It’s a new year and a time to reflect on your ambitions for the months ahead. What do you want to achieve in 2025? Now is the time to turn your passions into projects.
If you’re a female entrepreneur looking to start a new business, expand the one you have, or take your side-hustle to the next level there are myriad ways to set your business up for success, while ensuring you keep what matters most protected and supported.
There are strategies you can personally implement but when it comes to the protection of your business, securing professional advice is a wise option. We asked Head of Broking from Stella Brokers, Lisa Feng, to share some of the advice she gives her own clients.
Lisa has been in the insurance business for 10 years, in which time she has gathered in-depth expertise in full insurance process, from designing policies to resolving claims. “Investing in the right coverage gives you peace of mind,” Lisa says. “This allows you to focus on growth and innovation rather than worrying about what might go wrong.”
1. Understand your market
Conducting market research is crucial for small or new business owners. It will enable you to understand not only your target audience, but also your competition and any industry trends.
Once you have defined your objectives, you can identify your target audience and scope any unmet needs. Research methods can include surveys, questionnaires, interviews, industry reports and competitor analysis.
2. Consider potential risks
While no business sets out to fail, it’s wise to anticipate any roadblocks you may face in your plans. “For new business owners, the key is understanding the specific risks your business faces,” says Lisa. Are you an events company working with other businesses? A catering company that needs a reliable refrigeration system? Do you liaise with landlords and pay rent for a retail business? Consider where and how you might face potential risks so you can decide how best to manage them.
This is where the importance of insurance can’t be underestimated. No one likes the thought of something going wrong, but it’s a relief to know someone is there to give advice and assistance when it’s needed, such as your insurance broker. Lisa says that at Stella Brokers, “we’re also here to advocate for you if you need to make a claim, ensuring you’re supported every step of the way.”
3. Secure funding for growth
Securing funding for growth as a small business owner can be challenging, but there are various options available depending on your needs, business stage, and the amount of risk you’re willing to take.
Whether you decide to self-fund, seek funding from family or friends, take out a small business loan or a business grant, securing funding requires preparation, planning and persistence. By evaluating your needs, researching different funding options, and being transparent with investors or lenders, you can position your business for long-term success.
4. Protect your investment
If you’re considering your options when it comes to insurance, ensure you get all the information you need to make an informed decision.
“Start by having an open conversation about your business activities, assets, and potential risks,” says Lisa. “A good broker will analyse your exposures and recommend coverage that’s not only compliant with legal or contractual requirements but also protects your business long-term. Regularly reviewing your policy as your business evolves is also essential.”
5. Strengthen supplier relationships
Cultivating and strengthening supplier relationships is paramount for ensuring your business has reliable access to quality products, services and materials. By forming a strong supplier relationship, you will open yourself up to better terms, improved products quality, and a smooth supply chain. It’s essential to build an element of trust across all aspects of your business to set you up for longevity.
6. Focus on customer retention
Retaining customers is critical for the long-term success of any business, especially for small businesses that may have fewer resources for constant customer acquisition.
Practical customer service strategies span from treating customers as individuals to create a more tailored experience, ensuring you’re responsive, communicating effectively and fostering a welcoming and positive atmosphere. Once you understand your target consumer behaviour, you can then start to anticipate their needs. By exceeding expectations, your business will stay top of mind.
At the end of the day, you’re doing this because you’ve decided to pursue your passions and build something you believe in. Much like Lisa from Stella Brokers, who advocates for what she does and truly believes she’s making a difference for women with her work. “I got into insurance because I love the balance of understanding complex details and helping clients find the right solutions,” she says.
Stella Brokers is dedicated to empowering clients to make informed decisions about their insurance needs, enabling them to focus on their business growth. Their mission is to empower women to thrive by offering insurance solutions that align with their clients’ business goals. “As a broker at Stella, I’m passionate about working closely with businesses to ensure their protection aligns perfectly with their goals and challenges.”
The financial services referred to in this Financial Services Guide (FSG) are offered by: Lisa Feng (Authorised Representative No. 1310227) Stella Brokers Pty Ltd T/As Stella Brokers Corporate Authorised Representative No. 1312206 | ABN: 49 680 112 814 | ACN: 680 112 814 | A: 285A Crown Street, Surry Hills NSW 2010 | T: (03) 7003 8433 | E: hello@stellabrokers.com.au | Authorised Representatives of: Community Broker Network Pty Ltd (the Licensee) | ABN: 60 096 916 184 | ACN: 096 916 184 | AFSL 233750 Level 9 North Tower, 459 Collins Street, Melbourne VIC 3000 | T: (08) 9480 8950 | E: compliance@cbnet.com.au. Community Broker Network Pty Ltd holds a current Australian Financial Services Licence No: 233750 and is responsible for the financial services that the Authorised Representative named within this document provides to you.
Stella Brokers is a purpose-driven company dedicated to empowering businesses and business owners while making a positive impact. They provide tailored insurance solutions that meet your unique business needs, focusing on service quality, innovation, and building strong customer relationships by humanising the process.
