Launching a new business is exciting. But there’s no shortage of tasks that new business owners typically take on. To make things a little easier, here is a list of the most important things to do before and just after opening a business.
Come up with a thorough business plan:
A business plan details the goals, strategies, the actions needed to make a business successful. An in-depth, flexible business plan is essential to launching a business successfully.
Know the business’s unique angle:
Every business needs to stand out from the competition, so having a unique angle is key. What does the business do or offer that’s different from the competition? Knowing what makes a business different can help owners focus on a specific target market and develop marketing strategies that work.
Decide what profitability looks like:
Profit is the bottom line of any business, so it’s important to know what success looks like before starting out. Business owners should consider questions like how long the company will take to become profitable and what the pricing model will look like.
Figure out the financials:
Similar to knowing what profitability looks like, business owners need to understand their overall finances. This includes understanding the overhead costs associated with running a business, such as rent and utilities, as well as direct costs like supplies.
Know the customer base:
Knowing who the customers are and what they want is essential to any successful business. Understanding their customer’s needs can help business owners create a successful brand and customer experience. Business owners may even want to spend time developing customer archetypes or personas to better understand the business’s demographic.
Figure out the mission:
A business mission statement is a clear, concise statement that captures the purpose of a business. It should explain why a business exists, what it does, and how it serves its customers.
Decide what to offer:
Narrowing down what services a business offers can be difficult, but owners should know where to draw the line. For example, maybe the business offers custom sugar cookies but doesn’t design cakes. Deciding exactly what the business offers can help owners focus on what they are good at and create a better customer experience.
Think about marketing:
A good marketing strategy can be essential to getting customers in the door. Owners should think about how they can reach their target market, what marketing channels they will use, and how they can stand out from the competition.
Get life insurance:
The right life insurance can provide a safety net for the business owner’s family if they were to pass away. Business owners may want to consider a permanent life insurance policy like whole life insurance. In addition to a lifetime death benefit, whole life insurance builds cash value over time, which business owners can borrow against for any reason. This can become a source of funding that business owners can use to cover unexpected costs or opportunities.
Get necessary documentation and licensing:
Depending on the type of business, owners may need certain licenses or permits. This can include things like obtaining a liquor license or passing an inspection with the health department. It’s important for owners to understand what documentation is required to comply with local laws.
Hire when needed:
Growing a business means knowing when to hire additional personnel. This could mean bringing on new staff to help with customer service, marketing, finance, and more.
Utilizing the cash value through policy loans, surrenders, or cash withdrawals will reduce the death benefit; and may necessitate greater outlay than anticipated and/or result in an unexpected taxable event.
Source: Northwestern Mutual
Contact: Don Klein, 1-800-323-7033
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