Tops Tips for Starting a Small Business

a small business owner

Use these tips to help you on the way of building your small business.

If you’ve always wanted to run your own business, you’re in good company. Many people today are taking the plunge and starting their own business in fields as diverse as health care, construction, entertainment, and agriculture. Now is a good time to start a business if you’ve been thinking about doing so. To get started, check out these top tips for starting your own company.

Conduct research

You should know exactly who your target market is, how to market towards them, and what the competition looks like. Consider finding a mentor in the industry that can advise you on common mistakes to avoid.

Write a business plan

Part of being a successful business is to have a business plan that covers getting your business off the ground and how you’re going to market and distribute your product. Keep in mind that every business plan should be flexible in order to adapt to changing conditions.

Develop a financial plan

Finances play a significant role in getting your business started. In fact, it’s one of the main reasons small businesses fail within the first year. Creating a financial plan will require asking specific questions like what the cost of your goods or services will be, what kind of money you will need up front, and how you can budget enough money to pay yourself and employees.

Make it official

Check with local and state authorities to ensure that you have the right requirements for starting a business. Making sure your business is legal to operate is a big part of business success.

Secure the right insurance

Having the right insurance coverage is crucial to ensure that you have protection in place should the worst happen. Your insurance needs will depend on the industry, size, location, and unique risks of your business.

Be sure you have the right insurance in hand to protect your business. Contact the professionals at Lloyd S. Berkett Insurance Agency for quality business insurance. We serve Los Angeles, CA and surrounding cities with reliable coverage.

Give us your questions, feedback and opinions on this topic.

Lloyd Berkett Insurance

11150 W. Olympic Blvd.
Suite 610
Los Angeles, CA 90064

(310) 857-5757
(800) BERKETT | 237-5388
Fax: (310) 857-5750

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The Lloyd S. Berkett Insurance Agency, Inc. was founded in 1946 by Lloyd S. Berkett. Regarded as one of Southern California’s most successful, well-respected and innovative independent insurance agencies, ... Read More

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