5 Things to Do Before Starting a Business

Written By Charlotte Insurance on March 5, 2020. It has 0 comments.

a man thinking about the things he needs to do before he starts his business

You’ve dreamed about it for so long that it doesn’t feel real, but you’re finally ready to start your own business. You’re going to work for yourself, be your own boss, and make money doing what you love to do. Starting a business is easier than it’s ever been, but that doesn’t mean it’s simple.

Before you strike out on your own, set yourself up for long-term success and do these 5 things.

Create a Business Plan

What kind of business are you starting? What materials, equipment, inventory, and/or tools do you need to do your business? How much do those cost? What’s your personal budget, and how much do you need to make to turn a profit or live off your income? A business plan answers all of these questions and more. It helps you determine your course of action for today and into the future.

Know Your Purpose and Your Niche

No matter what kind of business you start, you need to know who you want to serve and what your business is. Are you a graphic designer or an artisan contractor? Who is your ideal customer? What industry will you focus on? Will you offer a service in other people’s homes or businesses? Where does your ideal customer live and what problem are you solving for them? Knowing this information helps you focus your efforts and your marketing message.

Develop a Marketing Strategy

Starting a new business is exciting, but it’s also tough. You have to get people to pay attention to you long enough so you can tell them how you can help them. Figuring out your message happens once you know your purpose and your niche. After that, you need to choose what methods you’ll use. Will you use Facebook and Instagram? Networking events in your local area? Both? Having this in place before you begin makes it easier to promote yourself and your business.

Build a Team

When you work for yourself, you have to wear a lot of hats. But part of building and growing a successful solo business is knowing what you do well and what you don’t. If math and numbers aren’t your strong suit, look for a professional or a great tool to help with accounting. If you’re confused by marketing, you might want to find a freelancer who can help. Sometimes you can barter skills with other self-employed professionals for a service you both need. Sometimes you just need to find the right online tools to help you get the job done. Doing this before you start your business gives you more time to focus on the work you want to be doing.

Protect Your New Business From Day One

Business insurance probably sounds like something only established or large businesses need. Actually self-employed people need insurance as much, if not more, than any other type of business. If something goes wrong, and you’re liable for damage or injury, how will you pay for it? What if a storm or fire damages your supplies and equipment? Can you afford to buy all new equipment and materials? Insurance for self-employed people is less expensive than other business insurance, and it’s there when you need it most.

As you venture out on your own, ready to make your business dreams come true, protect yourself and your business from day one with the right insurance coverage. Contact Charlotte Insurance today to learn more about CoverSmart — insurance made for businesses just like yours.

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