Are you a small business owner? Don’t know what steps to take next? No need to worry, we will help you by telling you some business advice with the top 5 things you need to be focused on if you want to achieve success with your new business, a lot of times in the business world small business can also be considered a new company or around 1-4 years in business, if you fall into any of these categories, this is the article for you.
One crucial step to take to be a successful small business is investing your money wisely and in order, what do I mean by when I say “in order”? Well let’s say you are a roofer or plumber, excellent and expensive tools could be significant but we don’t recommend buying those things first, what if you don’t have any clients that hire you and you bought those tools mainly for your business? It is safe to say that those tools will be in your shed without being used, a good thing we would recommend is to invest your money in advertising, this helps you build a list of clients that will call you every time they need you, you can spend on advertising in a lot of ways but one of the most common ways to get your small company known is by doing online investing, everyone that can afford a roofer or a plumber has a computer or at least a cellphone and chances are they are using it daily, you can find a lot of people interested in hiring you if you apply online advertising.
Tools are not the same as materials, in the previous example I used the word “tools” and not “materials” because the type of material you use is more important than the tool because it will be what your client will be using from now on, if you pay for it or your client pays for it, it is strongly recommended to pay a few hundred bucks more for a stronger and better quality material because if you purchase a bad one, it is more probable that the material busts or breaks and causes pretty big damage to the property or to someone and you end up having to pay a thousand dollar claim just because you tried to save a few bucks.
Another important step has to be to have enough experience in the type of work your business is focused on, this sounds obvious but you have no idea how many people make mistakes that end up causing thousands of dollars in lawsuits, and a lot of times these people have to pay out of pocket money for those lawsuits, the more experience you have in this type of work, the more comfortable you are to know how to approach specific problems you are being hired to solve, a recommendation a lot of carriers give out is to have around 6 years’ experience in this type of field.
Something that can be really helpful when trying to start your small business is to study the competition, some types of jobs don’t have a lot of game because there aren’t many people doing what you do, but if you are a plumber, roofer, handyman, there are thousands of people provide the same service that you provide, why is It essential to study the competition? Mainly because everyone likes to pay less for excellent service, if you do the steps before like provide useful materials and have a lot of experience you will have people calling you back numerous times to hire you for your services, and if you provide them with a relatively cheaper price than what is expected for your fantastic service, you can consider your business to be successful at twice the speed of what a typical company flourishes at.
Studying the competition is a very important step, even as something as simple as a simple phone call you have with a client can help you out a lot, first impressions are vital a lot of times, a first impression can be a phone call, if you sound smarter than most of the people your client spoke to for a quote, well the chances of you being hired will increase by a lot, and add on top of that the other things we mentioned before, that will be your loyal client.
One of the last and best steps you have to take in order to achieve small business success would be for you to be able to do the job you were hired for and feel safe know that if something were to happen and you were to get sued, you would have something there to protect you from those thousands of dollars because it is being paid for, well if you buy general liability insurance that can be possible, sometimes a lot of the reasons that you are being sued for is for pretty high damages to the client’s house or a medical bill to a third party, it is worth it because the price of insurance policy is minimal compared to how much you will be potentially sued by and end up having to pay so much money some people even get convinced to purchase insurance mainly for the peace of mind, they don’t have to worry about those claims every time they do a new job and if you get hired 3-6 times a week, it can get overwhelming. All of the successful companies have insurance because it is good to have a positive attitude, that will mean that you trust that you can be successful and the more successful you get, the higher the risk of having to pay one of those “thousands of dollars” claim, so good insurance is vital.
These five things if taken into consideration and with a little bit of time are necessary for the success of most small businesses. Our specialized agents can help you out if you have any questions, you can give us a call, we can even get you quick quotes if you were curious as to how much the insurance for your specific type of job where to be.