When launching a startup, most attention naturally goes to the products or services you plan to offer. While getting your offerings in order is essential, one financial responsibility that often gets overlooked is overhead costs. These are the ongoing expenses that keep your business running, from rent and utilities to software subscriptions and employee salaries, starting the moment you open operations.
Planning for these costs early gives you a clearer picture of what it really takes to operate your business and helps you manage your capital more effectively. A reliable business banking solution can make handling these costs simpler, which is exactly what Maya Business offers. By opening a Maya Business Deposit account as a settlement account, you can consolidate your overhead expenses and other financial obligations as your operations begin. With foresight and the right business solutions in place, your startup can be financially prepared from day one. Let’s take a closer look at the overhead costs you should consider before getting your business off the ground.
1. Rent and Utilities
Rent and utility payments are among the first expenses any startup faces. Whether you’re leasing an office or a small shop, these fixed costs are essential to keeping your operations running smoothly. Utilities such as electricity, water, and internet are also critical, and falling behind on these bills can disrupt your business activities. Planning for these expenses before launch ensures you have enough capital to cover them from the start and avoid interruptions that could affect operations.
One way to make managing these payments easier is through your Maya Business Deposit account. With its bills payment feature, you can conveniently settle utilities without having to visit payment centers, giving you more time to focus on growing your startup. On top of that, Maya Business Deposit offers 2.5% interest on your funds, which is much higher than what most commercial banks provide. With the ability to pay bills and earn high interest on your balance, Maya makes business banking online more convenient and rewarding.
2. Salaries and Employee Benefits
For many startups, employee salaries and benefits make up a significant portion of expenses. This includes wages, as well as contributions to government-mandated programs like SSS, PhilHealth, and Pag-IBIG. Factoring in these costs before launch helps you determine how many employees you can realistically afford and prevents cash flow issues.
To simplify payroll management, you can use the send money feature of your Maya Business Deposit account. This tool allows you to pay employee salaries accurately and on time, keeping payroll running smoothly while giving you peace of mind that your team is well taken care of.
3. Software and Subscriptions
Many startups rely on digital tools and software to operate efficiently. This can include communication apps, accounting programs, project management tools, design software, and customer relationship management systems. While individual subscriptions may not seem significant, together they can add up quickly. Budgeting for these expenses ahead of time ensures your business has the necessary tools to function effectively without unexpected financial strain. It also goes without saying that you should only use or subscribe to a service that your business really needs.
4. Marketing and Branding Costs
Marketing is crucial for building awareness and attracting your first customers. Expenses in this area can include website development, logo and brand design, social media advertising, and other promotional campaigns. Budgeting for these costs in advance enables your startup to enter the market with a strong presence and maintain consistent branding, all while keeping your operational finances balanced.
5. Office Supplies and Equipment
Even small startups need basic supplies and equipment to operate smoothly. Furniture, computers, printers, phones, and other essentials are necessary for daily activities. Properly tracking these purchases is equally important, as smaller expenses are sometimes overlooked, which can lead to mismatched records.
Using an online business banking tool can streamline this process. For instance, when you pay for supplies and equipment through your Maya Business Deposit account, every transaction is automatically recorded and visible on the Maya Business Manager dashboard. This simplifies reconciling finances and reduces the need to dig through paper receipts, helping to maintain accurate financial records.
6. Professional Services
Hiring professional services such as accountants, lawyers, or business consultants can help your startup avoid costly mistakes. These experts ensure your business stays compliant with regulations, manages taxes correctly, and operates efficiently. Planning for these expenses before launch allows you to access professional guidance without disrupting your budget or day-to-day operations.
7. Insurance
Insurance is an important but often overlooked expense. Policies can cover property, liability, and employee-related risks, giving you peace of mind. Including insurance in your budget before starting operations helps protect your business from unforeseen events that could otherwise result in significant financial setbacks.
Handle Overhead Costs Efficiently with Maya Business Deposit
Accounting for overhead costs before launching your startup helps you stay financially prepared and run your operations more efficiently. Fortunately, Maya Business Deposit lets you take care of these expenses, from paying utilities to managing salaries, all in one place. Sign up for Maya Business to simplify your business banking and keep your startup running smoothly from day one.
Setting up a Maya Business account lets you open a Maya Business Deposit account, which works well as a settlement account. With its market-leading 2.5% per annum interest rate, a PHP 1 million deposit can earn PHP 25,000 in interest per year. You’ll also be able to send money to partners and suppliers for free through InstaPay and PESONet, helping your new business save even more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, providing additional funding as you launch your startup. Simply use Maya as your primary processor for all wallet and card payments. The more you use Maya’s solutions, the better your loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions and ensure your business’s financial obligations are properly managed.
