{"id":1227,"date":"2019-04-02T15:06:59","date_gmt":"2019-04-02T15:06:59","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=1227"},"modified":"2023-02-08T10:03:44","modified_gmt":"2023-02-08T10:03:44","slug":"risks-of-starting-a-new-business","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/risks-of-starting-a-new-business","title":{"rendered":"What are the risks of starting a new business?"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2019\/04\/woman_diving_into_sea_pexels_1029934-300x200.jpeg\" alt=\"Before you dive in, understand the risks of starting a new business\" class=\"wp-image-1236\" width=\"323\" height=\"215\" srcset=\"https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2019\/04\/woman_diving_into_sea_pexels_1029934-300x200.jpeg 300w, https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2019\/04\/woman_diving_into_sea_pexels_1029934.jpeg 598w\" sizes=\"auto, (max-width: 323px) 100vw, 323px\" \/><\/figure>\n<\/div>\n\n\n<p>Thinking of starting\na new business? Exciting.<\/p>\n\n\n\n<p>Bet you\u2019re feeling a bit nervous too though, right? <\/p>\n\n\n\n<p>That\u2019s a good thing. There\u2019s a whole load of opportunity out there for start-ups. But there are some high-stake risks, too.<\/p>\n\n\n\n<p>So, before you dive straight into the deep-end of the\nstart-up pool, take some time to understand the risks involved. <\/p>\n\n\n\n<p>You\u2019ll feel a whole lot less anxious. And it\u2019ll up your chances of success if you\u2019ve decided how you\u2019ll approach them early on.&nbsp; <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Out of pocket &#8211; financial\nrisk <\/strong><\/h2>\n\n\n\n<p>Most kinds of risk have an impact on a business\u2019s finances, either\nin extra cost, or lost revenue. But financial risk\u2019s the big one.&nbsp; <a href=\"https:\/\/www.insurancebee.com\/blog\/key-findings-insurancebee-risk-survey#concern\">Especially\nat start-up<\/a>, as most new businesses need investment.&nbsp; And often, it\u2019s not just your own money\nyou\u2019re risking, it\u2019s outside investors\u2019, too.&nbsp;\n<\/p>\n\n\n\n<p>Financial risk is all about the money flowing in and out of\nyour business, and the possibility of sudden loss. So if, for example, most of\nyour income is from one particular client and you decide to extend their\ncredit, what happens if they don\u2019t pay? <\/p>\n\n\n\n<p>Or, what if interest rates suddenly increase overnight. Where will you find the extra cash to cover your repayments? <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Playing by the rules\n\u2013 compliance risk<\/strong><\/h2>\n\n\n\n<p>It\u2019s not just the big, corporate players who need to stick\nto their industry\u2019s rules and regs. Compliance is just as important for a\none-man band.<\/p>\n\n\n\n<p>Break the rules and there\u2019ll be consequences. Like fines, lawsuits and damage to your reputation. And as your business grows, there\u2019ll be more rules to comply with. Ones that didn\u2019t apply before. In <a href=\"https:\/\/www.nfib.com\/content\/legal-compliance\/legal\/workers-compensation-laws-state-by-state-comparison-57181\/\">most states<\/a>, for example, the minute you hire your first employee, you\u2019re required to have <a href=\"https:\/\/www.insurancebee.com\/workers-compensation-insurance\">workers\u2019 comp insurance<\/a>.&nbsp; <\/p>\n\n\n\n<p>But even if your business stays the same, you could get hit\nwith a new rule. Laws change all the time. <\/p>\n\n\n\n<p>A new data protection act, for example, poses a compliance risk, plus extra cost. To make sure you meet the requirements could mean investing in better website security and staff training.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Full working order \u2013\noperational risk<\/strong><\/h2>\n\n\n\n<p>Operational risks are things that might happen during the\nday-to-day running of your business to interrupt it. They might be down to\npeople, processes, or external events \u2013 like natural disasters, or power cuts. <\/p>\n\n\n\n<p>They might seem minor. But they can still hit a small\nbusiness hard.<\/p>\n\n\n\n<p>What if your server suffers an outage because of a power\ncut? How will you take orders? Or get them out? How will your customers get\nhold of you? <\/p>\n\n\n\n<p>If you can\u2019t do business, you\u2019re losing money. But you won\u2019t just lose revenue, you\u2019ll lose face. And your reputation is priceless.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What\u2019s in a name? \u2013 reputational risk<\/strong><\/h2>\n\n\n\n<p>Everything. No matter what business you\u2019re in, your\nreputation is your biggest asset. <\/p>\n\n\n\n<p>The opinions of your clients, investors, partners and the\ngeneral public can have a huge impact on your firm\u2019s revenue. <\/p>\n\n\n\n<p>Damage your reputation and customers will be wary of buying\nfrom you. Suppliers may not offer such favorable terms. Staff may quit and\nprove tricky to replace. Influencers and promoters may withdraw their\nassociation with you. <\/p>\n\n\n\n<p>What if you\u2019re hacked and lose customer data which should\nhave been password protected, but wasn\u2019t? Or, a customer gets food poisoning at\nyour restaurant and takes to social media to complain? How will you respond? <\/p>\n\n\n\n<p>Reputational risk can surface in the form of a lawsuit, a product recall, or negative publicity. These days, it doesn\u2019t even have to be a major event. Just a series of unfortunate tweets. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Best laid plans \u2013\nstrategic risk<\/strong><\/h2>\n\n\n\n<p>Often confused with operational risk, strategic risk is not\nthe same thing at all. <\/p>\n\n\n\n<p>Operating well, means doing things right. Good strategy is\nabout doing the right things. Strategic risk arises from poor decision-making. <\/p>\n\n\n\n<p>Every successful entrepreneur knows the importance of having\na well-thought out business plan. A key part of that plan is having a clear\nstrategy to achieve your goals. <\/p>\n\n\n\n<p>But things can change. And fast. So that, even with the\nbest-laid plans, you can find yourself suddenly having to deal with an\nunexpected challenge to your business strategy. One that might result in losses.\n<\/p>\n\n\n\n<p>What if there\u2019s a sudden advance in technology? Or, a strong\nnew competitor appears in your market? What if there\u2019s a downturn in demand for\nyour particular product? Or, an upsurge? How would you cope with a spike in the\ncost of your raw materials? <\/p>\n\n\n\n<p>The trick to dealing with strategic risk is to analyze the situation. Weigh up the pros and cons of your next steps. And be ready to adapt. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Taking steps \u2013 risk\nmanagement plan<\/strong><\/h2>\n\n\n\n<p>Getting your head round the risks your start-up will face is\nthe first step. The next is your risk management plan. <\/p>\n\n\n\n<p>Take a good, long look at each type of risk. Work out what\nspecific things could go wrong. And the impact they could have on your\nbusiness.<\/p>\n\n\n\n<p>It\u2019s no use saying \u2018there\u2019ll be some financial risk\ninvolved\u2019. You need to be explicit. Think about worst-case scenarios. Analyze\ntheir potential impact. Then you can come up with a strategy for dealing with\nthem.<\/p>\n\n\n\n<p>Ask yourself how you\u2019ll manage if a customer takes months to pay. Have you got back-up options if your main supplier lets you down? Do you have enough <a href=\"https:\/\/www.insurancebee.com\/\">business insurance<\/a>?&nbsp; <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cover up \u2013 business insurance<\/strong><\/h2>\n\n\n\n<p>Every risk management plan should include insurance as one of its elements. Part of the plan is working out how to reduce the financial impact a risk might have on your business. Having the right coverage can help take care of these costs.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>And then? <\/p>\n\n\n\n<p>Take the plunge. Because the biggest risk may be not taking any risk at all. <\/p>\n\n\n\n<p><em>Image: Creative Commons &#8216;woman dives into sea&#8217;, Pexels.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thinking of starting a new business? Exciting. Bet you\u2019re feeling a bit nervous too though, right? That\u2019s a good thing. There\u2019s a whole load of opportunity out there for start-ups. But there are some high-stake risks, too. So, before you &hellip; <a href=\"https:\/\/www.insurancebee.com\/blog\/risks-of-starting-a-new-business\">Read more&#8230;<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-1227","post","type-post","status-publish","format-standard","hentry","category-startup-advice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Risks of starting up a new business<\/title>\r\n<meta name=\"description\" content=\"Setting up a new business is exciting. But there are risks involved. 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So before you dive in, take some time to understand them.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.insurancebee.com\/blog\/risks-of-starting-a-new-business\" \/>\r\n<meta property=\"og:site_name\" content=\"InsuranceBee Blog\" \/>\r\n<meta property=\"article:published_time\" content=\"2019-04-02T15:06:59+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2023-02-08T10:03:44+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.insurancebee.com\/blog\/wp-content\/uploads\/2019\/04\/woman_diving_into_sea_pexels_1029934-300x200.jpeg\" \/>\r\n<meta name=\"author\" content=\"Kate Naqvi\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kate Naqvi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business\"},\"author\":{\"name\":\"Kate Naqvi\",\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/#\\\/schema\\\/person\\\/25d21b56419ae3d58431b36966e079bf\"},\"headline\":\"What are the risks of starting a new business?\",\"datePublished\":\"2019-04-02T15:06:59+00:00\",\"dateModified\":\"2023-02-08T10:03:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business\"},\"wordCount\":992,\"image\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/woman_diving_into_sea_pexels_1029934-300x200.jpeg\",\"articleSection\":[\"Start-up advice\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business\",\"url\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business\",\"name\":\"Risks of starting up a new business\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/risks-of-starting-a-new-business#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/woman_diving_into_sea_pexels_1029934-300x200.jpeg\",\"datePublished\":\"2019-04-02T15:06:59+00:00\",\"dateModified\":\"2023-02-08T10:03:44+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.insurancebee.com\\\/blog\\\/#\\\/schema\\\/person\\\/25d21b56419ae3d58431b36966e079bf\"},\"description\":\"Setting up a new business is exciting. 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