The Harsh Truths of Starting a Business
Posted on: January 17, 2017 by Signature Insurance Group
2017 just might be your year. If you’re ready to pull the trigger and start the business you’ve been waiting for, now is a great time. However, it takes more than hard work and dedication to be successful – and even then, you aren’t guaranteed success. So, what exactly does it take to start a successful business? Here are four harsh realities of doing so that often go overlooked. In addition to heeding this advice, protect your entire operation with a comprehensive and customized OC Business Insurance policy to mitigate risk and financial responsibility.
You need people.
You can’t do it all by yourself – even if you want to. The truth is, you need people to help sell, market, produce, manufacture, and manage your brand or product. All of the aspects, including accounting and website design, need experts. Be smart about building your business and bringing the right people on board.
You must know your customers.
Another common mistake is entrepreneurs thinking that because they have a genius idea (in their minds, at least), they automatically have a business that will thrive. But the problem is this: they don’t do any research to understand who would actually buy their products or services. They don’t bother to understand who their customer base is, explains Ramon Ray to Small Business Trends. If you don’t know your customer and what they want and need, your business is bound to eventually fail.
Profit isn’t guaranteed.
While this is probably the last thing anyone wants to hear, it’s the truth. Plan on spending more than your budget allows for gaining a foothold in your market. If not, financial ruin is likely to come next. Plan ahead and have a savings or the ability to take out a loan if necessary.
Less than 70% of business make it past year 2.
While this is a sobering statistic, it should only be fuel to your fire to succeed. Running a successful business is hard work, and takes a lot of planning, learning, and growing. Be sure to take the above-mentioned advice into consideration to ensure your success.
About Signature Insurance Group
At Signature Insurance Group, we write custom policies based on your business’ needs. We strive to provide the policies you need to be completely protected, from employment practices to property insurance, we’ve got you covered. For more information, contact our experts today at (855) 972- 9437.