Setting up a storefront is more than just interior designing and setting up your office layout. When a business leaps into the set up of their storefront without much planning or strategising, they might end up with unexpected costs, overthrowing the initial budgets.
Below, we share several unexpected expenses that most businesses forget to plan for.
License, Permit & Insurance
Depending on the industry of your business, you may need additional permits, licenses, and insurance before your business can start running. These permits and insurance serve to protect your business – your assets, employees, and customers.
Having a license and permit to carry out your business will give your customers more confidence to work with you. This is especially true for industries pertaining to health and hospitality.
Office Space & Utilities
Your building would usually have come with its water piping and electric wiring configuration. However, these costs are sometimes only included when you are planning the interior design for your space so that the new layout fits your electricity and water needs as well.
If your storefront is made of a larger space, then do not be too surprised to find that you have to hire a commercial electrician or plumber to set up your storefront correctly for you. The cost may be a little hefty, but you will have precisely the utility services that you need for your storefront afterward.
Office Supplies & Printing Costs
At first glance, purchasing some filing cabinets, printers, and papers might not feel like it would amount to much. However, these seemingly-small expenditures can quickly rack up to thousands within a single year.
Even by shifting your billing records online or in cloud drives, there would still be name card printing, letterheads for official matters & other similar office supplies that you will need to tend to. After all, any other commercial storefronts would still require cash registers and thermal paper rolls regularly too.
Remember to compare the prices for anything that you are purchasing to save some costs in the long run.
Even if your company does not focus on digital solutions, you cannot entirely run from it. Whether it is building your website, purchasing your domain or getting an effective payroll system for your office, you will eventually need some technical assistance to improve your business efficiency.
If your storefront includes an office, your technological expenses will extend to purchasing laptops, computers, accounting software, and even more. Remember to consider the laptop specifications that you will need to complete your work more efficiently!
There is much more to worry about than just your employee’s monthly wages! Full-time employees should receive additional benefits, such as sick leaves, employee insurance, and medical claims. Setting up the employee benefits program is going to take some time and resources too.
While costly, these fees have to be available for your employees, and the failure to do so can lead to your company being reported to labour offices in your area. You can also expect your employees to feel demotivated to continue working for you without any form of proper compensation for their efforts.
Image Pexels License CCO