Becoming a new business owner can be both stressful and rewarding. It is ultimately a 24-hour job that takes up most of your weekdays and weekend hours, with the added pressure of knowing whether the choices you’re making are the right ones. You will be faced with a wide range of challenges every single day, but starting off small with a very gradual expansion is the key to financial security and long-term success.
If you are thinking about setting up your own business but are unsure what it may entail or how to get your foot off the ground, here is some useful advice to take into account.
Invest in adequate insurance
Upon setting up your business, one of the fundamental tasks on your to-do list is taking out insurance to ensure you’re fully protected against any legal issues or risks. Small business insurance costs will typically depend on whether you deal with machinery for the protection of employees, which will be highly likely in industries such as manufacturing. The average cost of insurance for small business from Hiscox starts at just £105 each year and will give you the protection needed to keep your business afloat.Continue Reading