If you have experienced financial setbacks in the past, it’s natural to hesitate before starting your next venture. But it’s important to remember that you’re not alone. In fact, around 20 percent of small businesses don’t make it in their first year. This doesn’t mean you should give up, though; it just means that you should rally and do some research so that you can succeed this time around. Let’s take a look at a few things you should consider before getting back in the saddle, presented by ScoreNavigator.
LOOK FOR FUNDING SOURCES
The options for obtaining grants and funds may be limited for folks with past financial hardship, but if you know where to look, you can find help. For instance, there are numerous federal small business grants that you may be eligible for, along with some regional grants for burgeoning companies that you can take advantage of as you gather capital for your latest business opportunity.
If your business was impacted by COVID-19, there is plenty of assistance out there to help you get back on your feet. Whatever the reason for your financial hardship, there are opportunities open to you, and you should take advantage of them as a savvy business person and hardworking entrepreneur.
CONTINUE YOUR EDUCATION
You already have some experience in the business world; now, it’s time to build on that. By pursuing an online degree, you can gain vital insights into your field. That will allow you to avoid mistakes of the past and learn from them, which is the mark of every successful entrepreneur (not to mention a mature human being). Additionally, the flexibility of online programs allows you to keep working as you learn at your own pace.
INVEST IN BUSINESS SERVICES
Depending on what product or service you offer, there could be good ways to utilize business services from freelance professionals. This includes things like marketing, accounting, and design, along with other handy skills like administration. You can even hire a virtual office assistant if you would like all your paperwork to be done for you. Such services allow you to focus on the company itself and the innovations you are working on and not worry as much about the day-to-day.
Additionally, take a moment to ask yourself if you need to alter your business structure. For instance, a limited liability company can offer you certain legal protections, and an online formation service can help you get set up in moments.
GET BUSINESS INSURANCE
Business insurance protects your company in several ways. Here are just a few:
Your business could be sued. While an LLC protects your personal assets in the event of your business having a hardship, your company will still suffer if you come under scrutiny in a legal sense. Business insurance helps you navigate these situations.
You could be impacted by a natural disaster, like an earthquake, flood — or a pandemic!
It is a requirement in some business-related circumstances.
Remember, it’s better to be safe than sorry. Invest in business insurance to give yourself peace of mind for your latest business venture.
Getting back in the saddle after a setback is always difficult, but it can be done. You’ve already demonstrated your strength and resolve by taking a risk in the first place – something not many people do – so don’t give up! By using the tips and resources discussed above, you can start laying the foundation for a new beginning.