Are You Prepared? Going Into Business On Your Own

Are You Prepared? Going Into Business On Your Own

There are benefits to starting your own business. There is more independence and you are in more control of your success. If you have a solid business plan and ample financing, you should be off to a good start. But are you prepared for what may lie ahead?

Long Hours

Setting your own hours sounds great, until you recognize there aren’t enough hours in the day. Running a business is a full-time job…and then some.

Missed Paychecks

Most business owners have had to forego paychecks so employees could get paid, inventory purchased or to keep the lights turned on.

Different Rules

As a self-employed business owner, you will be treated by different rules, especially by banks and lenders. Getting funding can be more challenging. You may have to put up personal assets for collateral. Even your personal financing may get treated differently.

You Need to Become Your Own Cheerleader

Even if you have the support of your spouse, family and friends, you will still need to be your own cheerleader. Self-motivation and eliminating negative self-talk is crucial. There will be times when it feels like it is you against the world.

You’ll Need to Say No

Once you are in business, you will be asked for more cash or merchandise donations than you can imagine. You will be offered space in the local high school football program and asked to advertise in yearbooks. Pick and choose wisely. Don’t confuse advertising and marketing with what is essentially a donation.

Weekends? Holidays? Vacations?

Remember having weekends and even holidays off? Remember taking a week or two to go on vacation? They could become a thing of the past, at least for a while.

Know Your Desired Outcome

Do you want your business to help you build wealth or simply provide a solid income? Do you want to eventually leave it for a family member or is it something you just want to try? Do you potentially want to sell it or leave it to employees? Knowing your desired outcome when you start a business can help you maintain focus.

Protect your enterprise with business insurance from one of our independent business insurance professionals. From small, at-home businesses to well-financed start-ups, we can help you get the protection you deserve. Many of our customers are surprised at just how affordable coverage can be. Contact us today to discuss your business and to get a no-obligation quote. Don’t say no…until you know.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

The First Airports and Early Air Travel

If You Think Air Travel Is a Challenge Today…

What Did You Do For Your First Job?

First Work Experiences Can Teach Us Quite a Bit

Life’s Life Insurance Reminders

Events That Can Remind Us to Check Our Life Insurance

Five Things to Know About That New Car Before You Buy It

Sure you want your next car to be affordable, reliable and to look good. But here’s what else you should be concerned about.

7 Definitions to Know Before Buying Home Insurance

Home Insurance Doesn’t Have to be Confusing

Things You May Not Realize You Can Do In Michigan

There’s More to Michigan Than Meets the Eye

Nurturing Your Small Business

Taking Steps to Ensure the Future of Your Young Company

What Do You Do With Your Spare Time?

Do You Find Yourself Doing the Same Things?

The Art of the Car: Famous Car Designers You Likely Never Heard of

The Unknown Names Behind Some of the World’s Great Car Designs

Why Paying Home Insurance with Your Tax and Mortgage Payment May Not Be a Good Idea

How Much Is Convenience Costing You