To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they will turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. Building the right foundation from the beginning will help grow your business.
- Strong Business Plan – The plan should be concise about 20 to 30 pages should be appropriate and should include a brief two-page Executive Summary. You should be able to describe the basic premise of the business in three to five sentences. Also, Identify your target market and analyze your competition. Pinpoint your goals and have financial projections.
- Insurance – business insurance is an important investment for protecting your company and your assets. If you have a claim and you must pay out of pocket for this claim, your business may not survive. These are the types of insurance a small business should consider getting:
- General Liability Insurance helps protect your business from claims of bodily injury or property damage.
- Professional Liability Insurance covers claims related to mistakes in the professional services you provide. This coverage is also known as errors and omissions insurance or professional indemnity insurance.
- Accountant – You should hire an accountant for your small business when you need help with the collection, analysis, and reporting of financial information. Accountants can interpret your financial data to help you make better business decisions when it comes to your company’s money. Another reason to hire an accountant is for tax season is because accountants can save you money. The tax system is difficult, and it takes time and experience for someone to learn how it works.
- Lawyer – most small business owners only hire an attorney when confronted with a serious legal problem. However, legal help is a cost of doing business that often saves you money and helps your business in the long run. A lawyer can help make sure that your business opens and operates by federal, state, and local laws it can also help you establish a set of procedures that will limit your risk. Consider using LegalShield which has Small Business Plan that gives you access to a huge variety of legal services to help you rest easy knowing your business is protected.
- Mentor – having a business mentor will help you learn from their previous mistakes and successes. Your mentor does not need to have experience in your industry although it helps if they do so that you are maximizing your opportunities to leverage key relationships.