are a few things for you to keep in mind…
Invest in a good web and app designer
If you decide to have a website or app, you want to make sure it looks professional. They’re the main ‘hub’ where everything else links from, and in most cases, it’s what people see of your business first. It has to attract your target market. Get it wrong and you could turn potential customers away. There are lots of DIY website builders these days which enable non- professionals to create a site, however, these will almost always lack the finesse that an experienced web designer can give you. They will be able to create something custom for your business with a unique look to it.
Security is another thing you’ll need to invest in. From viruses to mobile malware, there are all kinds of attacks that can be made on your site or app. Invest in good systems to keep your information safe. The investment will be well worth it.
Invest in marketing
You might have an incredible business, selling great products or services that people actually want. However, without marketing and promotion, no one will know you even exist. The market is saturated with businesses in every niche, meaning it doesn’t matter what you do, you’ll have competitors. For this reason, it’s difficult for potential customers to simply stumble upon your site since all of your competitors, who will have put funding into their marketing, will show first. It can be expensive to promote but it’s absolutely essential for your success. Take advantage of low-cost advertising such as creating ads on social media. You can also find bloggers you pay or provide free products to if they write about your company. Another idea, sponsor events or participate in expos your target market attends. Know what your marketing budget is and plan accordingly.
Create a strong online presence
Your website and app is a good place to start with an online presence, but there’s more to it than just that. You need to be active on social media. You could hire staff members or outsource the duties so there’s always someone posting and responding to comments or messages. A company blog is another great way to create an online presence. Having a company blog can help you to show authority in your area. It’s a great way to promote your products in an indirect way, and integrating a blog can even help to improve the domain authority of your website.
With new content always being released, your website won’t be static as potential and current customers will return to see what information you are sharing. Blog writing again is something you’ll need to either pay a freelancer to do by outsourcing or incorporate it into one of your employee’s job roles.
Don’t forget insurance and license requirements
Having Insurance can protect you so if something happens and your business is at fault, you won’t end up out of pocket. If a claim is made against your company, if you don’t have insurance you would need to pay out any settlement yourself. This could result in you becoming bankrupt and losing everything. Claims could be a result of a member of the public being hurt after using one of your products or even slipping on snow or a wet floor outside of your building. It could be a staff member getting hurt at work. In many companies having insurance is a legal requirement but even if it’s not in yours, don’t leave it to chance.
Licenses are another thing business owners need to consider. You need a license for so many things. From hanging a sign outside your premises to playing background music in your shop. They’re not hard to obtain and usually involve a small payment and some paperwork, but if you overlook them you could end up in trouble with the law.
Although these investments seem small and unimportant, if ignored, they can cost a great deal of time and money. Include them in your plan and see the difference they make in your business. It’s better to spend a few bucks now, then have to worry later.
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Leadership and Life Coach. She is the Chairwoman and CEO of Infinity Coaching, Inc. where they help you up-level your skills so you can up-level your income. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, personality assessments, and a signature program, the Infinity Coaching Inner Circle. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more about both assessments and other products and services at https://infinitycoaching.net.
