Many entrepreneurs aim to expand their business. Apart from getting more profits, other goals to be achieved include expanding market share and continuing to be able to compete. How about you? As a business owner, do you plan to realize your Moneyfesting in the form of business expansion? When will it be done?
What is Business Expansion?
In simple terms, expansion can be interpreted as efforts made by someone who owns a business so that the business develops, grows and advances. Business expansion can be done in various ways, such as opening new branches and increasing the types of products or services offered (reference: IZIN).
Unexpected Big Expenses to Expand a Business
Depending on what kind of expansion you want to do for your business, you may want to consider the following expenses.
1. Costs for rent and maintenance
Do you run a culinary business and want to try opening a restaurant branch in another city? You need to rent a place and do the necessary maintenance. Not only that, you also need to pay bills at the new restaurant branch, for example electricity, water and internet bills. Make sure the necessary costs are ready so that your business selling food at the new branch runs smoothly.
It's not just a culinary business. Any business that needs a new location as a way for you to expand your business, you need to take these costs into account.
2. Remodeling of current business location
Not going to open a new branch, but planning to enlarge your current business location? You need money for remodeling. Still taking the example of the culinary business. A restaurant that previously only had one floor needs to be renovated and a second floor built as more and more customers want to enjoy the food you serve. Remodeling requires quite a lot of money.
3. Expenses related to permits and certification
Depending on the business you run, you may need more permits and certification to support your efforts to expand your business. If you want to sell a new food menu, for example, you may need halal certification. Likewise with new business permits, construction permits, and the like.
4. New equipment to support business growth
Most likely, you need new equipment to ensure business growth runs smoothly. If you open a restaurant in another location, then you must have equipment similar to that in your current restaurant. If you own a bakery and want to sell more types of bread to attract customers, you may need a new oven.
5. New hires
It seems difficult to expand your business without the help of new employees. Even though you are happy and relieved that some people will be helping you, hiring employees costs a lot of money. It starts from the pre-recruitment process to recruitment and even post-recruitment. Costs that need to be prepared include monthly salary, THR, other allowances (if any) and uniforms (if necessary).
6. Emergency funds for business expansion
Don't forget about emergency funds. Even though business expansion has not yet been carried out, you can start build emergency funds first if you already have a plan. Emergency funds keep you calm when your business experiences urgent circumstances such as damaged equipment that hampers business operations or natural disasters that cause stock damage.
Prepare Funds for Business Expansion and Growth in As Many Jago Accounts As You Want
Of the many unexpected big expenses above, which one will you prepare the funds for first? With Jago, you don't need to choose, because you can save everything simultaneously in multiple accounts.
1. Can open multiple Bank Jago accounts through the Jago application

To ensure funds for each business expansion expense do not mix with each other and to ensure it is easy for you to monitor your savings, just separate them by opening multiple bank accounts.
You can have many Bank Jago accounts by creating as many Jago Pockets as you need. In fact, because you can create lots of Pockets, you can also manage your business and personal finances simultaneously.
Choose between the Saving Pocket, Spending Pocket and Locked Pocket. Move funds manually or automatically with the Auto-Budgeting feature to each Pocket.
2. Also available: The Jago Deposit that is free of early withdrawal fees and provides competitive interest

Apart from the Saving Pocket, Spending Pocket and Locked Pocket, you can also use the Jago Deposit to build emergency funds and prepare funds for long-term business financial goals.
Withdraw your Jago Deposit whenever needed and you will immediately receive the funds in your Main Pocket. Apart from that, there are no penalty fees charged when you withdraw your Deposit before the maturity date.
For long-term business financial goals, you can take advantage of the competitive interest rates offered. The greater the funds saved in the Deposit, the greater the interest you get.
The latest interest rates on the Deposit and all Jago Pockets can be seen here.
Make Expansion Successful With Great Preparation
To ensure a smooth business expansion, of course great preparation is needed, including financial preparation. Make sure you save in the right place to meet all your needs or pay for all the unexpected big expenses related to your plan to expand your business.