You decided to follow your dream of starting your own business and now it’s time to put your plan into motion. As a new business owner, there are many things such as equipment and outside services that you should have in place prior to making your first sale.
The location of your business can play a huge role in acquiring customers. Make sure to select a place that’s visible from the road and that has plenty of parking. You should also pay attention to the interior to make certain that things like the electric and HVAC system are up to date. If they aren’t, they can end up costing you more money to operate and prevent you from using the latest technology.
You’ve invested all of your money to start your business, and because of this, it’s important to make sure to carry property insurance. Just remember to make sure to use a reputable insurance company and that the policy covers damage caused by fire and water.
But beware, insurance companies are in business to make money. And, even if you have the coverage in place they can still find ways to deny a claim. The good news is if this should happen to you, and you live in the San Diego area, let’s say, you can contact a bad faith insurance attorney San Diego to help you receive a fair settlement.
If you use vehicles for your business and have employees, you will also need to acquire auto and possibly healthcare insurance. If you perform services such as landscaping or contracting, you will need to have liability insurance as well.
Whether you run your business out of your home or a separate building, you need to have office furniture and equipment. This can include things like a printer, copier and fax, a phone system, a desk, a computer and a comfortable chair. You will also need a filing cabinet, a shredder and basic office supplies.
Most people who start a new business forget about the seemingly small details of ownership, that is, until it comes into play. Your company policy is one of these items that you need to have in writing ahead of time. It’s beneficial to you, your employees and your customers. If you sell products, decide what you want your return or refund policy to be and if you operate a service business, how long after invoicing does a late payment apply. If you have employees, a code of conduct, this way they know the rules from the start.
As a business owner, your focus needs to remain on growing the business. However, there are other services you will need in order to keep the operation functioning smoothly. An IT person is necessary in the event your computer goes down or acquires a virus, an accountant know the tax laws and can do your quarterly filings, and a plumber can keep your heating and cooling system working efficiently.
Getting the Word Out
Every new business needs to launch a successful marketing campaign to acquire new customers. Luckily, there are several ways to achieve this. Say, for instance, you opened up a landscaping business. You can print up business cards and distribute them at local businesses, you can acquire an email list of people that live within a 10-mile radius, or you can advertise on social media for little money.
Starting a business for the first time is both exciting and frightening. However, if you have a business plan, written company policies and a checklist of things you need to have completed prior to making the first sale, you’ll increase your odds of achieving success.