Starting a Small Business? Don’t Forget Maine Business Insurance!

Many would-be entrepreneurs have a great idea for a new business venture but hesitate to abandon the security of a well-paid job. Maine business insurance offers some protection from the risk of certain types of unexpected expenses, but at business start-up stage a business owner’s worries are more likely to be about income (or lack of income) than expenses.

Does this sound like your situation? Sometimes it’s difficult to see a way out of a dilemma like this, but we’d like to offer a few ideas for your consideration.

• Could you find part-time work that provides an income while allowing you the time to develop your business idea? Rather than devoting all of your time to your job or your business venture, would a 50/50 approach work?
• Is there any funding available that would help you to start up your business? Even in the current economic climate grants are available from government and private sources. A little research might reveal some interesting resources.
• Have you priced your business venture realistically? Create a cash flow spread sheet and estimate cash flow using several different scenarios such as low income combined with high costs, high income combined with low costs, and various other permutations. This could give you a clearer picture of the range of possibilities that you’re facing, and might help you to make a decision about your future.

Remembering what we said at the outset about Maine business insurance, if you decide to make the leap and launch a new enterprise, consider purchasing business insurance from the very beginning to protect your investment from the types of unplanned expenses that can be covered by insurance.

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