When you are a business owner, you have to think of any and all expenses that may come up. This doesn’t include just things like emergencies, but important items that can slip through the cracks or be forgotten on your business plan. For the first few years of your business, it is a great idea to add on an additional 20 percent for those items you may forget. Overtime, the unexpected costs will diminish as you learn through experience.

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1. Technology Cost

Nearly all businesses in today’s world depend on technology to efficiently run their business. Behind these technologies are a lot of additional costs to keep them running or to purchase new equipment when they break.

You are going to need computers for each one of your employees. Software can add up as well. Marketing software makes managing all of the different campaigns easier, but there are usually yearly or monthly fees. These fees can range from $50 per month up to $700 per month for larger businesses.

2. Professional Fees

It is important for businesses to have a lawyer they can ask questions and go to during times of trouble. However, a lawyer charges fees for their time, and it is important to account for these fees each year.

Another professional you may rely upon is an accountant. Unless you are great with money and taxes, this is a great area to outsource your tasks to a Certified Public Accountant. It can be overwhelming to a business owner to have to crunch numbers. Hiring an accountant will save you time and money later.

3. Building Fees

Unless you are running your business from home, you need a business location. This could be an office space for lease you find, or you may opt to purchase a building. Most people know these costs, but they tend to forget about those utilities and maintenance costs. Things such as water, electricity, air conditioning and phone services could cost as much as your rent or mortgage. It is important to account for these costs.

4. Supplies Around the Office

To make sure everyone is co-working in peace, you need to provide some basic supplies to keep the humans happy. You will need toilet paper and soap, along with plates and cups for the break room. To win some favor with your employees, provide drinks and snacks help increase productivity.

Chances are you will experience a few pieces of equipment breaking over the years. While new equipment should last awhile, you need to count in a budget for repairs for older machinery. Things such as printers, scanners, fax machines, software for your computers and computers have the tendency to break down over time.

Then, there are the office supplies. You need to remember staplers, pens, paper, shipping supplies, and postage. These are all required to run your office in an effective manner.

5. Insurances

As a business owner, you are going to need a variety of insurances that require payment each month or quarterly. If you have employees working full time, they are going to desire health insurance. Most businesses pay a premium of their employees’ health insurance each year. Remember, providing quality health insurance for your employees is an attractive benefit. You are more likely to get better employees with good health insurance options.

You are also going to need business property insurance, liability insurance and unemployment insurance. If you lose all of your inventory in a fire, having the property insurance ensures you aren’t losing out on thousands of dollars. It is also important during security breaches. If you lose a customer’s credit card information due to a data breach, having insurance (and a lawyer) will make the process much easier for both parties.

Running a business is a large responsibility. With employees depending on you for their livelihood, you need to learn how to budget and to account for all expenses. Learning how to save for the unexpected is also a wise thing for any person.