3 Costs You Can’t Avoid Regardless Of Your Company’s Size
April 2, 2016
The concept of fixed costs is not always fully understood by business owners. They don’t understand how some of their costs will be there irrespective of how much they produce or how big their company is.
Today, I try to demystify some of the misconceptions about fixed costs by giving you 3 concrete examples of costs that you’ll always have irrespective of your output activity or the size of your company.
#1 Bank Account
In today’s marketplace you cannot operate your business without a bank account. This won’t be super expensive, but banks have a funny way to make money, and they’ll pretty much charge you for anything you do. From withdrawing cash, to receiving payments, or even for managing your account. They’ll do it all!
Unless you want to have a full time job keeping track of your books and taking care of all your paperwork, you’ll need to hire accounting help. There’s nothing you can do about. Luckily for you, there’s a lot of options now, from online accountants, to full-time in-house or remote. The options are there, just budget accordingly…
You’ll most definitely need legal help whether that is to set up your business, write up some contracts, and negotiate deals, whatever that it is… You should have a legal advisor close to you, and have easy access to him or her in case you need anything. Business is war, you don’t want to lose it because of an unimportant legal situation.
Are there any other costs you can think of that will probably be fixed? Let me know below!