According to the Census Bureau’s Business Formation Statistics, new business formation reached an all-time high in 2021, with more than 5.3 million applications filed. If you’ve recently started a business, you may feel overwhelmed by long to-do lists as you work to get your small business off the ground.

Talk with the small business insurance experts at Heritage Agency in Hermann, Missouri, about how having appropriate insurance can help provide financial protection after an unexpected event.

Small Business 101

Here are some business basics that may help move you closer to your goals.

·       Before your small business starts generating revenue, set up a separate business bank account, so you don’t have to comingle personal and business funds.

·       Talk with a tax expert to understand which deductions may help reduce your organization’s tax bill. They can help you set up a system to set aside money for taxes and assist you with filing quarterly tax paperwork.

·       Keep careful financial records and back up your financial information in the cloud so you can access it quickly if necessary.

·       Get small business insurance as soon as possible. Basic coverage could help you handle liability claims that you may otherwise be responsible for managing with business funds.

Don’t Rush to Quit Your Day Job

Even if your small business is off to a great start, it may not be time to trade in your salary for full-time business owner status. Quitting your day job is a big step, and it may contribute to financial hardship, which could negatively affect the growth of your business.

Talk with a financial advisor with experience helping people who want to start a business. They can help you learn how to create financial stability for yourself, which could help increase your chances of success.

Create a Solid Marketing Plan

Many forms of social media marketing are free or cost very little. A marketing plan that can generate interest and sales requires research and strategy. Of course, it’s crucial to have a website as well.

If you have current customers, treat them well. Ask for feedback and use it to form your customer persona so you know who to target with your marketing efforts. Use customer feedback to improve your products or services or identify areas where you could clarify your marketing messages.

Get Small Business Insurance Today

The agents at Heritage Agency are ready to help meet your small business insurance needs. Contact us today to get a quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.