Major spending mistakes entrepreneurs make

Small costs can really add up, even when you think that they're helping your business.

When first starting out it can often seem that simple things like monthly subscriptions to various services will only serve to help your business, but the small costs can really begin to add up.

Here are 11 tips from top entrepreneurs that will give you a helping hand in avoiding spending mistakes.

1. Paying too much in account fees
Be wary of credit card processing fees as they can cut into your profits.

2. Hiring the wrong coach
Take your time to research your business coach's reputation and get the right fit for you.

3. Paying for services that charge monthly
Even a service with a cheap monthly rate can be a financial drain, it's better to afford a great employee that a number of rarely used services.

4. Spending too much on rent
A great office is nice to have but keep in mind how viable your rent will be long-term.

5. Paying unexpected legal expenses
Even simple legal questions can net you a huge invoice, speak to your lawyer and see if they can offer you a fee cap.

6. Hiring a PR firm right away
Let your work be your calling card instead of hiring an expensive PR firm right from the start.

7. Not keeping track of small subscription fees
Make a note of all your monthly outgoing expenses, no matter how small. This way you'll have a much better and more accurate idea of what you're spending.

8. Overspending
Did you check delivery fees and shipping costs against a number of other couriers? That's just one way to save yourself some hard earned cash. Remember not to spend money on things that you don't absolutely need, and know your budget numbers on a day to day basis, after all, numbers don't lie.

9. Having liberal hiring policies
You should always avoid unnecessarily inflating your employee headcount. There are a number of tasks that can be outsources or handled as shared responsibilities.

10. Signing endorsement contracts
Endorsement deals with celebrities or experts can often cost your business a lot of money but will offer little in return. It's more important to build awareness and market your product.

11. Overspending on mobile phones
Mobile phones can be expensive but your employees will most likely need them to interact with customers. Try and get a business plan for the whole company, if that's not an option, try to go with a cheaper prepaid plan to save money.

If you're looking to employ some new staff in 2016 why not take a look at our advice for avoiding some of the most common hiring mistakes right here on AOL Money.