Are you a potential entrepreneur considering venturing into starting up your own business? If so, it’s important that you start familiarizing yourself with information on how to succeed in the current business climate right now. Operating a small business requires you to possess the necessary skills to plan and manage the business efficiently and a vision that seeks to grow from nothing to something substantial after a period of time. Here are the top 5 things an entrepreneur needs to know before starting up a small business.
1. A perfect business plan is indispensable.
A business plan is the foundation of any successful company today. It serves to chart out the goals of the business as well as the possible ways of achieving them and acts as a blueprint that outlines the road to the future of any business. It’s also a necessity when seeking financial help to set up your business, hiring future employees, and keeping track on how you run your business once it’s operational.
In these tough economic times, it’s important that you carry out all necessary procedures to safeguard your business. Money may be tight but competition is rife, so you MUST keep all cards close to your chest to protect the company’s future.
There are various ways that you can keep your business secure and no we’re not talking about putting up CCTV or an iron gate. Yes, your business should have measures for physical security but today we’re discussing ways to keep your firm financially secure and here are 6 tips brought to you by the team at Real Business Rescue.
Given the stress of starting and running a business, it’s not surprising that small business owners often forget about some lesser-known types of insurance, or try to cut corners by foregoing the basics. Without the right insurance coverage, your business could lose a ton of money in an instant with nothing to back it up financially. Here are some areas small businesses almost always forget to insure.
1. Business Interruption Insurance: Because Disasters Wreck Your Bottom Line
Could your business survive a week or even a month of inactivity? Most can’t take that much lost revenue. Business interruption insurance protects you from losing money when your business cannot operate for a certain period of time.
If, for instance, your building was damaged, business interruption insurance would pay for areas including: Continue reading
This article was originally printed on LearnVest.com.
You’re free! Free to sleep in until 11 a.m., free to work while your adorable toddler plays at your feet, free to … keep really good records of all your expenses for your taxes.
We know. Not so fun. The reality is, being self-employed can be awesome for 11 months out of the year, and then come crashing down on your head in the form of lost receipts and unpaid estimated taxes in April. We want to save you from that sinking feeling. Read on for what every freelancer needs to know for your taxes.
As a new business owner or an entrepreneur who is just laying the groundwork for a passionate idea, it’s easy to get caught up in the building process and excitement that comes along with starting a new endeavor. There are business plans to write, products or services to develop, and a never ending string of fires to put out along the way. Often times important steps surrounding business insurance will get pushed to the side or forgotten about all together during this period of excitement which you definitely don’t want to have happen! Continue reading