Have you ever considered starting your own business? It can be a daunting task and involves a lot of hard work! However, the rewards can be pretty great both emotionally and financially if you’re successful.
It’s essential to make sure you’re adequately prepared before you try to start your own business. We’ve got some important tips you need to know before you start trying to turn your dream into a reality:
- Do your market research.
- Put together a strong business plan.
- Get your finances organized.
- Have the right commercial insurance in place.
Having the right commercial insurance coverage will help provide you with financial protection. At Marathon Insurance, we’re here for all your Markham commercial insurance needs.
Do Your Market Research
With market research, you can get an idea ahead of time (before you spend or borrow a lot of money) how viable your business idea is. Market research involves learning about:
- Potential customers in your area. For example, you want to open a dog daycare. Market research can help you determine if there are a lot of dog owners in the area who could afford to use a dog daycare.
- Other businesses in your area. You don’t want to open your dog daycare in an area that already contains several similar companies.
Market research is a must to help you determine if your business idea is viable or not.
Put Together a Strong Business Plan
A good business plan is a roadmap on how you plan to organize, operate, and expand your business. A good business plan serves two primary purposes:
- It makes you walk you through the key elements of your business on paper, enabling you to think about potential roadblocks and how to avoid them or work around them before your business is up and running.
- It can help convince investors your business is worth investing in and that they are likely to recoup their investments.
Get Your Finances Organized
There are various reasons to start a business, but the primary goal of any business is usually to make money. To not only get your business started but make it a financial success, you’ll need to secure funding as well as make sure you’re financially literate.
Before you can get your business started, you’ll need to make sure you’ve got an idea of how much money you’ll need to keep yourself afloat for at least a few years. Do some research into what you’ll have to pay for things like inventory, equipment, office or storefront space, and staff. This may seem like a major hassle to take care of, but it’s important to make your projections as accurate as possible – otherwise, you can run into significant cash flow issues.
Once you’ve got an idea of how much money you’ll need, now you need to find a source for it! While you may have the personal resources to cover your first few years, you should be careful about spending all of your savings in case your business runs into trouble. Contact a bank or credit union you have a history with to see if they’ll be willing to give you a small business loan or line of credit. Once you have financing in place, be sure to open a business account and a business credit card, so you’re not mixing your business and personal finances.
Have The Right Commercial Insurance Coverage In Place
Another thing you need to do when starting your own business is to make sure you have the right Markham commercial insurance coverage in place. As with your personal insurance, the purpose of Markham commercial insurance coverage is to provide you with protection – but in this case, it’s for your business instead of for your home or car.
Several different types of Markham commercial insurance coverage are available, depending on the type of business you plan to run. An experienced insurance broker can explain the best types of commercial insurance coverage for your Markham business.
How can Marathon Insurance help me with Markham commercial insurance coverage?
At Marathon Insurance, we’re insurance brokers here for all your personal, commercial, and financial needs.
We sell several different kinds of commercial insurance coverage for your Markham business:
- Cybersecurity insurance. So much business happens online now, including credit card payments, e-commerce, and cloud-based storage data. With cybersecurity insurance, you have financial protection if sensitive customer information is breached.
- Errors and omissions insurance. Don’t let one mistake ruin your business. With errors and omissions insurance, you can protect your company from allegations of professional negligence.
- General liability insurance. No matter how carefully you plan, things can go wrong – whether that’s a customer getting injured in your store or you accidentally selling a faulty product. You can protect yourself from bankruptcy with commercial general liability insurance when something goes wrong.
- Small business insurance. This can cover a wide variety of insurance types, including comprehensive property, liability, and business interruption coverage. Make sure your small business is protected!
We can put together a customized Markham commercial insurance coverage package to ensure your business has all the financial protection it needs.
Starting Your Own Business Takes a Lot of Planning
It can take a lot of work to make a business a go – and that’s even before it’s up and running. These are four great things you need to keep in mind if you want to start your own business:
- Do market research to learn about potential customers and oversaturation risks.
- Make sure you have a strong business plan.
- Determine your potential business costs and loan sources.
- Don’t forget about Markham commercial insurance coverage.
At Marathon Insurance, we’re here for all of your Markham commercial insurance coverage needs. We’ll talk to you about the different kinds of Markham commercial insurance coverage available and put together a package that makes sure you have the coverage you need.
Contact Us To Learn More About Markham Commercial Insurance Coverage
Reach out to us today to learn more about Markham commercial insurance coverage. Give us a call at 877-943-6006 or contact us online.