{TIP #7} FIGURE OUT WHAT YOUR OPERATING COSTS WILL BE
Jun 13, 2020
Like any business, you will have operating costs. Figuring out your operating costs will help when you start to develop your budget (more on this in a few days!)
Depending on what type of boutique you open, you will need to take different operating costs into consideration. The most obvious expense you need to consider is rent. If you are operating an online boutique, your rent is essentially the cost to host your website. If you’re a mobile boutique, don’t think you won’t have to pay rent either! Many festivals where you are allowed to park charge “rent”.
You always want to over-estimate operating costs but the worst that can happen at the end of the month is that you have more to put towards savings or paying off loans (if you have them). Having a clear idea of what you will need to pay every month, rather than sticking your head in the sand and pretending the bills magically pay themselves, will help as you develop your cash flow worksheet.
Leave in the comments below if you have created a budget for yourself or if this is something you need help with!