Essential Tips for Starting a Canadian Business
There are many of us out there that often say we would love to work for our selves and probably many more of us that actually think that. Thanks to many advancements in software, computers and technology as well as the way that we do Geomatics these days we are seeing more individuals starting to work for themselves. The excitement of starting a business in Canada can often leads to many questions.
What steps are essential?
Are there any hidden tips to be aware of?
How much will it cost me and how much can I make?
Today we were submitted some helpful helpful tips about starting a business, some of witch may surprise you as most people never think of everything when they come up with an idea of starting their own business.
Know What Your Good At & Do What You Love
Choose a business where you can use your best skills or interests; if your not very good at programming then you obviously do not want to start an applications business (although there is always out sourcing and other methods that you could consider). It is important to not just look at the amount of money people that you could make. Know what you love to do and go for something you’re good at, then allow your expertise draw in your customers.
You do not want to spend all your time doing something you find boring or outright distasteful no matter how much financial potential that it has (actually this is often what drives most people to quit their regular jobs and start working on their own). The point of being in business for yourself is to be able to wake up eager to get to work. If you only care about the money, then just get yourself a new job some where else.
Have a Business Plan and Stick to the Plan
Have an Overall Plan. Decide in advance what, where, and how long you intend to do the business. Will it be an ongoing venture, an online business or just a summer project? With an overall plan, you can make the rest of your decisions accordingly.
Probably the most popular tip and most important is the Business Plan, everyone who starts working for themselves should have one. Unlike the general overall plan, this one covers the specifics of the business. Do market testing to figure out the prices you can charge, who is most likely to buy your product or service, and most importantly, whether you can make a profit. If the answer to the last one is no, then you need to change your plan – a viable business must be able to turn a profit!
It’s easy for a business to eat up all of your time. Conversely, some people find it hard to dedicate enough time to the business. Set a schedule that dedicates plenty of time for your business, but not so much that your entire life is consumed. Do expect to put a lot of your life into your business during the first couple of years.
Keep It Under Control
Take control of your brand right from the start. The fact that no one knows your brand when you first open your doors doesn’t mean that you don’t have a brand. You do – right from the start. Engage your target market on Twitter, Facebook and other areas to nurture that brand and ensure that people think positively of your product, service and company.
Have a Backup Plan
Consider an exit strategy. Selling your business may or may not be your initial end goal, but if you’re successful, you’ll eventually get an offer. Think wisely about each offer rather than either accepting or denying it in a knee-jerk fashion.
Amy Coleman – Amy has carried a briefcase to school since first grade because she wanted to be the boss. She holds an MBA from Wharton and works for a Fortune 500 company where she has her eye on the corner office.
[Originally Published Aug. 2008]