Starting a small business takes a lot of determination and a lot of planning. However, the rewards of a successful business are fantastic and being an entrepreneur is one of the most exciting jobs in Canada. Here are 10 Tips to help you start your small business!
1. Reach Out To Others For Help
The moment you realize you CAN’T do everything yourself is the moment collaboration will be big in your business. There are people that can do certain things for your business, better than you can. Do not think of that as a failure of leadership! Strong leaders know to delegate work throughout their company in order to achieve huge success.
2. Create A PLAN
Business Plans are the most important aspect of any new business. Without a plan, you will be lost. Make sure you type it all up and print it out to have hardcopy. This plan will outline exactly what your business is and your goals for the year.
3. Go Through the Plan With Your Entire Staff
Every single employee, no matter their role in the company, needs to fully understand the business plan in order to be on the same page. If everyone has a common goal for the company and knows what they are striving for, it will definitely help things in the long run.
4. BUDGET THE YEAR!
An annual budget is so important to know exact costs and what you should be spending your money on. It will also help you determine how many sales you need to return a profit.
5. Apply For Funding
You will need a lot of capital in order to even start up your business. Make sure you apply for funding either through the Government, banks, or another private agency,
6. Hire Great People
You need to surround yourself with positive people that will help your business out. Hire people you trust and know will benefit your company.
7. Be The Strong Leader
As the owner of the business, you need to be positive even during times of difficulty. The moment you begin to give up, everyone around you will follow suit. Make sure you have what it takes to keep going even under tremendous pressure!
8. Do Your Market Research
Know the field that you are getting into! You need to know whom your main competitors are and what you have to offer that they don’t. It is so important to have this included in your business plan.
9. Put A Lot of Money Towards Marketing
Your business will fail without sales. In order to actually get any sales, especially when just starting out, word must spread about your products of services. Make sure you have a great marketing team in place to help you out!
10. Use the Resources Available To You!
We offer a multitude of tools such as the Business Plan Builder and the Funding Database to help you grow your business. Use these resources as they are there to help you!
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