Home – New Forums Starting your journey Business Expenses! Argh!

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  • #979530
    SavvySME
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    So the thing I didn’t expect is the amount of expenses I’ve had to pay to get my business up and running and well running!

    What outlays do you hate as a start up? and what have you spent the most money on that you wish you hadn’t?

    #1114967
    Robert Gerrish
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    That’s a great question Wendy, why don’t you start us off and share some more facts about which of yours were such a shock?

    Robert :)

    #1114968
    JacquiPryor
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    Hi Wendy – was just thinking about your site today actually, and wondering if you have an anticipated ‘launch’ date?

    Hmm… yes, the ‘start up’ expenses add up quickly don’t they?!

    In all honesty, I don’t think there’s anything I wish I hadn’t spent the money on – but, for me, I think insurance was the most painful expense. I knew before hand I would need Professional Indemnity insurance (amongst other insurances), and knew it would be a little bit and was necessary – but, still hurt to have to pay it when tackling so many other start-up expenses!

    #1114969
    SavvySME
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    Well the ones I’m facing is mainly costs related to patents and trademarks, because we are a tech company, that quickly adds up, and they aren’t cheap either!

    Also included is the amount of computers we had to buy, as well as the amount of money we pay for accounting advice.

    There’s also that little sitting in the corner that churns through coffee pods 😮

    #1114970
    SavvySME
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    Robert Gerrish, post: 128946 wrote:
    That’s a great question Wendy, why don’t you start us off and share some more facts about which of yours were such a shock?

    Robert :)
    Hi Robert,

    Please see my reply above :D

    #1114971
    SavvySME
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    Our anticipated launch date has been pushed back another month so fingers crossed in 3 weeks :)!!! We’ll be sending those that have signed up with us already an email one week prior to let them know :) Thanks for asking!

    JacquiPryor, post: 128964 wrote:
    Hi Wendy – was just thinking about your site today actually, and wondering if you have an anticipated ‘launch’ date?

    Hmm… yes, the ‘start up’ expenses add up quickly don’t they?!

    In all honesty, I don’t think there’s anything I wish I hadn’t spent the money on – but, for me, I think insurance was the most painful expense. I knew before hand I would need Professional Indemnity insurance (amongst other insurances), and knew it would be a little bit and was necessary – but, still hurt to have to pay it when tackling so many other start-up expenses!

    #1114972
    JacquiPryor
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    Hi Wendy – yep, IP protection (especially patents) can add up quickly…. fortunately, I don’t have to spend much on trademark advice for myself ;)

    PS – have sent you a PM…

    #1114973
    kathiemt
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    It actually amazes me that people don’t realise the start up costs they’re going to have, even if working from home. No disrespect to you Wendy and perhaps it’s something that’s not discussed that often these days. So great idea for starting the thread here.

    When I began my PC cost me in excess of $4,500 (it was 1993) and when I got my mobile phone (a brick) two years later over $1,000. Then there was my laser printer (well over $1,000), a filing cabinet, office desk, chair and many other things too. I needed about $10K just to get started. There was no internet and it was rare for a home to have a computer in it. These days they are all things that are normally in a home so people probably don’t consider them to be start up expenses.

    Other things that people would need to consider are perhaps:

    • Business name registration (although you can operate under your own name) – don’t forget the bank account that needs to be opened too.
    • Stationery, i.e. business cards, letterhead, with comp slips, etc
    • Domain name
    • Web hosting
    • Web site
    • Insurances: Superannuation, Business equipment, Income protection, trauma, liability, etc
    • An accountant and the fees that go with that
    • Dedicated phone line (maybe) and the costs for running that
    • Possibly a fax line
    • Logo design
    • Trademarks for business name, tag line and logo

    These are just things I had to consider along the way.

    What have I regretted getting? A laminator. Paid a lot of money for it in the early days underestimating my need for it. :) However, everything else listed above I have needed and have all gone towards building my business and brand.

    #1114974
    MyGreatIdea
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    SavvySME, post: 128930 wrote:
    and what have you spent the most money on that you wish you hadn’t?

    My original website :( Paid a fortune for an ASP coded site that I couldn’t do anything with !! But that ended up saving me money in the long run, because I fully researched everything after that and now have a fabulous website lol

    The one expense I didn’t anticipate was my international patents. The Australian ones I planned, but assumed that the international ones could be lodged some time in the future, not realising there was a time frame attached.

    But the upside was R&D Concession which I didn’t know about when I first started – now that’s a bonus !!

    Wendy :)

    #1114975
    JacquiPryor
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    The one expense I didn’t anticipate was my international patents. The Australian ones I planned, but assumed that the international ones could be lodged some time in the future, not realising there was a time frame attached.

    Good point Wendy (Flack) … Wendy (SavvySME) you mentioned patent costs as well – not sure if you have had international patents quoted for as yet – but worth keeping in mind, as there will be a strict time frame from when you file in Australia…

    #1114976
    SavvySME
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    I can’t seem to find the thank you button anymore >!

    #1114977
    Steve_Minshall
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    I paid my local council about a thousand bucks to get permission to put up some scaffolding and borrow 15cm of pavement for 10 days while the building was painted.

    Rental bonds are a pain because they just tie up a few grand doing nothing.

    Experimenting with advertising that doesn’t work (yes Yellow Pages I’m talking about youuuuu!) chews up thousands.

    Then the lawyers will charge you a $100 for ‘photocopying’ no matter what you go to them for.

    The biggest saviours when starting out and expanding have been Grays Online and EBay. Fortunately my facilities don’t need to be state of the art so I have saved thousands on 2nd hand storage/office/shop fittings that have been fire-sale prices.

    #1114978
    kathiemt
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    SavvySME, post: 129176 wrote:
    I can’t seem to find the thank you button anymore >!

    Far right, under your signature block, same line as the reply/quote buttons.

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