How To Set Your New Business Up For Success

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When you make the momentous decision to follow your dreams and start a business, your entrepreneurial spirit soars. While you can fly high in the clouds and think about your aspirations, in order to truly achieve your goals, you need to come back down to the ground and get your new business set up for success. Keep reading to learn more about how to make it happen.

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Always use the right building materials.

When you are ready to create your own brick-and-mortar workspace, you will need to find the best location. An area that is conducive to foot traffic, and that has easy access from the motorway or is in proximity to other businesses that your customers tend to frequent are all essential to the process.

Once you find the best location for your company, you will need to consider whether a new build is an appropriate course of action. Perhaps you have found a great location but a tear-down is better suited due to extensive problems with the building. A final option is to renovate and use the bones of a good building as the foundation to work from.

Whatever you and your licensed contractors and architects determine is the best path forward to creating your own workspace, you need to use the best materials for the project. That includes replacing or eschewing outdated building materials and utility works. Instead, opt for supplies, such as high-quality black pipe, that will effectively carry necessary energy sources, including natural gas.

Your construction team will work with you to ensure your new building is built with the latest materials and standards while adhering to the local building codes. Adopting compliance measures and using the best materials available means your building will be structurally sound and reliable for years to come.

Prioritize your company’s insurance needs.

One thing that you may overlook at the outset of planning your new business is the need for insurance. Insurance is not a one-size-fits-all solution. However, there are some insurance policies you must hold depending on the type of work you do and whether you have people in your employ. Other insurance policies may depend on where your business operates and what type of business you conduct. 

Always work with a licensed provider who is well-versed in the law and has a good track record of customer satisfaction. You want your business insurer to be competent, available, and approachable to ensure you have the best coverage for your business needs. Be sure to review your policies annually to determine if any modifications to the law will affect you or if you have had any changes in your workplace that need to be addressed with a different policy.

Here are some of the basic types of insurance policies your company may need. This list is not comprehensive and all-inclusive. Always check with your insurance provider for your business’s unique requirements.

  • Employer’s Liability Insurance is required by law as soon as you become an employer. This policy will cover an employee’s claims should they be injured while doing work for your business or become ill due to the nature of the business.
  • Professional Liability Insurance is necessary if clients and customers come onto your premises. This insurance policy is needed in case a claim is filed against your business due to a personal injury accident or property damage that occurs on your business’s property.
  • Professional Indemnity Insurance is important to have if you provide advice, offer informational services, or deal with a client’s intellectual property. This type of insurance can protect your business if your advice causes your client to suffer a financial loss.
  • Industry-Specific Insurance may be necessary depending on the type of business vertical you operate within. This is also applicable if you are a tradesperson or a freelancer operating as your own boss. 

Write a business plan.

At this stage, you might think you should already have a business plan, and you are right that you should. However, perhaps it is only writing on a notepad that is not comprehensively linked to any broad goals or timelines. That is okay. You have to start somewhere. A business plan is not set in stone. Instead, it operates as almost a living and breathing entity that needs to be addressed, revisited, and revised over time, especially as you expand the business.

When you have a clear idea of what you want to do with your business and the products or services you will sell or provide, it is time to hone your business plan. Take a lot of time to sit with the plan and do it right. Use your initial strategy as a template for a successful launch or as a cautionary tale, depending on how you have done so far based on your beginning intentions.

Ponder the following questions to determine your path forward.

  • How has your company been received by the public? 
  • Have you had the success you anticipated? 
  • How do the reviews reflect on your company? 
  • What are some things you can change, integrate, or upgrade to create something better?
  • What do your employees say about the current state of the business?
  • Are you meeting your sales goals?

Once you have honestly answered these questions, you can use the information to update or change the business plan as appropriate.

Watch this video to learn how to write a successful business plan.

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Even with an entrepreneurial spirit, starting a new business is not easy. It takes passion, tenacity, and hard work. It is not impossible, though. You can do it and achieve your goals of success if you find the best solutions, products, and service providers to help you get there. Always use the highest quality products available so you do not have to worry about re-accomplishing your efforts at a later date just because corners were cut to save money at the outset. Only work with reputable companies that have your best interests at heart. When you invest in your company by making good decisions it will pay off in success time and again.

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