Tips for Starting Your Own Business

June 5, 2018

So, you’re thinking of starting your own business? Well, you’re not alone. But how are some startup businesses more successful than others? Here are a few tips to help you on the road to achieve success…

This first tip, do something you love. Think about this for a second, you are going to be investing many hours into making this new business a success, so make sure it’s something you enjoy doing.

Do the research. It’s so important that you research heavily into whatever industry you entering. A good place to start is joining business or network groups. These groups can provide invaluable information and support from individuals that have started up their own businesses and are happy to share their methods of success.

You need a business plan. Not having a business plan is like a ship without a bearing. If you don’t know where you are going, how do you know how to get there? The same applies when starting a new business. A good business plan is imperative to your success.

A good support system is also important. You need positive people to bounce ideas off and someone who will encourage you when times are hard. Surround yourself with successful people and more often than not, this success will rub off on you.

Money. Whichever way you look at it, you are going to need capital to get started. If you can, save up. If not, then maybe approach investors or lenders.

Make sure you have the right taxes set up with the CRA. Failing to do so could be extremely costly. You don’t want a huge tax bill landing on your doorstep after your first year in business.

The name of your business. This is another important aspect of your business. Your business name should be unique and easy to remember, and should describe the products and services you provide.

Marketing and Sales. This is really what is going to drive the business forward. Make sure you have a good looking website and that you are easily searchable on Google, Bing and Yahoo.

Get insurance. A staggering statistic is that 87% of businesses that suffer a loss who aren’t insured failed to recover and subsequently had to close indefinitely. Speak with a licensed insurance professional for advice on what type of insurance you will need.