No business owner likes surprises, especially those that cost money.
Regardless, new small-business owners often find that their first year of operation will be filled with unexpected challenges and opportunities. To avoid unwanted surprises, business owners should be aware of potential hidden costs that may arise in that first year.
As seen in the recent post, Entrepreneurial Dilemma: Do I Have Enough Money to Start My Own Business?, entrepreneurs can help themselves greatly by understanding the types of costs they will incur before starting and on an ongoing basis. Knowing how to handle hidden costs of first-year businesses is an important component of strong leadership and business planning.
Planning for the Unplannable Costs
Good business owners do all their due diligence. They develop a strong business plan, secure funding, project their cost of business startup, and launch with confidence. Despite all that careful planning, hidden costs can derail any well-thought-out plan.
Below are a few of the most typical hidden costs that can catch business owners by surprise:
Finding The Right Business Partners
New businesses have unique needs and opportunities. At Benetrends, we support entrepreneurs with business funding strategies that leverage existing 401(k) funds and business services including retirement plan management, credit card processing, legal services, and business insurance. To learn more about how Benetrends helps entrepreneurs realize their dreams of business ownership, read Benetrends' funding success stories.
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