Step 6: Apply for the Proper Permits
Next, you need to apply for the proper permits if you want to run a successful business. The exact type of permit you need to apply for will depend on the type of company you run. For example, if you run a bakery or a restaurant, you will need to get a food seller permit. If you want to sell alcohol, you may need to get a liquor license, but the exact type of alcohol license you need will depend on the state in which you operate. If you sell firearms, you will need to get a license to sell firearms. Take a look at the products and services you provide and make sure you apply for the right permits.
Step 7: Obtain Business Insurance
You need to get business insurance to make sure your company is adequately protected. Your business is one of your most valuable assets, and you need to protect it with the right insurance policy. There are several types of business insurance you may need to get. Some of them might be wrapped up in a single policy. Some of the insurance policies you should consider applying for include:
- General Liability Insurance: You need to make sure you have general liability insurance. This will protect your business in the event someone files a lawsuit against it. For example, if someone enters your business, slips, and falls, they could file a lawsuit against your company. General liability insurance might protect you in this case.
- Commercial Property Insurance: If your business owns property, you may need to get commercial property insurance. Commercial property insurance is like home insurance for your business. If something happens to the property, your commercial property insurance can protect you.
- Business Interruption Insurance: Business interruption insurance is important if your business has to cease operations for a certain amount of time. Then, business interruption insurance may replace the revenue that you lose as a result of the interruption. You should take a look at the details of your business interruption insurance policy to make sure you understand when it comes into play and when it does not.
- Commercial Vehicle Insurance: You should also consider getting commercial vehicle insurance. This is similar to the insurance policy you have on your personal vehicle. Commercial vehicle insurance is designed to protect your commercial vehicles in the event of an accident. Make sure it covers not only the property but also any medical bills stemming from the accident.
These are a few of the most common types of business insurance policies you may need to get. You may want to reach out to an insurance agent to make sure you aren't overlooking any important sources of insurance.
Step 8: Hire the Right Team
To place your business in a position to be successful, you need to hire the right team. There is a saying that it is difficult to find good help these days, but if you think carefully about who you want to work with, you hire the right people. A few factors you need to consider include:
- Your Suppliers: Your business will probably have suppliers. You need to find the right suppliers for your company. Ideally, you should find multiple suppliers who can handle different areas of your business. That way, if one supplier has an issue, your entire business operation doesn't grind to a halt.
- Your Staff: Think about how many staff members you need. Then, think about the qualifications you are looking for. What type of training should they have? What type of experience should they have? How much do you want to pay them? Do some market research to figure out what you will need to pay to be considered competitive for the right employees.
- Your Contractors and Partners: There is a good chance that you will also need to hire some independent contractors or partners. These are people who are not considered employees, but they are still important to your business. You should try to find contractors and partners who would complement your skill-set well. If you know what your weaknesses are, find people to cover for those weaknesses with the right skills.
Hiring the right team can help you increase your chances of launching a successful company.