Starting a business is considered a great leap of faith. Because it really is. Business is a gamble that a lot of people are betting on. The great thing is that before you even start the game, you already prepared the cards you’ll use on every battle stage. You gamble with a whole plan laid out, with the goal to achieve better returns.
They say that there are times when no matter how much you prepare for it, things can still go wrong. In business, we can agree that for most cases there are tons of disappointments first before you experience that one glorious moment. If you’re a business owner, you know exactly how it feels to be in that world.
If you’ve been thinking about the things that you wish you did differently, don’t worry. You are not the only one who has those ‘what-ifs.’ Good thing, it’s never too late to start those ‘could have beens’. To help you, here are five things that you might find yourself wanting to start now before diving into the business world.
1. Get a business insurance
There is so much advice and things in life that people often easily disregard. Just like how parents tell their children not to do something, yet more often than not, children still do things their way. The way they want to. Insurance is one of those. Its complexity and technicality leave people to believe that it’s better to not dive into it.
People who have been investing in insurance definitely have a different say about this. They’ll probably say that it is life-changing and brings a great sense of security. Most especially if you start young. If you’ve never thought about getting business insurance for your business, maybe it’s time that you consider one now.
Both life and non-life insurance have different types. Types that specifically cater to every need. If you’re starting your business soon, why don’t you familiarise yourself with business insurance? Look into it, and you just might find a plan that will fit your current business goals.
Some might think that it is too early to get one. But, there’s also a saying that starting early is better than never at all. Who knows? Maybe ensuring your commercial property or providing additional insurance benefits to your employees will be your saving grace. Most especially if an unforeseen dilemma occurs. Give it a chance and educate yourself.
2. Seek advice from experts and professionals
They say experience is the best teacher. How will you ever truly know the weight of a problem unless you go through it, right? But, learning from the steps taken by those who walked the same path before us is a great teacher as well. We can learn so much from advisers and professionals. Concerning point number 1, maybe seeking advice from an insurance broker would help you see insurance in a different light.
There are unlimited ways in how we can learn from great people. One of which is through the most convenient way. The internet. You can watch videos and tutorials of successful business owners. Or if you are able, maybe you can also join a tutorial or apply for online training. This way, you can also possibly earn a certification to add to your portfolio.
There are hundreds of great books that are available too. Copies that are written by those who have tried and failed and then tried and failed again. With their experiences, you get to expose yourself to possible risks that you might encounter in the future. It will help you keep an open mind and help you set realistic expectations.
Most aspiring business owners are not lucky enough to have people on their side to guide them. And that’s okay. Because you have yourself. You can help yourself be educated and create better strategies for your business. Maximise the purpose of the internet. A gold mine of ideas and procedures await for you to be discovered and to learn from.
3. Hire people who have the talents that you don’t have
Sometimes, it is hard for people to accept that they are not good at something. Or worse, in everything. It is often so hard for competitive people to accept that. Sadly, they feel intimidated when they meet someone who can do things better than them. But, the secret to a successful business is to work with people who can do things better than you.
Imagine, if you insist that you can do things on your own, even when you know you can’t, your business quality and operation will be compromised. But, if you hire people who can do the tasks that take you quite some time to finish, your business operation will prosper. Surely, this will lead to better business performance.
Work on the thought that hiring talented and smarter people than you is the secret to business success. Because it is. Aside from that, why don’t you also hire and work with other professionals? With an insurance broker per se. If you feel like learning the basics and musts of insurance is time-consuming, maybe hiring one is what you should do.
With the help of these people, you’ll be open to new and better ideas. Their talents and knowledge will help your business to develop better plans and strategies that’ll utilise your resources. Consider your employees and the people you work with as an asset. Invest in them and make sure to look for the ones that will drive your business more sales. Hire people who will take your business seriously and in a better light.
4. Criticise your business plan and develop better strategies from your criticism
Negativity is helpful and it motivates people to do better. After you’ve designed your business game plan, try to look at your work frame as an adviser. Try to pin out points that seem weak and need improvements. Draw alternative scenarios where your schemes might fail. From there, visualise what steps you need to take to make the worse better.
It’s great to be proud of your work. After all, you’ve worked hard for it. Since you’ve already worked hard enough, why don’t you give it all and work a little harder? By looking at your plans from the perspective of an outsider, it will help you see the good areas. Good things that can be done better.
If you tried this already and still feel like you’re good to go, try to ask for help from your friends and family. Ask for their honest opinion. And don’t take it personally. Instead, look at it as a tip for possible problems that might’ve occurred in the future. At least, your perspective is being open to coming up with better solutions for problems you thought are simple.
If you have an insurance broker or advisers, why don’t you take the opportunity to ask for their opinion as well? Since insurance brokers handle business insurance, they know for sure the lapses that most business owners often make. The same goes for professionals. They’ve been working long enough in the client-focused field, that they probably have so much to share. Maybe that one idea will be the game-changer and help you develop a killer framework.
5. Prepare and work on all of the documents and registration that your business needs
One of the most common excuses of people who don’t work on their business’ legal documentation needs is that ‘they are still trying it out.’ But the question is, how long will you test the waters? What if you suddenly find yourself sailing a successful ship? More often than not, this is when documentation problems arise.
Regardless if you are just starting out or just ‘want to see if it will work,’ don’t undermine the importance of legal documents. Aside from business security, it will also help build your market’s trust and confidence. When people know that they are to purchase from a secured and legitimated brand, the chances of them coming back are high.
This also applies to your potential employees and people you’d like to work with. Your business incorporation will assure them that they are to enter an agreement with the right business. It doesn’t matter if you are starting small. The important thing is that you are starting with a big, great, and right plan.
There’s no better way to attract potential customers and investors than a legalised and lawful business.
It’s not too late to start now and work on the things you wish you did earlier
Just like what they always say, it’s never too late. There are probably other things that are more important to your current goals that you wish to start now. If you’ve been having these thoughts lately, maybe this is your sign to work on them now.
Being a business owner is a big responsibility. But it is also a privilege that others can only dream of. It takes courage and talent to be in the business. Most especially if you are to start from scratch. Make the most out of this privilege and try to have as few regrets as much as you can.
Bianca Banda is a writer for Lewis Insurance, an insurance company located in Australia, offering wide financial services and management for both business and family matters through proven quality service, trusted support, and expert advice. She is a massive lover of Japanese cuisine and enjoys binge-watching comedies or variety shows