Start-up advisers consider location an important factor in the success of a new business, and if an entrepreneur has decided to launch a new enterprise in Louisiana, he or she has already made an excellent choice. As noted in Forbes magazine, however, the specific bricks-and-mortar spot chosen could also have much to do with the new operation’s success.
Positioning a new business’s physical location could benefit from taking into account factors such as the intended customer base, parking, visibility and the closeness of competitors. If walk-in customers are important purchasers, accessibility may play a major role in sales volume.
As noted by USA Today, a new enterprise can benefit from a name choice that is memorable, easy to spell and reflects what the business does. Keeping it short makes for a better domain name and could make a difference in the number of website visitors. Performing a name search first may help ensure there is no legal issue involving a business with a similar sounding name.
As advised by Forbes magazine, operating without insurance may place a business at risk. Commercial property losses and general liability represent two of the biggest risks for entrepreneurs. If a customer slips and falls or suffers some form of injury at a business’s location, general liability insurance offers protection from the ensuing lawsuit. Commercial property insurance could cover losses due to a burglary or a fire.
For a service-oriented business, professional liability insurance may make a significant difference if a mistake occurs when attending to a client’s needs. Also known as errors and omissions insurance, it could protect a business from a harmed client’s lawsuit and help cover legal fees.
Although a sole proprietorship is the quickest way to get a business up and running, if the business finds itself behind on payments or facing a lawsuit the proprietor may become personally responsible. In order to obtain greater legal protection, an entrepreneur may give serious consideration to forming a limited liability company. Applying for financing or company credit cards, however, could still require a personal guarantor.