Start smart with your small business
One important tip for every new entrepreneur
Starting a business is exciting — and very busy. You’ll need to make countless critical decisions in the months leading up to and immediately following your launch.
How do you know if you’re making the best decisions for yourself and your business? Start by getting financial advice.
Within the first 12 months of a company’s launch, a significant number of small business owners in Canada set up the following:
- Liability insurance (66%)
- Lines of credit (51%)
- Legal insurance (45%)
- Investment loans (40%)
- Group life insurance (29%)
- Group disability insurance (28%)
- Group health and dental insurance (26%)
Yet four out of 10 start-ups admitted to not seeking input from a financial advisor – according to the 2016 Manulife Small Business Research Report. Without professional advice, it could mean those business owners overpaid for coverage, or they may not have the right amount and types of coverage for themselves, their employees and their company.
Get advice before you start
You can get ahead of your competition by getting professional advice as you’re getting ready to launch. An advisor can:
- Clearly explain your options
- Propose combinations of products that complement each other
- Help you negotiate the best terms and conditions
In the end, you can be confident you’re getting affordable, scalable solutions that are quick and easy to set up.
Plan for your company’s future
Adding value as a consultant, your advisor can make sure you have the tools and strategies — no more, no less — that you need to develop and grow your company.