Many years ago, probably pre the 1980’s, if you were to start a business one of the things you were most unlikely to produce was a formal business plan.
Most people in business nowadays are acutely aware of the need to plan, plan and then re-plan before taking the plunge into starting your own business.
A few clicks on the Internet and you will have yourself a nice business plan template which you can fill in.
One of the areas, that is not that exciting to be fair, that must be considered is your business insurance costs.
You have your business idea, you have the premises lined up, you know what the rent, rates and utility costs are likely to be, now you need to find out a) whether you can get insurance and b) will it make a massive or minor dent in your business costs.
The beauty of the Internet nowadays is that you can find yourself a good, quality business insurance broker who will be able to give you an indication of the premium you will pay. Quotes are usually only valid for 30 days, so you have to be aware that the indication may go up by the time you start the business properly.
But you do need to have that idea of how much per month you could be forking out for insurance cover, which you will need. If you are receiving bank funding, they may insist on you having a wide ranging package of covers to protect the money or overdraft facilities they are giving you.