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7 Things You Mustn’t Forget To Budget For As A New Business Owner

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When starting a business, there are a lot of costs to cover. Some of these costs may be obvious such as equipment and marketing. Others may be less obvious – these are the types of costs that can often get overlooked. It’s important that you factor every cost into your budget so that you’re not caught out by any surprise payments. Below are just some of the costs you mustn’t forget as a new business owner. 

Web design

Setting up a website is essential when launching a business. For many companies, a website is a major source of customers. But just how much should you spend on a website?

Some people mistakenly think that you can set up a website for free. While it’s true that there are free website builders out there like WordPress, they may not be suitable for all types of business, plus you’ll likely still need to pay for a domain and photographs if you want your website to look professional. To ensure a top quality website, your best option is to hire a web design agency. Some of these agencies will also be able to handle ongoing maintenance including security and SEO. All in all you should expect to pay between $100 and $3,000 when designing a website yourself, while a website design agency will usually charge upwards of $15,000. 


There could be certain software that is vital to your business. This will cost money to acquire and you should make sure that you set aside money for it. 

How much you should spend depends very much on the type of software you need. For example, accounting software can cost anything from $5 to $75 per month depending on your needs.


It is essential that you’re paying the right amount of tax on your earnings. This tax should be calculated throughout the year – don’t wait until the last minute before your tax return deadline to start calculating your tax. 

When launching your business, you should start by applying for a tax identification number. It’s then worth acquiring some accounting software to help automate your bookkeeping. More financially complex companies may need to hire an accountant, which is something else to budget for.


There are many different licenses that may be required when launching a business. This includes everything from a general business license to an alcohol license if you’re selling alcohol.

A legal advisor will be able to tell you exactly which licenses you need to apply for. Businesses can spend anything from $50 to $400 on average on licenses depending on the nature of your business and state laws.


Certain insurance schemes could be worth taking out when starting a business as they could cover you against potential disasters. Some insurance schemes such as worker’s compensation may even be compulsory. 

Insurance could cost you anywhere from $14 to $124 per month depending on which risks you decide to insure against. Business insurance packages may help you to save money. 

Employee benefits

When hiring employees, many business owners budget for the cost of their wages, but forget to budget for the cost of employee benefits. While many states don’t require you to offer things like paid vacations, health insurance or bonuses, these benefits will help you to attract better-quality talent.

Research shows that the average employer spends about $11.38 per employee on benefits

Your salary

Last but not least, make sure that you’ve still got money left over to put towards your own salary. If all your profit is going into running your business, it is not financially viable for you. 

How much you set aside as a personal salary is up to you. Try to set aside some earnings for holidays too.

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