What are the main costs associated with running a small business

What are the main costs associated with running a small business in Belgium? 

When people look at the prices that are quoted by the self-employed or small businesses, often we hear customers feel the service is expensive. Every country in which a business operates will have rules guidelines and laws that they have to follow.

Below we provide a summary of the main costs incurred in Belgium.

  • Business registration – you must have a registered entity to operate
  • Banking – every bank will charge for use of their services
  • Accounting – the use of accountants and such services is needed in this complex system
  • Facilities – most people will need a place to operate
  • Utilities – buildings need energy and running water
  • Insurance – health, business, office, vehicles
  • Transport – ability to be mobile, meet clients, deliver/collect materials
  • Salaries – for staff and associated social taxes
  • Fiscal – associated costs or contributions for pensions and mandatory social services
  • Taxes – business tax based on revenue v profit
  • Technology – very little gets done these days without computers, phones, software, licenses and IT support
  • Expenses – materials, stationery, gifts and other required overheads
  • Legal – there may be times when a lawyer is required
  • Charity – we provide pro-bono & donations supporting a few charities and NGOs
  • Unexpected – the things that come up when you least expect it!

As you can see from the above list there is an awful lot that is mandatory. The next time you see a quote from any company, you now have an idea of the things they need to cover from that one invoice.

Our advice if you are looking to get started, no matter where you are in the world – get qualified advice.