"Impossible is just a word thrown around by small men who find it easier to live in the world they've been given than to explore the power they have to change it. Impossible is not a fact. It's an opinion. Impossible is potential. Impossible is temporary. Impossible is nothing."
You've got a dream that just won't die, so you start down the path of entrepreneurship. Along the way you meet your supporters and your detractors. At some point, the naysayers stir your first seeds of doubt:
- How do you know whether your idea will be successful or not?
- How can you make sure that wild leap doesn't land you into a pit of financial ruin?
- How do you overcome the obstacles before you?
While you can't guarantee a positive outcome, you can improve your chances of success by taking the time to prepare before embarking upon your journey. Our Small Business Insurance Series will walk you through each step. Today we'll discuss step one.
Step One – Analyze Your Idea
Before you quit your day job and sink your retirement funds into your new venture, take a step back and analyze your plan. Ask yourself the following questions:
- Is my idea new?
- Am I improving upon an old idea, or does my expertise bring value?
- What is the market saturation point? Do I have a lot of competition, or is there room for my idea in the marketplace?
- Do I have the right qualifications, or can I obtain the needed qualifications?
- Am I adequately funded? Can I survive the period of growth between starting up and obtaining my first few sales or clients?
- What is my support network, and are they on board with my plan?
- Do I have access to affordable insurance, and will I qualify for coverage?
This is a good time to listen carefully to your critics. While you don't want to let self-doubt derail your plans, they may have some valid points.
As you plan, you can utilize the objections of others to refine your idea. Each failure you have is teaching you something new and is an opportunity to redirect yourself towards the things that are possible.
Here's one story of a man who didn't let failure define his outcomes and refined his idea until he finally achieved his dream.
James Dyson: The Man Who Turned Failure into Success
Dyson is a household name. Many of us have a Dyson vacuum in our closet or know somebody who swears by their bagless vacuum. Today, Dyson is a $2 billion dollar company.
But James Dyson was not an overnight success. In fact, it took Dyson nearly 15 years to perfect his idea.
He said, "There are countless times an inventor can give up on an idea. By the time I made my 15th prototype, my third child was born. By 2,627, my wife and I were really counting our pennies. By 3,727, my wife was giving art lessons for some extra cash. There were tough times, but each failure brought me closer to solving the problem. It wasn't the final prototype that made the struggle worth it. The process bore the fruit. I just kept at it."
Why Small Business Insurance Can Be the Difference Between a Dream or a Nightmare
When you first put your product or service on the market, it can be tempting to cut corners to save costs. But one thing you don't want to neglect is your insurance coverage.
A single professional or product liability claim can cost thousands of dollars in legal bills and damages. Could you afford those bills and keep your dream alive?
Most entrepreneurs can't, and that's why it's essential to purchase general, professional, and product insurance. As you analyze your idea, investigate what types of insurance coverage you will need, and make sure that you meet the eligibility requirements for the insurance plan you want.
If you don't currently meet the requirements, ask yourself what changes or refinements to your idea need to be made so you can get the right insurance policy.
Where to Buy Small Business Insurance
At Insurance Canopy, we're focused on the needs of small businesses and entrepreneurs. Our policies are curated to provide small business owners with affordable and comprehensive coverage.
Search Insurance Canopy here.
Follow us for our next installment of the Small Business Insurance Series.
All insurance policies have conditions, limitations, and exclusions, please refer to the policy for exact coverages.