One of the challenging factors in any business start-up is budgeting for travel. Conferences, networking events, and trade shows can have huge benefits for any small business as they evolve from conception to profitability.
WSJ.com – Starting Up: Budgeting for Small-Biz Travel
“The Power of Planning
The more travel dates you can predict in advance the better, says Holtzman. It’s easier to budget for expenses you know about. Plus, if you book your travel arrangements a certain number of days in advance, you can usually find discount prices.It’s also a good idea to know how to get around in the city you’re visiting. Figure out whether it is smarter to take a cab or jump on a train. Knowing the cab rates in the city you’re visiting will help you understand and plan for such costs, says Holtzman. If cab prices are high or if you have far to go, “it might even make sense to hire a limo.” That way, he says, “you can get some privacy and the cost differential may be negligible.”
Mapping out cheaper places to exchange U.S. currency in advance of foreign travel can also cut down on costs. Or, check out your bank’s automated teller machine policy abroad. For example, Bank of America is part of the Global ATM Alliance, which includes eight banks in nine countries including the U.S. and offers customers free access to more than 30,000 ATMs.
Make reservations at restaurants within your price range in advance of your trip. That way you won’t have to endure long waiting times or seek more expensive alternatives. Plus, in places such as New York or Chicago, “sometimes you can’t get in; if you’re trying to entertain a client that can be embarrassing,” Holtzman says.
But even if you do plan out your trip, business travel is going to cost you, says Mari Adam, a financial planner in Boca Raton, Fla. After a recent conference in Seattle, in which airfare, a hotel room and registration set her back more than $2,000, she says, “I probably won’t do that every month.” But, she added, meeting with business contacts and colleagues in similar situations made the trip worth it.”
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photo by pyronious
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