What is the one element that your business can’t survive
without? Here’s a clue. Without effective implementation
of this one element, your business is sure to fail.
Is it a great business plan? Is it dynamite web copy that
sells? Is it super products and services for your niche
market? Or is it …?
And the million dollar answer is …
Drum roll please. Promotion! Your business can not
survive without promotion.
But, not just a little promoting here and there. I mean
consistent promotion. You should spend at least 80% of
your work time promoting your business.
I’m sure you are asking yourself what I mean by promoting
your business. Advertising and marketing your product or
service. Branding your business name. These are forms of
Now I’m sure you are asking yourself why you should spend
80% of your time promoting. Well, how do you expect
customers to find your product or service if you don’t
Just because you have a great product or service and
killer web copy doesn’t mean customers are going to come
running to your website to buy.
Oh! And did you realize that a customer sometimes has to
see your promotion up to seven times before they buy?
That’s why it is important that you get your message out
over and over again.
When you begin your own business it is important that you include business insurance in your start up plan. It is important that you protect your assets with insurance and there are many types to consider. You need protection from all types of possible losses. This can range from auto insurances, key man insurance, liability, and asset protection insurance. You may need all of the aforementioned or maybe just one or two of them but here we will give you a brief overview of each type so you can decide whether you need to check further into them.
If you have any automobiles that are drive by for work related trips it is important that you are properly insured. If you are involved in an automotive related accident having your vehicle insured can really protect your other assets. This is especially true if you are carrying enough coverage. My personal feeling is that businesses that have any assets at all should have a policy with an absolute minimum coverage of 300,000/100,000. This means that your insurance company will pay out a total of $100,000 per person involved in the accident with the most per accident being $300,000. This type of coverage will hopefully allow you to settle with all involved and keep them from coming after your other assets.
Key Man insurance is usually held on the person that is the biggest asset to the company, hence the name “key man.” This is a life insurance policy that if this person were to die you would receive money to help your company stay afloat while trying to find a replacement or liquidating the company. This money can cover everyday business expenses such as mortgage payments or help you keep your payroll running smoothly during this unfortunate transition period.