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Are you an Entrepreneur Funneling your Money?
By siliconindia
Fremont: Are you an entrepreneur who is funneling all of your money into the business without taking anything out? If yes, then you are making huge money mistake that most young entrepreneurs make usually. In a business, things usually come from all sides, taxes, rent, bills, premiums, personal expenses and running cost of the business. Money issues are the biggest pitfall that entrepreneurs face. If you cannot take care of your finance than your business will suffer.
We bring to you few most common money mistakes that entrepreneurs make so that it can help you avoid them.
Underestimating the Expenses
You remember the obvious expenses like rent, taxes, cost of production and others, but have you added up the cost of marketing that is going to add up to the cost after production? And the cost of advertising? What about the cost incurred in launching your product in the market? Have you added up the cost of free samples that you are going to give to attract your customers?
Building a product is not enough, you also need to add up insurance cost, cost in obtaining the patent rights, cost of registering your trade mark and like such, there are several costs that many entrepreneurs tend to forget to add up to their cost list while preparing budget. There are few other costs that increase your cost of operations. These are payroll withholdings like Medicare, insurance and income tax. Adding up these may increase your employee cost by one-fourth times.
