There are many ways to start a small business but each approach shares common elements you need to consider.
Small Business Planning Help for Entrepreneurs and Startups
There are lots of ways to start a small business but each approach shares common elements for entrepreneurs and startups to consider. Please look over the following considerations that all small businesses and entrepreneurs need to address. Feel free to contact CBDC at one of our many offices across Newfoundland & Labrador, Nova Scotia, Prince Edward Island and New Brunswick.
How much time do you have to develop and plan your business idea? By allowing yourself enough time to plan properly, you will likely avoid mistakes that often prove costly to entrepreneur and startup businesses.
How much funding do you have access to? Most startups and entrepreneurs find out their businesses need more capital than initially anticipated. The amount of financing needed varies from business to business. You should plan to have access to enough capital to deal with any potential situations so you don’t run into cash flow issues or miss potential business opportunities.
EXPERTISE and EXPERIENCE
Possessing the particular skills and knowledge for any industry or business is essential to success. If not, it makes sense to get some training or work in the industry until you acquire the experience and knowledge you need to succeed.
Being an entrepreneur and starting a business is always risky, both personally and financially. But how much risk is involved in your venture? Careful reflection and an honest assessment of your personality, responsibilities and finances to find out how much risk you can handle is crucial. This could eliminate some of the more high-risk opportunities.
Everybody has a dream. But dreams don’t put food on the table. Have you asked yourself if you can really make a living in this new business? Some people go into business without a clear idea of just how profitable the venture will be. Take the time to figure out if your business income will justify your time and effort and provide you with the lifestyle you need and want.
PERSONAL ENJOYMENT and FULFILLMENT
There’s nothing better than doing something you love. Will you enjoy the business? Starting and owning a small business can be one of the most difficult experiences you’ll ever have and involves long and often stressful hours. There will be hurdles to get past, and you’ll need commitment, strength and self-sacrifice for the road ahead.
CONSIDER YOUR FAMILY
If you’re married and have a family, you don’t go into a new business alone. How will this new business affect your family? Significant sacrifices in both money and time are necessary in the startup of any business. Even many established entrepreneurs continue to work long hours. You need to determine whether your savings or profits from the business will provide you and your family with the standard of living they need, especially in the initial stages of the business. You will also need to find out how committed your family is to the business. For example, will they be able to cope with the extra hours needed to get a small business up and running?
PROFESSIONAL HELP AND ADVICE
Knowing a lot about the type of business you are starting is only half the battle of being a startup entrepreneur. There are many other aspects involved in starting a business: tax and legal issues, finance, accounting, bookkeeping, hiring employees, insurance and regulations, etc. Most entrepreneurs need expert help with this. It’s essential that you enlist the help of professionals such as: accountants, lawyers, insurance brokers, accredited financial planners, bankers and government agents to make sure you have the best advice you can and to avoid the mistakes and pitfalls that can come back to haunt you down the road.