If you’re the proud owner of a new startup, you’re probably equal parts excited and terrified for the future. It’s often easier to focus on possible positive scenarios. However, you need to think about the negative ones, too.
Imagine you’re six months into your career as a business owner. You’ve celebrated by treating your employees to a hard-earned lunch. When they return to their desks, they discover that the building has been robbed. What would you do? All of your hard work could go right out the window as you’re suddenly in the middle of a crisis. However, if you’ve planned ahead, you’ll be able to handle situations like this – and others – if and when they occur.
You can probably see why it’s important to have a serious plan for your business. Consider adding the following items to your first year’s checklist:
Invest in insurance
If you’d like to avoid the fallout from a scenario like the one you just read, don’t panic. Business liability insurance acts as a financial buffer for accidental injury or damage.There are different types aimed at all sorts of businesses, no matter your purpose. Think of liability insurance for business as mandatory for new business owners. A small problem could turn into something much larger if you’re unprepared. Business liability insurance is designed to cover two risks to businesses. These are the legal costs of defending claims and the compensation that may need to be paid. If you end up having high costs, your business could be ruined without insurance.
There are plenty of pros to investing in business liability insurance. It’s especially important if you’re just starting out. Insurance will simply give you peace of mind and one less thing to worry about. For example, consider public liability insurance. If something happens to an employee due to negligence, you’ll be protected. Statutory liability insurance will help if you accidentally breach legislation. If you’re looking for a business liability insurance quote, all you need to do is conduct a little research. You’re sure to find business liability insurance NZ that’s tailored to your business. There are other types of insurance, too. If your business has to close for a period, for example, you may be able to recover lost income.
Join a business community
Running a business can be a seriously stressful activity. Joining a community full of people just like you can help immensely. You’ll have people to turn to when things get rough, and people who will know what to do when you encounter problems.
Figure out responsibilities
If you’ve started a business with others, it’s important to determine early on who’ll be doing what. Issues with delegation can cause serious problems long-term.
Focus on marketing and market research
It’s important to stay active on social media if you want to reach new customers or clients. To boost your success, you might like to host competitions. Followers could repost an ad of yours on their own profiles. You could then choose a winner after some time elapses. Create your own website with a simple, memorable name. Make sure to keep it updated whenever anything in your business changes.
You may also like to conduct market research. Even a simple poll in the form of an ad on Facebook or elsewhere could help. A tool like this can give you valuable information about your potential clients.
Purchasing liability insurance for small business or crafting your social media presence? Whatever you need to do, remember to focus on your checklist. Your first year will run much more smoothly if you’re well-prepared. Once you’ve made it through, rejoice! If you can conquer a year, you’re ready to succeed.
Maia Fletcher 