Starting a new business is an exciting and gratifying prospect for many people. Whether it’s building a promising a new app, setting up a catering company, or becoming a photographer, entrepreneurship can be incredibly rewarding. Here are some strategies for new business owners to keep in mind that can enable growth and productivity.
Hire the right employees
Core to any business is its employees. Entrepreneurs will want to hire skilled, knowledgeable employees. Small business owners who are still finding their footing will likely work closely with the employees they hire. So, it’s important to find people who have similar values and a growth mindset. Some applicants may not be well-suited to joining a small start-up, others may have a great attitude but may lack the necessary skill set. To hire successfully, business owners may need to create a list of skills or traits that they consider non-negotiable (for example, communication skills or knowledge of Excel). It may also help to decide where some flexibility is okay (some candidates may want to work remotely). Good talent can make or break a business, so it may be better to be slow and selective than to hire in a hurry.
Get the right insurance
Business owners will want to think about what kind of insurance they need. This will depend on the type of business and its specific needs, but common options include liability and property insurance, as well as life insurance. Often, business partners take out life insurance policies on each other. They typically also have a buy-sell agreement, which allows the surviving partner to buy the deceased partner’s shares in the business, with the death benefit from life insurance funding the purchase. A business owner might have more than one life insurance policy, including one that can provide their family with financial security if they pass away. A permanent life insurance policy like whole life insurance or universal life insurance comes with additional perks, like cash value. Business owners can use the cash value of their permanent life insurance for any reason, including to cover unexpected costs or take advantage of a business opportunity.
A benefit of hiring great talent is trusting them to do their best work. First-time business owners are sometimes guilty of spending too much time on smaller details that an employee could handle. Business owners may want to focus on the big picture instead, and delegate smaller, routine tasks to others.
Some entrepreneurs may not even realize how much time they are spending on certain tasks. It can be helpful to create a log to monitor daily personal productivity. Logging hours can help founders see where they’re spending most of their time so they can determine what they need to adjust.
The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries in Milwaukee, WI.
Source: Northwestern Mutual
Contact: Don Klein, 1-800-323-7033
Name: Don Klein
Job Title: Assistant Director Field and National Grassroots Public Relations
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