You don’t want to be surprised by back taxes, liens or other liabilities
This article is reprinted by permission from NerdWallet.
Monthly business applications averaged 430,000 nationwide in November, according to the U.S. Census Bureau. This marks the 11th consecutive month of numbers well above the 342,000 in December 2020. While starting a business is exciting, it can also be more challenging than expected. And because about a third of businesses with employees fail in the first two years, according to the Small Business Administration’s Office of Advocacy, it’s important to gain every advantage possible.
Knowing the cost of operating your business is vital. Engaging business experts and practicing due diligence can stop you from being blindsided by industry-specific costs such as customs broker services, music streaming licenses and more.
Commonly overlooked expenses
Rent, utilities and equipment are well-known business startup costs, but there are less obvious expenses that can be overlooked.
Licenses and permits
You may have to register your business in the state and city where it’s located. The fees you pay can vary and may depend on whether you plan to operate as a partnership, corporation, nonprofit or limited liability company.