You don’t have to love whatever your business is about (and probably shouldn’t), but you do have to be fired up about it. You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it’s really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery, or providing financial advice.
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re going through the start-up process.
You need a support system while you’re starting a business (and afterward). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start-up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start-up program such as the ones provided through Futurpreneur Canada. When you’re starting a business, experienced guidance is the best support system of all.
Don’t wait until you’ve officially started your business to line these up, because your business can’t survive without them. Do the networking. Make contacts. Sell or even give away your products or services. You can’t start marketing too soon.
The main reason for doing a business plan first when you’re thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed.
6). Do Your Research
You will do a lot of research writing a business plan, but that’s just a start. When you’re starting a business, you need to become an expert on your industry, products, and services if you’re not already. Joining related industry or professional associations before you start your business is a great idea.
On the other hand, just because you’re starting a business, doesn’t mean you have to be an expert on everything. If you’re not an accountant or bookkeeper, hire one (or both). If you need to write up a contract, and you’re not a lawyer, hire one. You will waste more time and possibly money, in the long run, trying to do things yourself that you are not qualified to do.
Save up if you have to. Approach potential investors and lenders. Figure out your financial fall-back plan. Don’t expect to start a business and then walk into a bank and get money. Traditional lenders don’t like new ideas and don’t like businesses without proven track records.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accouterments such as professional business cards, a business phone, and a business email address, and treating people in a professional, courteous manner.
It’s much more difficult and expensive to unsnarl a mess afterward. Does your business need to be registered? Will you have to charge GST or PST? Will you have to have Workers’ Compensation Insurance or deal with payroll taxes? How will the form of business ownership you choose to affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.
Following the business tips above will make starting your new business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.
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