Colorado Springs Business Insurance: Start-Up Tips
According to the Small Business Administration (SBA), small businesses represent 97.6% of all employers in the state of Colorado. They reportedly employ nearly half of the private sector workforce, despite most companies having fewer than 20 employees. Better yet, the number of small operations opening up was much lower than the amount of those closing down, and self-employment is continuously on the rise.
If you are looking to initiate a start-up you’re probably wondering where to begin. Well, you’re in luck. We have compiled a few tips from successful entrepreneurs and small business advisors to help you get started in your new endeavor.
- Make a Plan. A strong Business Plan is crucial to any good organization. The most successful business plans stem from deep introspection and diligent research. Outlining your personal and professional goals (both short and long term) along with identifying your purpose, vision and mission statement can help you better explain what your brand will represent and what value you bring to the market.
- Make it legal. Hopefully your business activity is on the up-and-up, but we were referring to registering your business name and obtaining an Employer Identification Number. Making yourself aware of all local, state and federal business regulations can also be invaluable to the success of your enterprise. The last thing a start-up needs to face is legal or tax hurdles.
- Establish your rates. Making a profit is the fundamental reason for doing business, at least being able to support ones’ self is. Will you price hourly or by project or will you offer both options to clients? For your venture to succeed it is important not to undersell yourself or your services. When establishing your rates take industry standards, personal experience, education, and costs of operation into account. Negotiation can be a challenge, but set pricing standards can allow you and your client to work within a range of options.
- Keep a day job. Starting a business is challenging and time consuming, but it could be a while before you ever see a profit. Making your new undertaking an additional job can be good indicator of its potential for success. If you are able to commit to the project while you have other obligations, you will likely remain focused when your new business becomes your livelihood. It also keeps you financially secure should the business run into complications.
At Insurance Centers of America we have worked with numerous businesses across varied industries. Our agents specialize in working with small businesses to establish complete Colorado Springs Business Insurance coverage. We can assess your professional insurance needs to offer you the best General and specialized liability policies in Colorado, at the best prices. Call us today at (719) 528-5400 to speak with one of our insurance specialist.