Beginning a business for the first time and concerned about failure? Provide your new business the best chance of success with these high business ideas, the best advice I’ve collated from other entrepreneurs and developed out of my own experience of over 20 years of having “been there and done that” as a small business person.
Be Passionate
You don’t need to appreciate whatever your business is about (and probably should not ), but you do have to be fired up about it. You’re going to devote Lots of time and energy to starting a business and building it into a successful business, so it Is Truly important that you really deeply enjoy what you do, whether it be fishing charters, producing pottery, or providing financial information.
Start While You Are Still Employed
How long can most men and women live without money? And it might be a long time before your new business actually makes any profits. Being used as you’re starting a business means money in your pocket as you are going through the startup process.
Don’t Do it Alone
You require a support system as you’re starting a business (and then). A relative or friend which you can bounce off ideas and that will listen sympathetically to the most recent business start-up catastrophe is invaluable. Better still, find a mentor or, if you qualify, apply for a business start-up program like the ones supplied through Futurpreneur Canada. When you are starting a business experienced guidance is the best support system whatsoever.
Get Clients or Customers Lined Up
Don’t wait until you have officially started your business to line these up, because your business can not survive without them. Sell or perhaps give away your products or services.
Write a Business Plan
The most important reason for doing a business plan first when you are considering starting a business is that it can help you avoid sinking your time and money into starting a firm.
Do Your Research
You’ll do a great deal of research writing a business plan, but that is only a start. When you are starting a business, you will need to become an expert in your industry, products and services if you are not already. Joining related industry or professional associations before you start your business is a excellent idea.
Get Professional Help
On the other hand, simply because you’re beginning a business, doesn’t mean that you need to be an expert on everything. If you are not an accountant or bookkeeper, employ one (or both). If you will need to compose a contract, and you are not a lawyer, hire one. You’ll waste more time and potentially money, in the long term, trying to do things yourself that you’re not capable to do.
Make Sure the Money Is Lined Up
Don’t expect to start a business and then walk into a bank and get cash. Traditional lenders don’t like new ideas and don’t like businesses without established track records. Everything about you and how you do business needs to let people know that you’re a professional running a serious business.
Get the Legal and Tax Issues Correct the Very First Time
It’s much harder and costly to unsnarl a mess afterward. Are you going to have to charge GST or PST? Are you going to have to have Workers’ Compensation Insurance or deal with payroll taxes? How will the kind of business ownership you choose affect your income tax situation? Find out what your legal and tax responsibilities are before you begin your business and work accordingly.
