Insurances and funding are the fundamentals of most new businesses. General liability insurance is necessary for most types of businesses, as well as additional insurances, depending on the type of new business you want to start.
County, city, state, and federal government all have different requirements for the types of insurances for specific businesses. They wont' license your local real estate business unless you complete certain requirements.
Also research to find-out if you need any certifications, and if you're engaged in any sort of retail business, you'll need to register to pay sales tax in your state.
Unless you're a sole proprietor, you'll also need to obtain workman's compensation insurance, and make sure that any vehicles used for business have the correct auto insurance.
In terms of funding the start-up of your new business, it's likely that you will need more capital than you think you do.
Unless you still have steady income from another source, add to your funding account the amount it will take you to live comfortably for six months.
Most businesses do not see a profit until approximately the third year after start-up. Funding estimations need to include any advertising that you plan to use to market your new business as well.
But, I didn't consider a single one of these when I started my business. Know why? Because you'll learn as you go, and none of them are risking the 3 things entrepreneurs shouldn't risk: the cemetery, hospital, or jail.
Choose the opening date of your new business carefully, they say.
When you're opening in retail, it's very strategic to start on a holiday, as consumers naturally shop more during those time frames. On the other hand, other types of businesses are likely to benefit from starting on other dates, since people get distracted during the holidays, with their day to day home ownership task or renovations.
It's very important to know your market and your niche. Know the who, what, when, where, and why of your business, and prepare to share that information succinctly and effectively to potential clients/customers.
Understand how your business is different from other businesses, and understand how to communicate where your business fits in the scheme of your industry.
Or, whatever, think about your target customer and personas that you're helping, and then take your best guess. This will change after you launch anyway.
When planning all of the huge things that go along with starting a busy, it's easy to overlook details, especially if you're on a tight schedule.
Make sure that you make choices, not only about pricing, but how to digitally (or physically) communicate that price.
Take lots of notes and have lots of other people help you with all of the details. It's always a great idea to visit your local small business administration office.
Or, ignore most the details, and only take care of the most risky ones. You can't do it all alone, and you're going to need to attract the best talent to mitigate your risks.
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