For some, the desire to start their own small business has an almost magnetic appeal. It’s an opportunity to be their own boss, control their destiny and do what they love for a living. Ask anyone, however, who has tried it, one should be prepared for the unexpected. Here are some things to consider before venturing into your own business.
Be Honest About What You Know….and what You Don’t Know.
Many who start their own business do so because they are good at something. That’s understandable. But the success of that business may be more greatly impacted by what they don’t know and plans for handling those deficiencies. What is known about payroll? Taxes? Legal requirements? Government regulations? Distribution? Marketing?
Do You Have Enough Funding?
One of the biggest reasons for small business failures is under-funding. As good as an idea or product may be or as well-executed as the concept is, under-funding can bring things to a halt quickly.
The Owner Gets Paid Last.
Can you sustain weeks or months without a steady paycheck? Get ready, because everybody else gets paid first. Owners are paid behind utilities, rent, material costs, employees, taxes and just about everything else you can think of. Oh, and be ready to work long hours for the privilege.
Don’t Overestimate the Support of Friends and Family.
Be careful about basing the initial success of your company on the help of family and friends.Not everyone will need, want or buy your product. You may not get the “free” labor you were counting on. Sure, many will be there to support you, but your business will need to go far beyond family and friends to succeed.
There will also be competitors, potential thieves and vandals and even bad weather than can slow your business. A liability lawsuit can stop it in its tracks. It is why you should include a small business insurance plan in the formation of your business. We can help, and it may be more affordable than you realize. Contact us today for your no cost, no obligation business insurance review and price quote. Take a business-like approach to your new business. We would appreciate the opportunity to help you protect that business now, and as it grows into the future.