Starting a Surety & Fidelity Bonds Business
These tips are perfect for entrepreneurial folks who are thinking about starting a surety and fidelity bonds business. This is a must-read before you begin your venture.
Thinking about opening a surety and fidelity bonds business? We tell you what you need to know to get started.
How to Write a Top Quality Surety & Fidelity Bonds Company Business Plan
If it includes hard numbers, a surety and fidelity bonds company business plan can become the catalyst for an executable business strategy.
Since lenders and investors will use your plan to gauge risk, it needs to contain industry-specific benchmarks and a detailed marketing plan.
Early in the process, it's worth your time to learn how to write the market analysis section of a business plan. It includes the identification of your target market and in many cases, the inclusion of supporting research to back up your claims and sales forecasts.
Well in advance of opening a surety and fidelity bonds business in your town, it's essential to determine what the competition looks like. We've provided the link below to help you find competitors in your city. Just enter your city, state and zip code to get a list of surety and fidelity bonds businesses in your community.
Is the local market large enough to support another surety and fidelity bonds business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
Once you've finished assessing the competion, it's essential that you have a conversation with someone who is in the business. If you think owners of nearby surety and fidelity bonds businesses will give you advice, think again. It'd be crazy for them to teach you the business.
Thankfully, an owner of a a surety and fidelity bonds business in a different city may be more than happy to give you a few tips, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
What's the process for finding a surety and fidelity bonds business manager that lives outside of your area?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Entry Options for Surety & Fidelity Bonds Businesses
Would-be surety and fidelity bonds business business owners can either launch a new business or acquire an existing operation.
A startup gives you the ability to create a surety and fidelity bonds business that conforms to your personal goals and leadership style. But financially, startups present significant challenges because lenders are typically hesitant to fund startup surety and fidelity bonds businesses.
Acquired surety and fidelity bonds businesses are known quantities - and are less risky for lenders. Buying a business means that you'll have access to a documented financial history, an established business model and other factors that are unknowns in a startup – and that makes the ownership opportunity less of a risk to both you and your surety and fidelity bonds business's key stakeholders.
Consider Buying a Franchise
If you are launching your first business venture, your best bet may be exploring purchasing a franchise.
If you planning on starting a surety and fidelity bonds business, a smart move is to check out whether buying a franchise could simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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