Did you know that a whopping 30 percent of businesses fail in their first two years? This shocking research from SBA also found that only 25 percent of businesses manage to operate for 15 years or more. If you are a new business owner and want to fall into this small successful bracket, you need to make sure you get your venture off to a good start. There are various common oversights for new businesses, and making sure to cover these bases is a surefire way to get your business off the ground.
Not Getting the Right Insurance
One major oversight for businesses is failing to get the correct insurance early on. If an incident happens which leads to a lawsuit, and you don’t have proper insurance in place, you could stand to lose a lot of money on court and lawyer fees. General liability insurance for small business ventures is essential, because it covers you for situations in which you, a member of staff, or a customer gets injured in your workplace. Having insurance also helps foster trust in clients, and when you purchase the plan you will get a certificate which details everything you are covered for. This gives legitimacy to your business and also lets people know you are serious.
Having an Incomplete Business Plan
You may have a great idea that you can’t wait to bring to the masses but, no matter how good it is, you need to take your time. Developing a strong and solid business plan is the key to a successful business, and a lot of the companies that fail do so because they don’t have this in order before they begin. The secret to a good business plan is to do a lot of detailed research of your industry before starting out, then determine the purpose of your plan and create a company profile. It would also help to employ an expert to peruse your plan before you set it into motion.
Failing to Develop an Internet Presence
The internet is the number one place for businesses to market themselves in 2019, with Americans spending more time online than on any other form of entertainment. Indeed, the average American spends 24 hours a week on the internet. This puts advertising on social media sites at a higher priority than on television or in magazines. Some businesses may fail to realize just how crucial it is to have a strong internet presence. This will mean that they don’t manage to get their brand out to as many people as possible. By making your page shareable on sites like Facebook, you increase your chances of building up a reputation early on.
Staring a new business is an undeniably exciting prospect, but don’t charge into your venture like a sprinter from the starting blocks. Take your time and consider all the important little details that could make or break your company in its first year. With careful planning, you could be one of the businesses that makes it.