Category Archives: Starting a Small Business

Free Tools Every Startup Needs

Starting a business is a big decision and you probably already know that you’re going to need a lot of help as you seek to get funding, get customers and to a grow a sustainable business. And you need that help to be free. Thankfully, there are a lot of resources out there to help new startups.

So let’s look at a few free tools every startup needs.

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Run Your Business From Anywhere in the World

One of the biggest perks to running your own business is that you set the rules. You set hours and you set the pace. If you’re exploring what it takes to run your business remotely, yet still successfully, this blog and our upcoming webinar, can help you get started. So let’s look at what it takes to run your business from anywhere in the world.

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Start A New Business Or Just A Side Hustle?

You have an in-demand knowledge and a desire to work for yourself. But how do you know if you should quit everything and strike out on your own or indulge your entrepreneurial spirit with a side hustle? Ultimately, you’ll do what’s right for you but start by asking yourself these five questions.

Start A New Business Or Just A Side Hustle? Continue reading

Quick Guide to Starting Your Own Business

So you want to start your own business? Congratulations! But be warned; it’s easy to get overwhelmed getting started. Breathe. Take it slow. And use this quick guide to starting your own business to get you on your way to owning a real business.

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10 Tips For Making Your First Sale

So you’ve started a new business. Or maybe you’ve taken a job as a new salesperson. Congratulations! Now the work begins to make your first sale and start a pattern of success. So here are ten tips to help you make your first sale.

#1. Sell It Top Down

When selling something available at different price points, start with the most expensive option and why it’s the best at alleviating key pain points. If you sense hesitation, make your way to the next best option and so on. This educates customers so they feel better about laying down their money, but it also anchors them to a more expensive choice. Just don’t overwhelm them with options.

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5 Frightening Signs That You’re Going Out of Business

Every business goes through hard times. Sometimes the business recovers and is better for the struggle. But other times, the business fails, leaving employees without a job, and owners with debt and doubt about their future. Oftentimes however, there are signs that you’re going out of business, so let’s look at five of them so if they look familiar, you can take immediate corrective action and keep the doors open for business.

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  1. You see “out of stock” everywhere

If you go through your inventory and see many of your items “Out Of Stock,” it may be a sign that you’re going out of business. As an owner, you may not work with the financials every day, so when your CFO says you need more revenue to stock inventory to sell, you may not realize the extent of the problem until “Out of Stock”  turns into “Out of Business.”

  1. You drastically slash your prices

In a last-ditch effort to gain new customers, many businesses will slash their prices. But bills are paid with margins so reducing prices on goods and services, which are already low enough to warrant such drastic action, will only exacerbate the problem and expedite your path to bankruptcy. Continue reading

3 Tips to Buying the Right Small Business Insurance

By Hunter Hoffmann, Guest Contributor

Starting a small business is an exciting time.  You have the pride that comes with seeing your vision come to life when you officially open the doors, or launch your website, mixed with the nervousness of the unknown.  You’re putting yourself out there and it’s a risk – but you’re doing it, and only with great risk can you reap great rewards.

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You have your company registered, your shop and/or website is up and running and maybe you’ve even hired some new staff.  But, don’t forget to protect yourself, and your company, with the right insurance.  Here are 3 simple tips to getting the insurance you need for your small business without breaking the bank.

 

  1. First, make sure you’re protected. The lists of things that seem more pressing than insurance for a new small business owner is nearly endless.  I won’t even try to make it exciting – but it is necessary.  All it takes is one unhappy customer or partner and you could be facing a potential lawsuit – even if you didn’t do anything wrong.  Unless you’re willing to stake the future of  your business on what you’ve learned from watching Law & Order repeats, you’re going to need a lawyer and those are expensive if you don’t have insurance to provide you the legal representation you need.

 

  1. Get the insurance that’s right for you. Each business has very specific risks and should have insurance policies tailored to their needs.  Your wedding photography business is probably much lower risk than a company that offers skydiving on motorcycles or something else that’s inherently dangerous.  You should get protected, but only for the risks your company actually faces. Each small business is different and you can keep costs down by working with an insurer that understands that.

 

  1. You’re looking for a relationship. Hopefully you won’t need to file an insurance claim anytime soon, but when you do it’s important that you know who to reach out to and that they’re responsive.  Like with any relationship, this takes a bit of intuition.  Did you get the feeling that the company cared about you and really understood your business and the pressures you’re facing.  Did they respond to your questions quickly?  If the purchasing process didn’t leave you with the best feeling, imagine what it will be like if you have to file a claim.

 

Small businesses are the lifeblood of the economy and it’s only from people taking risks that the economy continues to develop and grow. These tips will help you get the right insurance for your business so you can worry about everything else and keep growing.

 

Hunter Hoffmann is Head of U.S. Communications at Hiscox Small Business Insurance and is responsible for media relations, social media, internal communications and executive messaging. Hunter lives in New York City with his wife and two sons – Walker and Otis. In his spare time, he moonlights as Chief Marketing Officer and deliveryman for Junior’s Fresh, a fresh baby and toddler food delivery service and pre-school meal provider in New York City founded by his wife, Michelle.