The hardest part of launching a small business in Orlando is simply getting started. You will want to make sure that you have adequate insurance coverage on the things that matter, such as Building Owners Insurance, if applicable, or Worker’s Compensation. Before all that though, there are questions you should ask yourself about the business itself.
Most importantly, you should ask yourself, “Is this what I really want to do?” It’s imperative to do what you love. You should be passionate about the brand you are building and willing to dedicate as much time as possible to ensuring its success.
The next question you should ask is “Is my idea a marketable, bankable idea that fills a viable niche?” If your idea is too narrow, it may be hard to market. Think about your target audience. Are they easy-to-reach? Trying to reach too many people at once, and not dedicating yourself to a smaller market can work against you.
Are you qualified to take on this endeavor? It’s vital for you to become an expert about your brand or product, if you aren’t already. Your customers, employees, and any business partners you have will look to you for leadership and knowledge. Know everything about what you are trying to sell, including how it can help people.
Do you have a dedicated business, sales, and marketing plan? It’s not enough to just be good at what you do, or be an expert in your field. You need to know how to market your ideas, or at least have the resources to go to for help with developing a marketing plan. Consider the best way to reach your target. This may be with outdoor billboards, direct mail pieces, telemarketing, or social media marketing, just to name a few outlets.
The last question you should ask yourself is “Do I have the capital and cash reserves to get me through the first year?” Many small businesses, unfortunately, do not make it through the first year, because they simply run out of funds. This doesn’t have to be you! You should know how much you need per month for 12 months, and if you don’t have that saved, you should rethink launching just yet.
Call Newman Crane today at 877.874.4673. We will protect your business from potential property and liability losses, including providing Orlando Workers Compensation Insurance for on-the-job injuries and illnesses for your employees. We will help you put together a comprehensive yet affordable plan to give you all the coverage you need from one of the nation’s most respected insurance carriers. We look forward to hearing from you.