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3 Necessities to Budget for in Your Business Plan

September 4, 2020 | Comments Off on 3 Necessities to Budget for in Your Business Plan

As you draft your business plan and talk to investors about opening dates, you have so many ideas about your new company. You’ve designed a logo in your head, prepared for your first sales pitch, and decided what your store will look like. While these details matter, you are also responsible for some tasks that seem mundane but actually determine whether or not you have a good opening. Make sure to leave room in your tentative budget for these necessities.

1. Water

Even if your company does not do any manufacturing, you need a reliable water source for drinking and hygiene purposes. Depending on your building’s age, it probably is already connected to your city’s water main. Still, you must contact a water company in MD and keep up with your monthly payments so that your water is not shut off.

2. Heating, Ventilation, and Air Conditioning

Heating, ventilation, and air conditioning services are essential to ensuring you and your employees’ health and safety at work. An existing HVAC system needs to be thoroughly inspected and repaired well before your opening day. If your workplace does not have one, pay for its installation immediately. HVAC systems are more important now than ever before, as they help slow the spread of the novel coronavirus.

3. Electricity

Whether you’re primarily conducting sales from your workplace or manufacturing products, you need electricity. Most power companies require you to pay your bill monthly, so make sure you balance your expected monthly invoices in such a way that you’ll have enough money. If you have extra money, consider investing in solar panels or another source of alternative energy.

As you prepare for your first day and figure out your different expenses, don’t forget about the less-exciting bills. That way, you’re not taken by surprise when your invoices arrive.