3 Tips For Success When Starting a Small Business
Category: Business Planning
Tags: business, Canada, small business
So you’ve decided on the idea of starting a small business. Great! The first step of starting a small business is to know that you want to do it.
The next steps are a bit more complicated but if you want to achieve success, they have to be accomplished.
In order to start a successful small business there are 3 major steps you need to complete before you can be successful. These steps include:
Step 1: Guidance
Guidance? Who needs guidance if you are talking about your own business idea? Right? Wrong!
When starting a small business, guidance is one of the most critical steps to ensure success. Sure you know best about your own idea, but that doesn’t mean you know business. Getting the right guidance to help you start your own small business is very important. Guidance can come from anyone, however you have to be the judge on who’s opinion to rely on.
For example: CanadaStartups.org. We’ve been in business for over 12 years, helping small business owners startup, create their business plans and even find funding. We know a thing or two. Or you can trust your neighbor, he seems to know a lot about everything even though he’s unemployed and on welfare.
Guidance can come in a variety of forms; guidance with your business setup, your business planning process, your funding search or simply just tips and advice.
Remember that thousands of business owners like you have been in the situation you are in right now. Some fail, some succeed. The ones that find success have one thing in common – they asked for help when they needed it.
So take a moment and see how our Small Business Startup Portal can help you!
Step 2: Your Business Plan
The second step once you’ve figured out your business idea and found some guidance is to create a business plan. Yes I know you’re thinking “oh no, a business plan!”. A business plan is a long, boring, confusing and difficult process. Right? Well yeah, but it doesn’t have to be like that.
If you have the right tools in place such as the Business Plan Builder Tool, creating a business plan that you can use should be no sweat. With this tool you can create your business plan in a step by step, fill in the blanks style way – in no time.
Or you can go ahead and write the plan yourself if you have the idea and the know-how, and if not – hiring help is always an option.
Step 3: Your Financial Situation
Once you have your business plan in place you will soon be able to see your financial situation. But you may be asking, what does my financial situation have to do with my business?
Everything!
If you are starting a small business, you need to know how much money you have to be able to invest. If you don’t have any money to invest, you have to know how much money you can borrow to ensure that your small business is able to pay the things you need to succeed.
Remember, when starting a small business things such as business registration, your website, your licensing and all the little things cost money. Moving on to bigger things such as your office, your tools and equipment, hiring and training staff and marketing are also costs that need to be covered. Do you have the money? Do you need to borrow?
Consider your financial situation and plan for it ahead of time. Don’t get stuck needing money the last second before you need it.
Take a look at the Funding Database that has over 1,500 sources of funding programs available that may help fund your needs. Consider the options of government grants, government loans and even private funding. Start your funding search now before you run into a financial issue.
SEARCHES RELATED TO BUSINESS
I WANT START A BUSINESS IN...
IS THERE HELP IN MY INDUSTRY?
- Expansion Capital
- Funding For Equipment
- Business Acquisition Funding
- Consulting Services
- Hiring & Training Staff
- Management Support Services
- Manufacturing
- Mining
- Professional and IT Services
- Transportation and Warehousing
- Accommodation and Food Services
- Agriculture
- Construction
- Culture and Recreation
- Finance and Real Estate
- Forestry, Hunting and Fishing
- Health and Social Assistance