The internet has helped so many Florida entrepreneurs to start their own businesses. Launching a business that sells products or services requires little space and minimal capital investment: just you, a computer, a phone and a Florida commercial insurance policy, and you’re on your way! It sounds easy – but is it too easy?
The rate of business closures is high. How can you as a new entrepreneur avoid business failure?
Think through your plans for setting the world on fire. Is there a sustainable market for the product or service you intend to offer? Who are your competitors, and what will you offer that gives you the edge over the competition?
Are you prepared for the responsibility of running your own enterprise? Working in the corporate world with a regular paycheck and expensive resources at your command may have insulated you from the realities of small business life – unpredictable income, long hours, and thankless, tedious administrative chores.
Maintaining healthy cash flow is one of the keys to business sustainability. You must constantly monitor cash flow to avoid falling into debt.
For those going into business with a partner: are you and your business partner on the same page?
One of the main attractions of starting your own business is the ability to take control of your own destiny and profit directly from your own talent, enterprise, and hard work. Talk to your insurance agent about Florida commercial insurance to protect your new business from the consequences of business risks that could threaten business profits.