Thinking About Starting a Business?

Have a new business idea? Want to be your own boss? Before you start investing your time and money into starting a business, below are a few tips to consider…

1. Do your research. There are tons of online assessment tools you could take to help you determine if you have the right characteristics to be an entrepreneur. You could also study other successful entrepreneurs to help you understand what it takes to own a small business.

2. Determine if the industry you’re interested in has potential. Take the time to research industry trends or network with industry professionals to help you gauge what it might look like down the road.

3. Learn how to sell. You need to understand your clients or customers’ needs and how you are going to solve them with the product or service that you provide. Be prepared for that need to change, alter, or adjust as time goes on.

4. Don’t be afraid to negotiate on things like the cost of supplies, bank fees, etc. No matter how little the saving, that much more will go directly back into investing in your business.

5. Observe what your competitors are doing and reflect on what you could be doing better for your clients or what you could be doing different.

6. Take advantage of government programing, funding, or rebates that are available for small businesses.

7. Ask for help when needed. If you aren’t good at accounting, perhaps see if you could hire a freelancer or hire someone on a contract basis to help you in that department. You may be thinking that you don’t want to spend that money, but it will save you time in the long run.

8. Understand that being a small business owner isn’t easy. People like the idea of being an entrepreneur because they are attracted to the thought of being their own boss. But if you decide to start your own business, expect to struggle in the beginning (which is normal) and work twice as long and hard.

9. Don’t quit your job until you know that your business is sustainable and can be your sole source of income.

For additional tips, check out this video by Marc Belaiche, CPA, CA, President of TorontoEntrepreneurs.ca.

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