When you first start your business, there are a few key things you focus on, such as where you’ll get the capital to fund essential equipment and software. However, there are some things that often slip your mind until it’s too late, and one of them is motoring costs.
Just like most entrepreneurs, you will need to spend a lot of time travelling, so you should pay attention to these three things in particular if you don’t want it to cost you in future.
1. Business car insurance
Business insurance is absolutely essential, but it is more expensive which is why you need to plan for it. The reason for this is simply that you’re deemed a riskier case due to the length of time you’re in the car, the heavier traffic you’re likely to encounter and the fact that you’re more likely to travel on unfamiliar roads, increasing the chances of a claim.
It might be tempting to lie about it, but this could cost you dearly in the event of an accident, as the insurance company will clarify what you use the vehicle for. There are different classes of business insurance cover, so make sure you thoroughly research which is right for you. For example, you will probably need Class 1 business use if you drive to multiple sites or offices, as well as your usual place of work.
2. Motoring offences
Driving will probably be essential to your business, so in the event of you being caught up in a motor accident or offence, you need to know that your license is safe. It could be a serious road accident, where you were charged with a failure to provide specimens purely because doctors do not follow the same procedure as a police station.
It could be a drink driving charge which you felt was inaccurate and was a faulty reading. You should always hire the services of a driving offence solicitor so that your rights are protected and you stand the best chance of defending yourself against such claims.
3. What does your car say about you?
Finally, it’s a tough world for an entrepreneur and you need to use everything to your advantage, including the car you drive. Firstly, because you need to make sure it’s a relatively new model to reduce the likelihood of a breakdown. Secondly, if you’re meeting clients, it can say a lot about the type of person you are.
You want to make sure that the client always feels as though they are in safe hands; if you’re driving a wreck, what would you be like with their business? Your car projects an image, so hang on for a good deal on a sleek but reliable car that will make sure you stick in client’s mind with the same description.
If you have any more top tips for entrepreneurs who clock up the mileage each year, why not leave them in the comments section below?