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Thinking about starting a small business this year? You are far from alone. The Small Business Administration estimates that over 600,000 new businesses are started each year. While some of these are well-funded and are launched rapidly, most need to be nurtured with growth fueling growth.
Nurturing a business takes patience and a plan. Here are some aspects to consider if starting a business is in your future.
The Importance of Marketing
Marketing is critical in a start-up and one has to be careful about spending too little or spending too much on marketing and advertising. Look at your low-cost and no-cost options, always be selling, and keep your marketing budget between .05 and 1.5% of gross revenues.
Like a seedling needs a balance of sunshine, food, and water, a small business needs the appropriate amount of effort, advertising, and funding. When any area falls short, a business will suffer.
While enthusiasm for your new enterprise is understandable and even desirable, expectations need to be realistic. Keep goals reachable and achievable and monitor progress closely.
Separate Yourself from the Competition
What makes you unique? Are you better, faster, or friendlier? Are you more affordable, more accessible, or are your products or services better?
Find your unique selling proposition and promote it.
Protect Your Business
Like a small plant, a fledgling business needs to be protected. It needs to be guarded from too much debt, competitors, and from liability claims and losses. While business insurance won’t help you with competitors or debt, it can protect you from liability claims resulting from slip and falls or damage caused by employees, as well as losses due to theft, vandalism, and natural disasters.
We would appreciate the opportunity to show you how affordable business insurance can be. Contact us to discuss your business and your risks. Don’t let an unfortunate, uninsured event stop your business in its tracks. Contact us today for your no-obligation price quote. Protect your business and reach out to us today.