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Investments to Think About When Starting Your Own Small Business
Starting a business, even a small one, is a huge undertaking. There are certain investments that it would be wise to consider when you make the jump from employer to owner.
General Liability Insurance
General Liability Insurance covers any costs incurred if something happens to you and you are not able to run your business for a certain period of time. It also covers damage your business may cause to another business’s property and may even pay your court costs if your business ends up being sued. General liability insurance will also protect you financially if your business’s products or services cause harm to someone else. This is a crucial type of insurance for any small business to have and an investment that you’d be wise to seriously consider making for your small business.
When preparing to start your small business, if you do not have access to the money you need for start-up, consider asking others to invest in your business. This could be anyone from former co-workers, teachers, friends or relatives; people who believe in you and the business you are working to launch. Often, getting individuals that know you to invest in your new business is easier than attempting to get a loan from a bank.
Worker’s Compensation Insurance
If you plan to hire employees for your business right away, a crucial investment is in worker’s compensation insurance. This protects your employees in the event they get sick or hurt as a direct result of their job. Without worker’s compensation insurance, the financial burden might fall on you if an employee gets sick or injured. An absence of worker’s comp insurance could leave you responsible for your employees’ medical bills and open you up to a possible lawsuit from them.
Social Media Marketer
In today’s world, social media is one of the leading forms of advertising for any small business, but especially a new one. It is very important for your business to have a social media presence in order to start building up your reputation as quickly as possible. If creating and running social media websites for your business isn’t for you, you might want to think about investing in a social media marketer. Depending on what you can afford you can either hire a firm or hire a freelancer to do your social media for you. Either way, you will want to think about making this very important investment in your business’s future.
If you need some quick cash to help start your small business and you can’t acquire it any other way, you may need to consider temporarily investing in a payday loan. They are easier to get than bank loans, although you generally have to pay them back quicker. Due to sometimes exorbitant interest rates, this type of loan may be a last resort for some, but is an option in an emergency if you have no other access to quick cash.
When starting a small business, there is much that needs to be done. Add the tips above to your “to-do” list to make sure that you’ve got all bases covered in order to give your new small business the best chance of success.
Author Bio: Dave Smith is a financial blogger with a passion for frugality. He believes it is very important to have your research done before making any decisions regarding life investments