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If you run your own business, you might think that you are aware of everything that is going on in the company. This is especially the case if your company is just you working from home. After all, there is no one who could be hiding anything from you, right? Unfortunately, you might be surprised to find out that there are still some hidden costs that could sting you when you least expect it. And this is the main reason why some small companies don’t make quite as much money as they should.
So, ready to try and nip some costs in the bud? Here are the hidden expenses and fees that you need to watch out for.
You might think that setting up an online shop is easy. In practical terms, it is – you just need to find an ecommerce platform and payment processor and add them to your site. But there is actually quite a bit of research you need to carry out before you settle on an ecommerce platform and payment processor as their fees differ widely. This BlueSnap review shows the kinds of things you should expect from an ecommerce platform and the various charges you might incur. It’s a good idea to compare the prices of a few different platforms so that you can figure out which is the best deal for you.
Credit Card Fees
It’s not just your ecommerce that could sting you with some high fees. Your business credit cards will also come with some unsavory costs if you just pick one provider without really thinking about it. So, before you do sign up for a new business credit card, make sure that you take a look at the small print so that you totally understand what costs you are going to incur. Otherwise, you might end up with a nasty surprise at the end of the month when you receive a bill!
As a business owner who works mainly from home, you shouldn’t forget to include a portion of your home’s utility bills as a business expense. After all, if you have a home office, you will be using some of your electricity and heating while you are working. It’s a good idea to regularly check how much you pay for the other prices available. Energy, electricity, and internet companies are regularly offering new deals to attract new customers, so it could be worth switching if you can get a better price elsewhere.
Don’t forget that your time is an expense too. If you work too much then you will be eating into your own personal time that you could be spending with friends or family. Remember that working longer hours doesn’t always mean that you will get more money. So, make sure you only work as much as you need to.
Once you get all of the above expenses under control, you shouldn’t have to worry about our business costs too much. And your revenues might even increase!