This is another category of costs which may well be annual, as opposed to one-off expenses when setting up your business.
One of the most common expenses that are ignored by many business owners is website costs. Unless you are planning to build and manage your own website, you can expect to pay a decent amount to have your website built, plus monthly fees towards website hosting and maintenance. In addition to website hosting, you may need to employ the services of an SEO expert to help with your website’s ranking on Google, which can easily cost up to £600 per month!
Advertising costs also take many new business owners by surprise – unlike established businesses, which continue to expand through recommendations and credibility, new businesses rely heavily on advertising, which, especially when in the form of Google Ads, can again be a high annual cost to the business.