Don’t Forget These 3 Essentials When Starting Your New Business
You’ve just started a new business; congratulations! Beginning a new venture takes hard work and determination, and you should be proud of yourself for getting this far. This is an extremely exciting and hectic time, so you may forget some important things in the hustle and bustle of beginning your new venture. Before you officially open for business, check out this list of must-haves to get your new company off to the best possible start.
- Commercial Insurance
Once you nail down your specific business model and plan, the next step is to start looking for commercial insurance solutions. No matter what type of business you have, you’re going to need some form of insurance, so be sure to include this necessary expense when formulating your budget. For most business models, general liability insurance is going to be essential, and it will probably cover most of your insurance requirements. But, depending on your business type, you may need more specific policies such as business auto, workers comp, commercial property, or even data breach insurance. There are tons of options out there to prepare you for any eventuality. Your agent will be able to sit down with you and discuss the policy that best fits your business needs.
- Business Registration and Licenses
Now that you’ve started your business, you must register it with federal and state authorities. Once you’re official, you’ll receive an EIN (employer identification number), which identifies your unique business to the government, helps protect your company identity, and ensures you’re paying the proper taxes. This registration process varies depending on what type of company you own, but whatever you do, don’t skip this step; it’s essential you register your business so you don’t run into legal trouble later on.
Also, if you need to apply for federal, state, or local licenses, now is the time to do so. For example, if you are opening a restaurant, you may need a liquor license to sell alcohol legally in your establishment. Or, if you’re in a construction trade, you’re going to need a variety of licenses in order to complete your work. These licenses aren’t typically “one and done” like obtaining a business registration; you’re going to have to renew them every few years. Be sure to keep track of all expiration dates so you’re always adequately covered.
- Social Media Pages
A strong social media presence can make all the difference in how your business performs. In today’s digital age, it’s extremely likely that most of your clientele will be looking to social media for business updates, sales, and other important information. Be sure to create a business page on as many social media platforms as possible and post as frequently as you can–some business owners even hire a person to manage all of their business pages.
Customers are more likely to frequent a store with information about your business clearly listed, including store hours, accepted methods of payment, and a little background about your establishment. Also, be sure to add your business phone number and email address so your customers can reach you with questions, concerns, and feedback.
Engaging with your clients on social media also adds an element of humanity to your enterprise, as customers can send you messages and interact with “the face” behind the brand. Go live and showcase your products, host a giveaway, or make a donation to an organization in your community. If the public has direct access to you, and you respond in kind, your shared relationship will impress your customers and drive sales.
Starting your own business takes drive, determination, organization, and creativity. These are qualities that every business owner needs for success, so if you’ve made it this far, you have those qualities in spades. Just remember to be thorough and check off every box on your business to-do list, and you’ll delight customers and see profits in no time.
Customers are more likely to frequent a store with information about your business clearly listed, including store hours, accepted methods of payment, and a little background about your establishment. Also, be sure to add your business phone number and email address so your customers can reach you with questions, concerns, and feedback.