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10 essential startup expenses, and 10 you should avoid


I like to share this post to all entrepreneurs out there. A few minutes of your time to save money managing your business expenses.

Fortune

This post is in partnership with Entrepreneur. The article below was originally published at Entrepreneur.com.

By Sujan Patel, Entrepreneur.com

It’s no secret that startups often fall into the trap of spending money on things that aren’t that important — it’s just one of the many mistakes that entrepreneurs can make.

However, the fact that some expenses are unnecessary doesn’t mean that you need to be a cheapskate whenever you encounter a potential cost. In fact, some expenses are absolutely necessary, and as an entrepreneur, it’s essential that you know the difference.

Here’s a list of 10 things that you absolutely must spend money on, followed by 10 things you definitely shouldn’t:

10 essential expenses

1. A business plan. There’s a lot of controversy regarding business plans, but in my opinion, knowing where you’re going and how you’re going to get there isn’t optional in business.

2. Market research.

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