Are you wondering if you have what it takes to build a successful small business? You’re not alone. There are 30.2 million small businesses in the U.S. If you’re thinking of joining them, having the right combination of passion, planning, and capital can turn your dream into reality. Before you jump in, here are five questions you need to ask.
1. What is the best small business to start?
Following market demand can help to ensure business profitability but it isn’t the most important factor. According to the Bureau of Labor Statistics, home health care services is the fastest growing industry. If healthcare isn’t for you, find out what drives you to get the edge you need to find success as a small business owner. Having energy and passion for your product or service keeps customers coming back for more. It also drives your energy during the long and stressful hours of the start-up phase.
2. How much startup capital do I need?
No matter how small your company, you’ll need funds to support your operations. Costs for market research, advertising, training, vendors, and professional services can add up. The U.S. Small Business Administration reports many companies only need $3,000 to get off the ground. Reaching out to traditional banks or crowdfunding platforms might be your best option if you don’t have significant savings to fund your new small business on your own.
3. Do I need business insurance?
Knowing what tools, equipment, materials, and technology you need to run your business is simple. Figuring out what type of insurance you need for your small business? That isn’t as straightforward. It depends on the business you own, your business structure, and whether you hire others to work for you. At the very least, most businesses require general liability and property insurance. If you add employees, adding workers’ compensation insurances becomes a necessity, too.
Going into business yourself can feel risky. It helps to remember that not everyone gets it right on their first try. Whether you find success or miss the mark, it’s an experience you’ll never forget. The team at Complete Tax and Notary Services can help you build a firm foundation. Contact us for advanced planning and attention to detail to help lead your business to success.