Three Budget Items to Consider Before Opening a Business Location

If you’re ready to take the next step with your small business, it’s likely time for you to open your own location. However, it’s important to take a hard look at your budget before you take the leap and sign your first lease. While you may be able to afford the rent, there are many other costs associated with renting a business space. Make sure you price out these three budget items before you open your first official business location.

Cleaning and Maintenance

Once you move into your new space, you’ll probably need to hire cleaning services to keep the place in order. This is especially true if you’re working with multiple employees and mess can accumulate quickly. Fortunately, many companies offer free estimates and customizable plans to keep your location in ship shape. In addition, you’ll need to consider possible maintenance for your location in case repairs are needed. Find out what’s your personal responsibility according to your lease.

Utility Costs

Are water, heating and electricity included in your rent? You may need to inquire about pricing estimates and ask nearby renters what they typically pay for utilities. Don’t forget to include things like phone lines and internet access. Finally, look into security options for your business location. Alarm systems and antivirus software are worthwhile investments that can help protect your assets.

Marketing and Advertising

You’ll need to update your company’s information when you move into a new office. That means updating websites, business cards and even phone listings, so look into the costs for these changes. In addition, you’ll want to make it easy for your current and future clients to locate you, so consider signage and advertising to bring customers to your door.

It costs much more than a monthly rent payment to operate your business in a new location. Be sure to budget accordingly before you take the plunge.