Step 3: Identify your other business expenses

All businesses have expenses that help to generate income; from costs of goods sold, to other expenses such as rent, stationery, wages for employees, legal costs, utility costs (i.e. electricity), subscriptions.

Different businesses will incur different expenses. A business that has a warehouse may pay rent or mortgage repayments, whereas a business that operates from home will not have these expenses.

Activity

Considering the many types of expenses an online business may incur, what five major expenses would you most likely encounter in the setup of your business?

Share your thoughts to the Comments area and outline why you believe this will be a major expense to your online business.