Successful entrepreneurs are hardworking, motivated and tough.
Are you thinking about starting your own business? Whether you have a unique product or can provide a much needed service to your community, coming up with a well-thought-out idea is only a small part of your business finding success. Every year, thousands of new small businesses are created—and many go bankrupt within the first year. If you want to join this fearless army of business owners, these tips can help you ensure success!
- Follow your dream. To be passionate, knowledgeable and dedicated is crucial to business success. Develop a business that fascinates you and demands all of your talent.
- Learn as much as you can. Whether you want to be a personal trainer or take the plunge and start a high tech company, the first step is to do your homework. Research the industry and investigate the competition. The more knowledgeable you are, the better your chance for success. The key is to learn everything about the business before diving in.
- Decide how your business will be structured. Will your business be a sole proprietorship, a partnership, a limited or incorporated company, or a co-operative? Each has its own advantages and disadvantages. A lawyer can help you make this decision, and an accountant can spell out the tax implications of each structure.
- It’s all in the name. Try for something short, and memorable that describes your business. Check to make sure the name you choose doesn’t conflict with an existing trademark or someone else’s intellectual property. If taking your business online, make sure that there’s no one out there with the same name. That way, you’ll be the first to pop up when searched.
- Have some seed money. This is almost always the most difficult part. Equity in your company is the amount of money that you are able to invest from what you’ve saved up. Debt financing is the money you’ll be borrowing. Add that together and you should be in a good position to launch your business.
- Dot your i’s and cross your t’s. Depending on the nature of your business, you may need licenses and permits. The Canada Business website can help you determine what federal, provincial and municipal paperwork is required for your business.
- Insure it. Having the proper insurance is critical so don't skip out on it to try and save a few bucks. Look into a business owner's policy that includes, at the very minimum, property, liability and business interruption coverage.
- Lean on the experts. There are plenty of experts out there who can help your business succeed. Enlist the expertise of accountants, lawyers, insurance brokers and your trusted advisors at Affinity Credit Union – we’ll help you cover all the bases.