As a fellow business owner who started my business from scratch, I well understand how difficult you have it.  So as a help to you, I came up with the following tips for you which you may find of interest.

  • Forget about time off, a guaranteed paycheck, and having a life. You are a business owner!
  • Don’t hire anyone until you absolutely must. Employees are expensive!
  • When you do hire, try to hire those with skills you don’t have. No one is good at everything (even you) so those you do hire should relieve you of burdens you don’t do well.
  • Have a good accountant, lawyer, and insurance agent. They should be familiar with businesses.
  • Your insurance agent should be experienced insuring businesses. Most are only knowledgeable about personal auto and home insurance so not useful to you now.
  • Most lawsuits against my business clients are without cause. They did nothing wrong but were sued anyway. You will probably be sued so get insurance now!
  • Forget about sleeping through the night.
  • Make sure you have at least $1 million of General Liability coverage should you be sued.
  • Your business property and buildings should be insured for replacement value, not depreciated value. Don’t go cheap on this as it may bite you later with a claim (you won’t get paid the full amount).
  • Regular General Liability Insurance does NOT cover professional mistakes you may make which result in lawsuits. Consider Professional Liability Insurance (Errors & Omissions Insurance).
  • 95% of all credit card breaches are against small businesses. If you take credit card payments, make sure you have coverage (Data Breach) for that.
  • When you hire employees make sure you have coverage for discrimination, wrongful failure to promote, wrongful termination, etc. (Employment Practices Liability). Eventually you will have the “Employee from Hell.”
  • Many things are not fair in business so get used to it.
  • The founder of Subway started with nothing and almost gave up. You need to be tough, persistent, and not listen to negative people.
  • The government will make your life miserable and put up as many roadblocks as possible.
  • The great thing about owning your own business is that you don’t have a boss. The bad thing is that you don’t have a boss (to blame)!