Washington has been branded the nation’s fastest-growing economy and an all-star business hub of household names and up-and-comers a couple of years ago. It is the home of Amazon, Costco, Boeing, and Expedia along with rising stars such as Adaptive Biotechnologies, OfferUp, and Blue Origin.
However, the state of Washington has yet to see its most glorious days when it comes to its business landscape as experts predict even more growth in the days to come.
It is obvious that this state has more than enough to make your business idea a huge hit. However, before you officially start making moves, let’s go through four useful tips that you should keep in mind regarding entrepreneurship and running a successful business in Washington.
Get business insurance
Running a successful business in this great state can bring many rewards to the owner, but it also brings a lot of responsibility. This kind of responsibility ranges from the owner, employees, and even to customers.
The business activities you carry out have the potential to impact all of the mentioned stakeholders in serious (and expensive) ways. A potential mishap can happen at all times and that is why being insured goes a long way. An error or an unfortunate event can easily wipe out your business assets.
A good business insurance plan will protect your business financially and it will save your reputation should things go the wrong way. That is why you should start looking for a good Washington business insurance plan. Insurance provides protection in case customers experience harm at the hands of your company, or if your company is harmed by an incident such as a fire or gas leak.
On top of that, it is also important to get an insurance plan that will also protect others. For instance, if you own a food kiosk and a customer becomes ill after eating one of your products or if you own a delivery company and one of your vehicles hits a pedestrian, you need to be able to pay for the caused harm.
Last but not least, various industries require different types of business insurance plans. Therefore, you won’t be able to carry out business activities if you are not insured (this applies to certain industries).
Look for (state-sponsored) help
Running a business is not an easy task and growth can often be a bit too difficult to achieve.
Fortunately, Washington offers various accelerator programs that you may be able to use. Some of these programs are state-sponsored while others are funded by private companies.
As Washington has seen a tech boom, one of many great consequences is the support network that comes with it.
There is a wide range of accelerators and development hubs that have started working in Washington and these offer business owners a chance to refine their ideas and access experienced mentorships.
On top of that, they allow thinkers to pitch their products and services to potential investors. This means that getting additional funding becomes easier in Washington.
One good accelerator that B2B companies can make use of is 9Mile Labs, which places special emphasis on the tech industry. This and many other programs only point out the fact that Washington is seen as a fertile piece of land for innovators and business enthusiasts.
Tap into the state’s rich talent pool
Many business owners in Washington claim that the state has a huge pool of talented people to draw employees from.
To be precise, entrepreneurs state that the talent pool is so good because of the wealth of knowledge and skills that the locals have. This is not surprising considering how good the local and regional universities are.
In addition, there is a big turnover within the large companies based in Washington. Experienced workers leave big businesses to either start their own companies or work in a more intimate setting.
The bottom line is that the local skilled talent can make a great contribution to your business. You just have to look for the next rock stars that will help you run and grow your company.
Re-evaluate the market
Washington and its business landscape are prone to changes. That is why having an in-depth and concrete understanding of your market is vital to the success of your Washington business.
So, rethink your market and identify your rivals once again. Conduct market research and you will have a clear picture of what you should do to boost your business’s chances of success.
Here are some ways to execute decent market research:
- Conduct a survey
- Do search engine optimization (SEO) research
- Hold a focus group
- Use existing research such as customer feedback or reviews
The aim, in this case, is to develop an understanding of who your business will market to and how it will stand apart from its rivals. All this valuable research should shape your business strategy and improve your chances of growth and success.
Final thoughts
As an aspiring business owner, it is easy to see why you have selected Washington. However, the attractive business environment of this state is not enough of a guarantee for growth and success.
If you‘re hungry for success, make sure you consider every piece of advice once you start looking for ways to grow.
Good luck!