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Counting the costs of going into a new business venture

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Code:20NC2017

Every serious businessman counts the costs before going into a business venture.  How do you know whether you have the capital needed to start a business?  Well, it depends on a few key things. First of all, are you embarking in a business where you have counted the risks and feel you can overcome the potential pitfalls?  Have you done your market research and found a profitable business that you can work towards confidently?  If you can answer those questions positively, then it really doesn’t matter whether you have a ton of money right now.  What you do need to do, though, is allocate your funds in the things that matter most.  This post will answer two questions important questions related to investing money in your business.

How important is commercial general liability insurance?

A famous Scandinavian athlete once crossed the Niagara Falls on a tight rope with no safety net underneath him.  All that stood between him and death was the tight rope and guide rails.  One wrong move could have sent him plummeting to his death.  Fortunately for him, he made it across in one piece.  In the business world you cannot presume to be so lucky that you can walk the tight rope of business risk and liability without a safety net.  Remember, if you fall without insurance, you don’t ever get back up.  Think about it. Do you really want to put your business’ future in that kind of danger?  That is how important commercial general liability insurance is.

How much should you spend on marketing?

If you don’t have a huge budget, don’t worry about spending a ton on your first marketing ventures.  Follow the guerilla marketing examples laid out by many a start-up company until you get on your feet. Gorilla tactics will help you advertise and market your business without spending much money on advertising until you have the chance to save up and build a marketing budget.