Opening your very own store is a good thing. It is even more so when that business is in line with what you can do. If you are fond of bicycles and have one or two skills to show off related to that, then you just have to start up a store in this trade. After that, you can then promote it as the best bike shop Manhattan.
The start up can be a bit tedious. You have a lot of steps and legal actions that you got to take so that you can start up this business without worrying about any problems later. The work you have to do as an owner does not have any day-off as well. You need motivation and effort to be able to sustain the business.
It is not only these elements you need to care for. There are expenses relevant to your start up that you must care for. The said expenses will surely eat through your capital if you are not careful with how you take care of them. Here are the expense categories that you should take note of in your start up business.
First, you have the payroll expense. This is the category for the expenses you make when you are paying your employees for their work. This is basically for the employees' salary. In your type of business, it will be impossible to do it on your own. You need to have a few people around. These people need to be paid.
Occupancy expense. When you are starting up this business, you need a commercial place where you can operate your business. You need to rent out this commercial place. The expense you spend for paying the said rental is covered under occupancy expense. The utility bills for water, light, and others are under here too.
Advertising and promotion expense. If you want more and more people to know of your business, then you have to pay for advertising. Advertising the business will surely rake in customers when done right. You need to pay for the advertising materials you use. The expenses will then be covered in the advertising and promotion expense category.
Auto and delivery expense. When you have this kind of business, then you need a car to pick up or delivery the bicycles that were entrusted to you by their owners. The car will eat up a portion of your budget for mortgage, gas refill, or repairs. All of the expenses tied to the car should be in this expense category.
Insurance is another expense to think about. The business you own must be covered by an insurance policy so that you can properly protect yourself when something happens. The insurance is also a requirement you need to comply in starting a store. It will be problematic without it.
Office supplies and postage should be considered as another expense. You cannot operate the business without the appropriate office supplies. You got to buy office supplies every now and then. All the expenses that you make for the purpose of obtaining these office supplies hold be covered in the office supplies and postage expense category.
The start up can be a bit tedious. You have a lot of steps and legal actions that you got to take so that you can start up this business without worrying about any problems later. The work you have to do as an owner does not have any day-off as well. You need motivation and effort to be able to sustain the business.
It is not only these elements you need to care for. There are expenses relevant to your start up that you must care for. The said expenses will surely eat through your capital if you are not careful with how you take care of them. Here are the expense categories that you should take note of in your start up business.
First, you have the payroll expense. This is the category for the expenses you make when you are paying your employees for their work. This is basically for the employees' salary. In your type of business, it will be impossible to do it on your own. You need to have a few people around. These people need to be paid.
Occupancy expense. When you are starting up this business, you need a commercial place where you can operate your business. You need to rent out this commercial place. The expense you spend for paying the said rental is covered under occupancy expense. The utility bills for water, light, and others are under here too.
Advertising and promotion expense. If you want more and more people to know of your business, then you have to pay for advertising. Advertising the business will surely rake in customers when done right. You need to pay for the advertising materials you use. The expenses will then be covered in the advertising and promotion expense category.
Auto and delivery expense. When you have this kind of business, then you need a car to pick up or delivery the bicycles that were entrusted to you by their owners. The car will eat up a portion of your budget for mortgage, gas refill, or repairs. All of the expenses tied to the car should be in this expense category.
Insurance is another expense to think about. The business you own must be covered by an insurance policy so that you can properly protect yourself when something happens. The insurance is also a requirement you need to comply in starting a store. It will be problematic without it.
Office supplies and postage should be considered as another expense. You cannot operate the business without the appropriate office supplies. You got to buy office supplies every now and then. All the expenses that you make for the purpose of obtaining these office supplies hold be covered in the office supplies and postage expense category.
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