Six Things New Business Owners Miss in the Planning Process

New business owners must prepare for a number of circumstances as they set up their operations. Here are six areas many entrepreneurs overlook as they do their business planning and how you can be sure you don’t miss any final steps.

Marketing Costs
Marketing is important not only to opening your business, but also to expanding your customer base for continued growth. Effective marketing may require a variety of media to help keep your name in the public eye. Finding new ways to market may require the help of a marketing professional, which should be factored into your business expenses. 

Local License and Permit Costs
Many communities have stringent permitting of businesses that may cost more than you expect. A Business Litigation Attorney in Clearwater says businesses should be aware that if they generate certain types of waste products or use certain chemicals, they may be subject to additional permits or licenses that can be expensive. 

Shipping Costs
Shipping costs have risen sharply over past years, and these costs may continue to rise in the future. If shipping your products around the country or around the world is a part of your business plan, investigate the costs involved in various types of shipping methods and find the one that is most reasonable for you. 

IT Updates & Repairs
Upgrading your programs may require additional investment in order to serve your customers. In addition, computers have a way of becoming dysfunctional over time and you may need the help of an IT specialist to get you back online. These costs should be a part of your planning so you are not caught off guard when a technical emergency arises. 

Legal Advice
Many business owners believe they are too small to run into legal problems, but legal issues can arise in regard to employee management, liability, and collection of accounts at any time. A business litigation attorney can save you time, money and stress in the long run. Plan for these expenses, and you will stay ahead of the game. 

Your Personal Salary 
Although you may commit to living on a bare bones salary while you get your company established, you may find that normal family needs require that you take more from the business than you expected. Ensure you will be able to provide for yourself and your family adequately so you can commit to focusing on other important aspects of getting established. 

Taking care of these issues will help you to plan your business expenses more easily and will prepare you for smoother day-to-day operations.