27 Apr 3 Unexpected Business Costs

When running a business, there are plenty of things to consider – how are your sales? Are you making a profit? Do your employees enjoy working for you? Are you producing high-quality work? And more. As a business owner, you will be wearing many hats, dipping into all these areas to ensure your business is operating at its best. 

With so much on, there can be unexpected costs that crop up that you may have not expected before. Maybe you own the property and require industrial roof repair? Have your energy bills gone up which you haven’t accounted for? Or you rent your space and they are trying to increase the price? Things are always going to pop up, it’s how you prepare for them that can help you avoid the stresses they bring. 

Below we have put together three unexpected costs to consider as a business owner. 

Property Costs

If you are in the position of owning your own property that you work from, then you will be responsible for the upkeep of the property. Ensure you keep a percentage of your budget for maintenance costs which may crop up every now and then. Property maintenance can be unpredictable with money being spent on a number of things – most commonly fixing up breakages that can occur. The last thing you want is the stress of something unexpected coming up but you are struggling to find the budget to pay for it. A lot of companies have a spreadsheet that you put together to help them budget for unexpected costs. 

Subscription Costs 

Over the past few years, subscription costs have been increasing with more and more companies offering subscription packages for their services. When running a business, ensure you keep on top of your subscriptions in order to avoid any unexpected business costs. You don’t want any last minute invoices being sent to you that you didn’t expect. As with keeping a budget spreadsheet, try to keep a spreadsheet of all your subscriptions and when they are due for renewal. If you are planning on growing your business through blogging, then you’ll be sure to have a few subscriptions to help. 

Energy Costs 

We are currently in an energy crisis. What this means is that your energy costs can rise at any point. Budgeting for this can be hard with many unexpected business costs cropping up that you didn’t expect to pay. For a lot of businesses, this can cause a lot of stress as they use a lot of energy as part of the running of their company. In many cases, you will have to increase your prices in order to keep your business running at its optimum. This is why when visiting the shops, you are seeing a lot of items costing more. 

What unexpected business costs do you think we should add to our list above? Which of the above tips did you find most useful? Is there anything you would like to share that will benefit our readers? Let us know in the comment box below. We would love to hear from you.