Creating a business plan is one of the best things you can do when starting a business. Although it may seem irrelevant to some, business pans help clarify your ideas and objectives for future success. The best way to tackle a business plan is to complete it by sections.
Here is a quick breakdown - download the document for an in-depth explanation of each section:
1. Executive Summary - Highlight the main points of your business plan so busy investors can find what they are looking for.
2. Business Details - An outline of the basic operating details of your business.
3. Business Description - Describe the background and vision of your business.
4. Business Aims - Goals are essential to success. Make sure you have SMART goals you can assess regularly.
5. Legal Obligations -Licenses and INSURANCE. Talk to an insurance broker about your business as soon as possible, chances are they will have insight and access to resources that can help you.
6. Market Research - It is important to understand the market you will be competing in. There are many external factors to take into consideration.
7. Sales and Marketing - Sales are essential to the success of any business. You will want to make sure this section is well thought out before you open up your business.
8. Financials - If you plan on attracting any investors you will need to make sure this section is spotless. Not only do you need to make sure your business is economically viable, but you need to make sure you have enough resources to make it through the start-up stages.
9. Human Resources - This section will help you understand what staffing resources are needed to operate your business on a day-to-day basis.
10. Have Fun - Although creating a business plan can seem like an overwhelming task it is important to have fun with it. Ultimately the success of your business will depend on how prepared you are to take on the entrepreneurial journey.
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Insurance? It might be the last thing on your mind when you are starting a business but it might be one of the most important. Working with an Insurance broker can be a mini risk analysis for your business, even if you don't purchase all the insurance they can offer you. Although there are many different types of insurance here is a breakdown of common coverage's for today's startups:
1. Property Insurance: Coverage for building and contents. Even if a business is renting or doesn't have an office space, chances are they have some valuables to be insured. *Consult an insurance broker about coverage as wordings and coverage may vary
2.General Liability Insurance: Coverage for claims occurring as a result of bodily injury, personal injury and property damage. *Consult an insurance broker about coverage as wordings and coverage may vary
3 Error and Omissions Insurance: Coverage for allegations against a business resulting from an act, error or omission in services rendered. This is common for anyone engaging in contractual work. *Consult an insurance broker about coverage as wordings and coverage may vary
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The Base Team
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