Building a Business: Tips to Kickstart Your Plan

Have you always dreamed of being your own boss? Are you ready to make that dream a reality? If you are disciplined, confident, organized, optimistic, realistic, and motivated, you’ve got key personality traits you’ll need to succeed. What you need next is capital, a solid concept, an enthusiastic support team, and a comprehensive Orlando Commercial Insurance Package. Here are a few tips to position yourself for success.

Create a Work Space

If you’re starting out, you’ll probably work from home at least initially. Setting up shop at the kitchen table may seem convenient, but avoid that temptation. To succeed, you’ll need a quiet, private space you can go to be free of distraction. In reality, this space may double as a spare bedroom, but set it up like you would set up an office and equip it with all the supplies and tools you’ll need.

Craft a Detailed Business Plan

According to data from the Harvard Business School, lack of a detailed and realistic business plan is a key reason why at least 40 percent of new businesses fail. You may be anxious to hit the ground running, but only do so after you’ve created a business plan with concrete data to guide you, keep you focused, attract investors, and eventually attract talented employees.

Find Funding

Every business needs capital. Depending on the scope of your business and your resources, you may seek find this capital through a small-business bank loan, withdrawing money from your personal savings or investments, borrowing from friends and relatives, or even using credit cards. Beware of the latter, as interest fees build up quickly. You want to start a new business to make money, not to get into debt.

Take Advantage of Helpful Resources

In the beginning, you’ll probably be a one-person operation. Fortunately, there are organizations willing to help you succeed. Visit the U.S. Small Business Administration website for a list of local resources for information and assistance. The Internal Revenue Service Tax Education Program also offers free accounting and recordkeeping assistance.

If you’re starting a new business, securing a comprehensive commercial insurance package should be one of your first priorities. We’re standing by to help you at Newman Crane & Associates Insurance. Our team has vast experience crafting plans for businesses of all sizes and types. Call us at (407) 859-3691 to get started on your plan!