Never leave yourself open to a major loss or legal claim without any protection. You should at least have liability insurance and a commercial property/business policy. The latter would include coverage for assets such as physical inventory and equipment as well as business interruption which will pay off if, for example, a fire or flood left your physical location inaccessible for a period of time.
Accounting and finance support
Paying for an accountant may seem like a luxury you can’t afford when starting a new business but it will prove to be beneficial. An accountant will help you accurately categorize and set up accounts as well as create an appropriate record-keeping system to help you track expenses. In the long term, this will avoid a frantic hunt for receipts, hours of frustration, and potentially missed deductions or worse, penalties, come tax time.
Unless you’re a trained lawyer, it is vital that you have someone who will investigate and explain the fine print and legal ramifications. Even if it’s a copyright issue, licensing or negotiating leases, there will be costly litigations if the matter is overlooked.
It may seem like there’s a number of ‘free’ methods to grow your business, attracting new customers and presenting products to your target market. Nevertheless, you still need a budget allocated for marketing. But the key is to develop a smart and discrete spending strategy tailored to the best avenues to help reach your clients. It would be useful to hire experienced marketing professionals on a contract basis to help build brand awareness.
Your sales strategy is a critical element of your business plan and you need to put most of your spending behind it. While infusing a sales culture throughout the business, it can’t take the place of an experienced sales person/team dedicated to all aspects of growing sales from generating leads, to prospecting, to closing the deal. This person or persons should be closely allied with the marketing effort as you can keep costs low at this stage by making compensation commission-based.