Have you been thinking about starting a business for a while? Feeling the call of becoming en entrepreneur? Has the Covid situation made you realize that you want to start working on your goal of being your own boss? We encourage you to do so. Entrepreneurship is a beautiful adventure full of personal satisfaction that can bring you additional income.
At TermLite, we believe that good preparation is the key to business success. Here is our article to help you become a successful entrepreneur.
This part is probably the most important of the first steps. It's about the vision of your business - what you want to achieve and about the quality of life you want to have. The entrepreneurial journey begins with a single idea.
So ask yourself the right questions:
- Why this idea and not another?
- Do I have all the skills for this entrepreneurial project? If not, who can help?
- What quality of life will this business bring me?
- How much time am I willing to invest per week in this business?
- Will I need employees?
Training as an entrepreneur is another pillar of a successful business: accounting, fundraising and financing, or negotiation. Being an entrepreneur means developing many facets to meet different tasks. Because in the beginning, you will do a lot by yourself.
Loneliness is the great evil of the entrepreneur. To keep the faith and continue believing in your project, we advise you to do this little personal development exercise: a vision board.
Here's how to make a vision board that will give you the same motivation for your business as on day one:
- Find four pictures of things you want to be or have in a few years.
- Cut out a picture of yourself smiling.
- Glue on a white sheet of paper in landscape format the picture of you in the middle.
- Glue the other pictures around your image.
- Post your visualization board in your office so you will always see it.
This visualization board corresponds to both your goals and your "why."
It will give you the energy you need to get back to work on those days when discouraged.
We told you above that an entrepreneur often need to educate himself on the importance of financing. Money should be part of your business plan.
Money is a crucial facet of any plan when starting a business:
- What funds will you need?
- What are the possible sources of financing?
- What budget do you have to start your business?
- What government assistance is available?
- Will you need to borrow money?
The more questions you ask yourself about the financial aspects of your business, the more likely your business will remain viable.
Asking yourself many questions will undoubtedly prevent problems. But there is no guarantee of a problem-free start-up. The sudden loss of an employee, another pandemic, financing problems are just some of the things that can go wrong when starting your business.
So do you feel truly prepared for the unexpected? With a life insurance plan, you could be.
It is common for companies to offer group life insurance to their employees. But, as a self-employed worker, you have to go it alone and cannot count on this solution. That's why we created TermLite, a term life insurance product that allows entrepreneurs to get covered at a lower cost.
If you think that life insurance is not helpful, and represents an unnecessary expense, know that the financial consequences would be much heavier without a plan in place. The death of the business owner or partner could significantly affect the company's finances (performance and profitability) and the possibility of obtaining credit from a bank.
If something were to happen to you, would you want someone close to you to take over the management of your business? It’s a good idea to provide a financial backup plan to keep the company's finances afloat.
That’s why we have created TermLite, an affordable term life insurance solution starting at $1 per day. You could have peace of mind that you won't have to worry about borrowing money for the next 10, 20, 30 or even 100 years. Whatever happens to you, TermLite is there to support your business and keep it going.
Please fill out the short form to get a free quote, and our friendly advisor will contact you shortly.
Written by Diane Taes