When starting your own business, you may have a hard time deciding on, well… everything. Everything except what products you’re going to sell or what services you’ll be providing. But there are several other factors that go into starting and operating a business, and you have so many options! Here’s a list of a few things you may be having a hard time with, and some facts to help you decide which is right for your type of business.
Company Logo: Abstract, Picture, or Words?
Some entrepreneurs may already have their logo design figured out. Others may have a few designs in mind but are contemplating which one they should go with. Did you know that there are several different types of logos, and depending on what type of business you’re operating, one may work better than the other? Here’s a brief description of the seven different types of logos and the message each conveys:
- Lettermarks, or your brand’s initials, are best used as an abbreviation of a longer name.
- Wordmarks work best for companies known by a single name.
- Pictorial logos work best if you can communicate what your business does with a single image.
- Abstract logos allow you to be as unique and as creative as you need to be. This may be right for your business if none of the other types are quite right.
- Mascot logos are great for businesses whose target audience includes families or children.
- Emblem logos are usually left to schools and similar establishments, as the great detail of an emblem may not translate well on business cards.
- Combination logos combine words and pictures. This is a good option if you have both an image in mind and you want your company’s name on the logo.
Location: Work from Home or Buy/Rent a Building?
More and more businesses are allowing their employees to work from home. You’re probably wondering if this is the right choice for your business, or should you have a physical location? Once again, this decision depends on the type of business you’re operating. Some things to consider here are:
- Staff– do you have several employees or only a few?
- Will customers/clients need to come to you, or will you need to go to them? This is a question to consider if you’re selling products and if you’re providing services (or a combination of both).
- What are your growth plans? Will you eventually need to move into a building?
If you do decide to go with a building, here are some functional office design ideas.
Employees: Hiring from Job Search Sites vs. Using a Recruitment Agency
Just about every business has employees, even if it’s a small husband-and-wife-owned business. The thing is, how do you hire employees? The most popular and obvious way is to post a listing on job search sites. This is good if you’re looking to hire a particular type of worker such as a recent college graduate, or an experienced manager. There are job sites that cater to specific employers’ needs.
Recruitment agencies specialize in bringing employees to you. This is a better option for businesses that want employees to be the perfect fit for certain job descriptions. This method also tends to lead to a lower employee turnover rate.
Commercial Insurance vs. Personal Insurance
Every business owner knows (or should know) the basic business insurance types needed to protect a business. There’s General Liability Insurance (GLI), Errors and Omissions Insurance (E&O), and Workers’ Compensation Insurance. There are also many other types of insurance needed by particular businesses, like vehicle insurance.
If you drive a vehicle to and from work every day, but you don’t use that car for business, then you only need personal car insurance. Now, if you have vehicles for business use only, then you’ll need what’s called commercial insurance.
Personal and commercial insurance can cover the same things but have very distinct purposes. Commercial insurance is specifically for your company cars (or any car used to conduct company business), and your personal insurance does not cover business-related incidents. And just like with personal car insurance, you’re able to get a quote for commercial car insurance.
Hopefully, this shortlist gave you a little more insight into what will work better for your business. As always, it’s good to do more in-depth research to choose what will help your business thrive.