This post may contain affiliate links, including Amazon links. As an Amazon Associate, I earn from qualifying purchases. When you make a purchase through these links, I may earn a small commission, at no extra cost to you. Your support is greatly appreciated. Please see my Disclosure Policy for further information.
Spread the love

If you’re just starting your own business, whether it’s physical or online, you’ll quickly become aware that you have many plates to keep spinning. One of these plates is your finances, and finding the right balance between spend and profit can be incredibly tricky.

Inexperienced Entrepreneur? Don't Let These Costs Catch You Out!

It’s true what they say, in business, you do have to spend money to make money, and trying to make cutbacks and savings in the wrong places could lead to the downfall of your entire venture.

There are some costs especially that can catch new business owners out as they can be more expensive than they realise – however, these things are vital for your overall success and so are investments that are well worth making. Here are some examples:

Website Design

When it comes to building your website, you have two primary options:

Option 1: Hire a Professional Website Designer

Your website serves as the online face of your business. If you want to make a lasting impression on your customers and avoid discouraging them, it must be impeccable. While some website builders allow you to create a website on your own, these DIY sites often lack a professional touch and may deter potential customers.

Opting for an experienced web design company ensures that your website is crafted to the highest standards, projecting your business in the best possible light. A professionally designed website is one of the most valuable investments you can make in your business.

Option 2: Do It Yourself and Purchase a Premium WordPress Theme

Alternatively, if you have the time and inclination, you can create your website yourself using WordPress and purchase a premium theme.

This option allows you to have more control over the design and content of your site. However, keep in mind that achieving a professional look may require significant effort, design skills, and a keen eye for detail.

Ultimately, the choice between hiring a professional web designer and DIY with a WordPress theme depends on your resources, skills, and the importance of a polished online presence for your business.

Marketing and Advertising

As a new entrepreneur, it’s easy to be a little naive when it comes to marketing. In your eyes, your business is the best thing since sliced bread and so all you need to do is open your doors/website and the customers will come flooding, right?

Wrong, having this kind of expectation will most definitely lead to disappointment and failure. In business, competition is fierce and whatever it is you’re selling, there will be a hundred other companies out there selling a similar thing many of which will be more established.

To stand out, get your name out there to the right people and build your customer base you need to use the right marketing methods. This can be a minefield if you’re not experienced in this area, you have everything from affiliate marketing to blogger outreach, video marketing, social media marketing and much more all to take into consideration.

For this reason, it often makes sense to outsource to a third-party company and let them take on the task, that way you know everything is being done to the highest standard. You might have a fantastic business, but without the right advertising, it will never reach its full potential and could fail before it’s even got started.

Hiring Staff

If you need to take on a staff member, you generally just think of paying their wages. However, there are lots of other costs that you need to bear in mind.

Advertising your job vacancy will cost money, there’s the time taken to interview and check references, you will need to provide training and much more.

Taking on a staff member in your small business is a big decision. Before taking the plunge you need to know how much it’s going to cost you.

Spread the love