New businesses are born every day — in fact approximately 543,000 new businesses are started each month1. Regardless of industry, customer base or size, there are a few things all businesses need to do to get their ducks in a row before they can think of opening doors and turning a profit.
Here are some things to consider to get your new business started off on the right foot:
Business Plan
First and foremost you must create a business plan to serve as a roadmap for your company. A standard business plan should include a mission statement, executive summary, description of product/service offerings, target markets, marketing plan, industry and competitive analysis, financials and any other information pertinent to business operations.
Line of Credit
Almost all businesses require some line of credit to get operations up and running. Instead of cashing out your 401k or racking up credit card debt, meet with a lender at your local financial institution. The bank will need to review a copy of your business plan, personal financials and the company’s financials (if the business is existing but new-to-you) to ensure your venture is stable, has the ability to be successful and pay off the loan.
Business Insurance
Business insurance is one of the most important investments a business can make. Even though your budget may be tight, it’s important not to sacrifice quality for cost. The best place to begin is with an independent insurance agent who can shop for the best coverage that will be perfect for your new business. The most common policy for small businesses is a Business Owners Policy (BOP). BOPs protect property, business interruption and liability. They do not include professional liability, commercial auto, workers’ compensation or disability coverage.
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Cyber liability coverage
In our data-driven world, Cyber Liability protection is important. It’s not about if, but when a data breach will occur. Did you know 60 percent of small businesses will close within six months of a cyber-attack?2 It’s true. Opting not to add this coverage to your business owner’s policy puts you and your company at risk for being liable after a cyber-attack. This means you’re solely responsible for loss of business, data breach/leaks, communication with customers, an investigation, loss of information retrieval, legal fees (your customers could sue) and crisis management.
Find a local independent insurance agent to start protecting your small business today.
1 Forbes
2 U.S. House Small Business Subcommittee on Health and Technology
This article is for informational and suggestion purposes only. Implementing one or more of these suggestions does not guarantee coverage. If any policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. For full details on Integrity’s business insurance coverages and discounts, contact your local, independent Integrity insurance agent.