Insurance Services of Washington Blog
Very few businesses ever make that much profit during their first year. Most don’t make any profit at all. If you don’t know how to survive the first year, you can even close down. Thus, if you want to survive or if you want to make money, you should know these tips.
Protect Your Relationships
The first year of the business is all about establishing relationships with customers and business partners. It also means making a good image, and so it could also mean protecting your marriage. Make sure that you safeguard connections all along during the first year. People don't have to like you, but you should respect them all the way.
Expect Rainy Days
There's no such thing as beginner's luck. If you mess up, you really mess up bad. Thus, never think things, and people favor you because you're new. Never think you can get away with anything, and people would forgive you all the time. People and life treat everything all the same. Expect rainy days and expect the worst. Thus, make sure you're ready with your business insurance.
Don’t Get Too Excited About Profits
A business can knock you down big time during the first year. It can put you on trial and put your life and reputation at risk. Thus, the first year is basically a learning process. The only time you earn is when you’ve learned enough. If ever you make big money during the first year, don’t expect it to be just as good the following year. Your profit goes up only as much as you learn.
Never Think Like an Employee
If you're a start-up, the most difficult thing to consider is your own salary. Most business owners will work for free. Thus, you should have reserve money for your individual basic needs while the business is just starting. However, an essential thing for every business person is to be successful in the end. It's never your salary.
Have a Backup Parachute
Whatever happens, do have a fallback. However, make sure it's not something that will make you lazy and protected. Get out of your comfort zone if you want to succeed in business. If you want to protect your business, especially during the first year, you should develop and learn all the skills you need. That's the true parachute you'll ever need.
Some Last Words
Always ask yourself what happens if the plans don’t work out in your favor. Ask yourself what you would do in case the business fails, and you're working full time on it already. If you can’t even bear to hear the answers from yourself, don’t ever start a business. You won't survive it. However, if you dare to face the truth, then you got a chance. Also, if you don't have that much courage, let business insurance give you the boost you need.
At Insurance Services of Washington Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (425) 868-1123 or Click Here to request a free quote.