Do Research on Expenses

Do not waste your time by not doing a thorough industry and market research for your business. You can do consultations with experts if the internet does not serve you much justice on the information you need. Before starting a business, setting up a detailed plan is really important, so do not miss this part out.

Insurance, License and Permit Fees

These three requirements should not be missed out when setting up a business. Depending on the industry you are working on, the type of insurance will vary. Same goes to license and permit fees. If you plan to open a food business, health inspection needs to be done before proceeding to get the permit and license. Be reminded that the initial costs for proprietorship will not be the same as a partnership. Some of the costs that will be charged when registering a business include business registration fees, solicitor’s fees, name registration fees and insurance fees.

Supplies & Equipment

If you buy or rent a place for your business, it needs to be completed with equipment and tools to complement the structure. Basic supplies like furniture, cabinet, computerized systems, safety tools and vehicle are all required to run your business. The more equipment you need, the more costs you need to spend.

Marketing Strategy

For a start-up business, it is really important to set aside a marketing and promotional budget. You need to advertise your business really well to attract more customers. Brand awareness is what can help the growth of your business. The marketing strategy may cost you a lot of money, but the money you spent will totally be worth it. Below is the breakdown costs for marketing: Logo – RM800 Website + domain and hosting – RM4,000 Pamphlets – RM1,000 Business cards – RM15/box Signage – RM5,000

Employee Expenses

When hiring employees to help run your business, you are obligated to pay them. An amount of salary, along with other benefits like EPF, medical, optical and dental coverage must be given to the employees in return of their contributions. The bigger your business, the more employees you need to hire, therefore the more cost you need to use to compensate your employees.

Technology and Managing Expenses