Whether you’re opening a restaurant, digital marketing agency or still brainstorming the perfect concept, it’s easy to focus on the launch of a business without thinking about your long-term needs. But preparing for the unexpected and protecting what you’ve worked so hard to build is the key to getting your business to thrive.
Unfortunately, about 40 to 60 percent of businesses that close due to a building fire, burst pipes, server failure or similar disaster never reopen.1 Many risks are associated with getting a business off the ground, and problems can arise in an instant – which is why planning for resiliency is especially important.
Here’s what to consider when building your business:
Have a strong vision
When starting out, imagine what success for your business will look like in the coming years. Documenting your future business goals can make it easier to ride out the inevitable ups and downs of entrepreneurship. One way to help plan ahead is by getting life insurance. Should you die unexpectedly, the benefits from a policy can be used by loved ones or business partners to help keep your business moving forward and ensure your vision is realized.
Create a work-life roadmap
Are you married, a parent, or a homeowner? Do you hope to be? In addition to growing your company, don’t forget to make a blueprint for your personal plans. Be sure to include time for the important people and things in your life.
Plan for long-term growth
With diligent planning and a focus on the long term, your business can thrive. And as your business, family dynamic and assets change, it’s a good idea to revisit your life insurance needs. Having life insurance in place can help financially protect your loved ones and business partners in the event of your passing, so make a point of reviewing your policy at least every two years. This can help ensure you have the correct beneficiaries listed on your policy and that you have the right amount of coverage to help support those who depend on you financially.
As you get your business off the ground, it’s important to prepare for the unexpected. Having put so much effort put into being an entrepreneur, a carefully planned roadmap can help protect your business and your family in the future.
As a business owner, you’ll want to incorporate life insurance into your overall plans. Start by reviewing which policy may be right for you.
1 Make Your Business Resilient, FEMA, 2015.
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