Are you worried about your first business venture? These top business tips will give your business the best chance of success. They are based on my personal experience as a small-business owner of over 20 years.
1) Be Passionate
While you don’t need to love what your business does (, and probably shouldn’t), it is important to get excited about it. It’s going to take a lot of effort to start a business and build it into a profitable enterprise. Therefore, it’s important to enjoy what you do.
2) Start while you are still employed
What is the average lifespan of a person living without money? It’s not long. It may take a while before your business makes any real profits. While you are starting your business, you will have money in your pocket.
3) Don’t do it alone
A support system is essential for when you start a business and afterward. It is important to have a friend or family member too who you can talk to and who will listen to your business problems. You can also find a mentor, or, if your qualifications are sufficient, apply for a program offered by Futurpreneur Canada. Experienced guidance is the best support system for anyone who’s starting a business.
4) Find clients or customers lined up
These are essential for your business’s survival. Don’t wait to get them in place until you have officially launched it. Get out there networking. Get to know your contacts. You can sell or give away your products and services. Marketing is not something you can do too quickly.
5) Create a Business Plan
A business plan is essential when starting a new business. It will help you to avoid wasting your time and money on a venture that won’t succeed.
6) Do Your Research
While you will do lots of research when creating a business plan for your company, that is only a small part. If you aren’t already an expert in your industry, products, and services, it’s important to learn as much as you can before you start a business. It’s a good idea to join related professional or industry associations before starting your business.
7) Professional help
However, you don’t have to be an expert in everything just because you are starting a business. Hire an accountant, bookkeeper, or both if you don’t have the necessary skills. Hire a lawyer if you have to draft a contract. Doing things yourself will cost you more time and money.
8) Be sure the money is in order
If you can, save as much as possible. Reach out to potential lenders and investors. Plan your financial fallback. You shouldn’t expect to open a business, then go into a bank and get funds. Traditional lenders are not open to new ideas and won’t lend money to businesses that have a track record.
9) Be professional
Your business and personal details should be able to show people that you are serious about running an important business. This means that you need to have all the necessary accouterments, such as business cards, business phones, and business email addresses, to treat people professionally and courteously.
10) Correct Legal and Tax Issues the First Time
It is much more expensive and difficult to clean up a mess. Is your business required to register? Is GST or PST required? Are you required to purchase Workers’ Compensation Insurance? Or pay payroll taxes? What will your income tax situation be based on the type of business ownership? Before you open your business, learn what your tax and legal responsibilities are and then operate according to them.
These business tips will make it easier to start your business and help you ensure that it lasts and thrives.