Since the pandemic started, the creation of small businesses has been at an all-time high in the United States. Whether due to losing jobs during the pandemic, or meeting new and rising consumer demands, more and more Americans are taking a chance on entrepreneurship.
In fact, according to Salesforce, many economists say that the combination of new technology, staying at home, and extra time helped launch many new businesses. Per the Census Bureau, more than 4.4 million new businesses were created in the U.S. during 2020, accounting for the highest total on record.
Coterie Insurance is providing some small business tips to help new business owners build resiliency and secure their business.
- Secure your investment in your business. The unexpected is always, well unexpected. Don’t get caught off guard – get the right insurance to protect yourself and your business. Whether it’s for your property, building, reputation or advice, Coterie Insurance has you covered with our tailored small business coverages. However, with 75% of small businesses either underinsured or not insured at all, it’s clear that many small business owners are not securing their dream.
- Get your finances in order. First and foremost, manage your cash flow. Whether securing funding or building your financial literacy, you have to understand where and when money is coming in and going out – even before you start.
- Pick a business structure. There are various incorporation structures and each one changes operations, taxes and even your personal liability. You need to balance legal and financial considerations in this important consideration. If you’re stumped, it’s best to consult an accountant or lawyer who can help advise you.
- Understand license and government regulations. It’s critical you understand what regulations and laws govern operating a small business in your area. You’ll also be subject to laws and regulations governing your industry. Consider investing time and money to consult with a lawyer to save you from both expense and legal trouble down the road.
- Choose the right software. When you start out, you’re likely looking to save money where you can. Choosing software that can automate time-sucking tasks can help you improve efficiency. Consider accounting software, email marketing software, project management software and a website builder or ecommerce platform to save you time and potential headache.
There’s a long list checklist of considerations and to-dos that goes into running a business. Take your time to get things right in the beginning, so you can help ensure your business’s future success. We hope these small business tips help.
Searching for an agent to help guide you through the insurance process? Coterie Insurance can help.