All businesses are born from an idea or a dream, and either turned into grand success stories or epic failures. The things that most successful companies have in common is that they started with a plan. If you want to give your business a head start, here are five things every budding entrepreneur should consider when starting their own company.
Make a Plan
It doesn’t matter if you want to sell handmade crafts or build houses, a business plan is crucial for success. Sitting down and writing out all the steps needed, milestones you want to hit, and the resources that are required will give you a clear vision of what it will take to get your business up and running.
It’s All in the Name
Thanks to the internet becoming the most dominant form of not just marketing but everything, choosing the right name is more important than ever. Not only will it be how your customers get to know you and associate your brand, but it’s also how they will find you online. You want to make sure your name not only conveys your brand but is search engine friendly.
Location is Key
If your business will be in a brick and mortar store, location is everything. Make sure that you find a spot that is easily accessible for your target community and easy for you to create an identity within that community.
Network, Network, Network
Before you even turn the open sign on, you should start immersing yourself within your community. Meeting new businesses and other professionals will create valuable relationships that could lead to client referrals or ideas and strategies to help you along the way when you hit a rough patch. While face-to-face interaction is important, you may also be able to find networking groups online for business owners.
Now, for the not so glamorous part of entrepreneurship. Once your game plan is written down, the perfect location is picked, and you have some pivotal connections, you need to structure your business. Most businesses can be created instantly as a sole proprietorship by obtaining a federal tax id number and registering the DBA with your state. Some tax and legal liability may require using other forms of ownership such as an LLC or corporation. You should speak to a financial advisor to find out your best option. Also, if your idea needs to be trademarked, you should take the necessary steps as well.
Finally, the last thing you should do before you open your doors in is secure business liability insurance for Colorado businesses.
Business Liability Insurance Colorado Springs
Business liability insurance (also known as Commercial General Liability) protects a company’s assets and pays for financial responsibilities like medical costs if a customer gets hurt on your property or property damages or injuries caused by you or your employees. Business liability insurance also covers the expense of your legal defense and any settlement or award if you find yourself in a lawsuit. Typically these include compensatory damages, non-monetary losses suffered by the injured party, and punitive damages.
Business liability insurance may also provide protection for you against any liability as a tenant if you cause damage to a property that you rent, such as by fire or other covered loss.
Lastly, it can also cover claims of false or misleading advertising, including libel, slander, and copyright infringement.
How to Get Business Liability Insurance for Denver Colorado Residents
The cost of business liability insurance will depend on the type of business you run. Those with a higher perceived risk may pay higher rates than a company with relatively low risk. While rates may vary by carrier and business type, getting a quote online is easy. If you are ready to protect your business, start your online quote today. We will be happy to help you find the right business liability policy for your budding business.