5 rising costs of business ownership in the us

By Michelle Davulis
August 23, 2022
MLD Agency offers small business insurance in Illinois

Small business insurance is what the MLD specializes in yet we are a small business so understand the rising costs since COVID. With small businesses continuing to grow and thrive in the US many are wondering how and what has changed post-COVID-19.

The cost of doing business will vary greatly from business model to business model but with a very different economy, we are seeing a huge change in what small businesses are spending more money on.

After 30 years in business, Mark Dupre has put together 5 rising costs of doing business in the United States just for you.

1. The cost of Advertising!

small business advertising and marketing 2022

The cost of marketing and advertising is probably the largest and most confusing rising cost to do business. What’s changed? Well, below are a few advertising channels that did not exist when the MLD opened in 1993.

  • Social Media
  • Email Marketing
  • Website design and maintenance
  • SMS
  • YouTube – Mondays with Mark!

2. Taxes!

No matter where you live in the US you must pay state and federal taxes that typically go up every year. A good accountant or accounting firm can save you a lot.

As a small business, the slightest increase can really impact our bottom line. My recommendation is to be over-prepared and have a small fund available to cover any unexpected increases.

small business tax costs in us

3. State and Federal Certification Requirements

insurance agent annual certification

Every year the number of certifications we need to stay in business and service you increase. This I don’t mind because I am a fan of continued education.

All businesses have different certification requirements. Make sure you add realistic costs to your business plan so you are prepared.

4. State and Federal Licensing

State and federal licensing is an easy cost to prepare for because you can’t run your business without the proper licenses.

Again, each business has different costs associated with licensing. You can be sure this will increase no less than 0.2% year over year adding up the longer you are in business.

small business licensing costs

5. Digital documentation

insurance agent digital documentation

Brand new this year is the cost of Documentation. Never before did I have to add this as a line item for an expense.

Insurance agents now have to utilize a special app in order to document our services. It is for your protection but definitely not something I planned for in 1993.

The MLD offers small business insurance and small business health insurance with your specific business needs in mind. For the best small business insurance contact, the MLD. We will always have your costs and best interest in mind.

We hope this insurance blog was informative and helped you!

Contact us for any additional questions or get the insurance that is in your best interest!

Mondays with Mark

Check Out Our Educational and Fun YouTube Channel Filled with Episodes of Mondays with Mark!

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