Starting a new business is no easy feat. You’re taking the plunge into a dream and you need to make sure you do it right. There are a few essential things you’re going to need, such as the basics like a connection to high-speed internet, but there are also some other must-haves that you may not have thought of.
Have you done market research before deciding to go all-in on a new business? Have you found a niche no one is working in? Do you know why no one’s broken in yet?
You don’t have to be an established multinational organization to do market research before investing your savings in a business opportunity. Go online and use social media to get firsthand feedback from the people and audiences who could be your eventual customers. Use local community groups, LinkedIn, or professional networks – whatever makes the most sense for the business you want to start. Knowledge is a valuable asset for new business owners.
It is amazing how many businesses open up before they have a website, especially independent retail stores, bars, and restaurants that all absolutely need to have one. No one goes anywhere today without checking out the reviews and looking for more information online.
Whatever market you’re in, a website is your ticket to 24/7 accessibility, your sales and marketing workhorse, lead generator, and even your digital business card.
Business Interruption Insurance
Before you start a new venture, find out what kind of insurance you need. While you may be able to reduce fire risks by following strict safety protocols, you can’t stop forces of nature. Wherever you are in the world, floods, fire, and other natural disasters can threaten your business. That’s why you need business interruption insurance.
If you’re asking yourself what does business interruption insurance cover, know that it’s a safety net for the various costs of not being able to operate your business. Its one thing for insurance to cover the costs associated with fixing the physical damage to the building, equipment, or inventory; but as a business, if you stop operating you can’t pay your debts, salaries, and bills. An accident that interrupts your operations can put you out of business if you don’t have the right insurance.
Some other optional insurance coverages that you may want to consider include extended risk coverage and contingent business interruption insurance.
Extended Risk Coverage – This will extend your coverage beyond the period of restoration. Even when businesses are back operating, most of them are still not performing at 100%. It can time to recover customers and get your revenue back. Extended risk coverage will make up the difference in revenue for a time after restoration is complete.
Contingent Business Interruption Insurance – What if a fire or flood affects a supplier or a receiver? Even if there’s no damage to your property, losing a direct supplier or receiver can affect your operations and revenue. With CBI insurance, you can receive compensation to cover any of your losses and costs if a fire, flood, or natural disaster affects your business partners.
Make sure your enterprise starts with the right foot forward. There are a lot of things you need to get off the ground. As you put it all together, don’t forget about these 3 essentials.