Are you starting a business for the first time and afraid about failing? Give your new firm the best chance of success by following these top business suggestions, which I’ve compiled from other entrepreneurs and created from my own experience as a small business owner with more than 20 years of “been there and done that.”
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Be Passionate
You don’t have to love your business (and probably shouldn’t), but you must be passionate about it. You’ll spend a lot of time and energy beginning and growing a business, so make sure you love what you do, whether it’s fishing charters, ceramics, or financial counselling.
Start While You Are Still Employed
Who can survive without money? Soon. And it may be years before your new venture becomes a profit. Employed while beginning a business means the money in the bank.
Don’t Do it Alone
Starting a business requires a support system (and afterwards). A family member or acquaintance you can bounce ideas off of is priceless. Find a mentor or apply for a company start-up program like Futurpreneur Canada’s. Experienced coaching is the ideal support system when beginning a business.
Get Clients or Customers Lined Up
You can’t start your business without these, so don’t put them off. Make contacts. Make the calls! Offer your goods or services for free. Early marketing is essential.
Write a Business Plan
The major reason for developing a business plan first is to prevent wasting time and money on a firm that will fail.
Do Your Research
Writing a business strategy requires extensive study. Starting a business requires becoming an expert in your industry, goods, and services. Joining relevant industry or professional organisations is a terrific idea.
Get Professional Help
Starting a business doesn’t imply you have to be an expert in everything. Hiring an accountant or bookkeeper (or both). If you need a contract but aren’t a lawyer, employ one. Trying to accomplish things that you are not competent to perform will just waste time and money.
Make Sure the Money Is Lined Up
Save if you must. Seek out investors and lenders Prepare a financial backup plan. A bank won’t lend money to a new firm. Traditional financiers dislike innovative ideas and unproven firms.
Be Professional
Everything about you and your business should convey that you are a serious professional. That involves acquiring professional business cards, a business phone, and an email account, and treating people professionally and courteously.
Get the Legal and Tax Issues Correct the First Time
Untangling a tangle is significantly more difficult and costly. How do you register your business? Must you charge GST or PST? Will you have to pay payroll taxes or Workers’ Compensation? How will your choice of business ownership influence your tax situation? Learn your legal and tax obligations before you start your business and follow through.
Following the business advice above will make beginning your new business easier and less stressful, and will go a long way toward ensuring the firm you start lasts and grows.
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