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Luzerne County Business Insurance: Starting a Small Business

Luzerne County Business Insurance: Starting a Small Business

Pennsylvania Business Insurance: Starting a Small Business

Do you know the necessary steps to take when venturing into the world of the self-employed? There are many factors to consider, from where your business should be located to ensuring you have the proper Luzerne County, PA business insurance coverage. But first, you simply have to get started. We’ve compiled tips that may help you get on the right track.

Know why you want to start a business. It’s important to be passionate and driven about the product or service you are selling. A new business shouldn’t be a result of job search fatigue.

Determine your business type. It’s important to know who your competition is, and why or why not they are successful. You can only determine this if you know what business category you fall under.

Create a business plan. This will help you to prepare, manage, and direct your business. You can find guidelines for this document at SBA.gov. It does not have to be too detailed, but does need to cover what you offer, who you’re targeting, how much you’ll charge, and what you’ll do to make it happen.

Know your target market. It’s important to be specific. For example, trying to reach “18-24 year old women who attend college in Pennsylvania” will be more effective than trying to target than “young women on the East coast.”

Work the numbers. You will need to consider your costs, but you must also generate a profit. Ask yourself what you are looking to make annually, and how that breaks down monthly and weekly. Look at your entire first year and have money on reserve, so that you don’t unexpectedly run out.

Be resourceful. It’s tempting to want the latest technology or appliances for your business, but it’s important cost effective. If you were starting a cupcake business for example, instead of renting a fancy commercial kitchen, you could consider using a cheap church community kitchen.

Be proactive. Who are the people most likely to either buy from you or send you good referrals? Contact them by phone, let them know about your new business, and set up a lunch or coffee meeting to get their feedback. Ask these people for referrals to people who could benefit from your product or service.

At Dryfoos, we’ll evaluate your specific operations, exposures, and tailor the coverages to fit your exact needs. We’ll listen to your concerns and develop a plan that is right for you and your business. Contact us today. We look forward to hearing from you.

Sources:

http://abcnews.go.com/Business/tips-starting-small-business/story?id=14447409

http://www.sba.gov/community/blogs/starting-business-learn-how-easily-create-your-business-plan

 

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