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Starting your own business is a big step and you’ll need to spend a lot of time researching and planning before you go ahead. Running your own business is a rewarding but engaging career and life choice. It demands your time and focus. Start by expecting to live your work until it is established so it can get off the ground. When starting a business there are many things to think about, such the type of business, the competition and business viability. You will need to do some market research to find out if there is demand for the products or services you intend to supply. There are five steps to starting your own business 1) Start with your idea 2) Decide the business plan 3) Select the business structure 4) Register your business 5) Financing goals 1) This probably isn’t a brand new invention or product. In fact, many successful businesses have found a way to deliver an existing service or product more efficiently and economically or have customized an existing product or service to fit an opportunity. 2) Once you have decided your business is a viable option, you need to develop a business plan. Your business plan will highlight everything you need to do to get started and will keep you focused and on track. The plan should evaluate your competitors – how many competitors, how strong are they, where are they, how will you compete. With the dozens of business-plan-in-a-box resources available online, there is no longer an excuse not to write a business plan before you launch your business. This doesn’t require hundreds of pages with thousands of charts. Include research into things like how much you can charge for your product/service, how much it will cost to produce. 3) How will you structure your new business? Will it consist of just you as proprietor? Is it a partnership? A franchise? Will you incorporate? Each of these options has advantages and disadvantages, depending on the type of business you choose to run. Deciding whether to become a Sole Proprietorship, a Partnership, a traditional Corporation, an S-Corporation, or a Limited Liability Company (LLC) will have a long-lasting effect on the future tax implications of your business. You can learn about the benefits and tradeoffs of each plan in a number of places and there are excellent, brief books on the subject, too. 4) There are many things you need to do before you can begin trading. You will need to register your business name. In addition, you will also need to understand your tax and legal obligations. Learn more about what it takes to set up your business. Among other things, you will need to know important things about federal and provincial licensing. 5) And stay focused on your financial goals. One of the biggest causes of failure is diffusion of focus. Count on a cash cushion to live on for at least the first six months because you likely won’t have an income. Conserve your money before you start. Once the business launches, regularly compare your actual income and expenses to your original forecasts to take the pulse of your company.
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