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The unexpected costs of running a small business

The unexpected costs of running a small business

Pages 15 Pages

Running a small business comes with many unexpected costs beyond rent and salaries. Entrepreneurs must account for taxes, regulatory compliance, specialized insurance, and tech infrastructure, which can collectively run into tens of thousands annually. Maintenance, utilities, payment processing fees, and consulting services further add to the burden. Hiring and retaining employees is also costly, with average hiring costs around \$4,700 and turnover potentially doubling that. Mitigating these expenses requires proactive budgeting, contingency planning, and efficient tools like cloud-based communications systems to streamline operations and boost resilience.

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