(i)Be Passionate*
Although it's usually not necessary, you do need to be passionate about the subject matter of your business. It's crucial that you genuinely love what you do, whether it's leading fishing charters, making ceramics, or giving financial advice, because you'll be investing a lot of time and energy into making your business successful.
(ii)Start While You Are Still Employed
What is the average lifespan of someone without money? Not too long. Furthermore, it can take a while for your new company to start turning a profit. Having a job during business startup means having cash on hand for the initial stages of the venture.
(iii)Don't Do It Alone
A network of support is essential when launching and running a business. A relative or friend with whom you can share ideas and who will empathetically hear about the most recent business start-up setback is priceless. Better still, look for a mentor or apply to a business start-up programme if you meet the requirements. For instance, entrepreneurs between the ages of 18 and 39 can receive funding, coaching, and support resources from Futurpreneur Canada.
(iv) Get Clients or Customers Lined Up
These are essential for the survival of your firm, so don't wait until you've launched it to have them in order. Make the connections. Establish the contact. Offer to sell or even donate your goods or services. Marketing cannot begin too soon.
(v) Write a Business Plan
When considering launching a business, the primary benefit of creating a business plan beforehand is that it can save you money and effort by preventing you from investing in an unsuccessful venture.
(vi) Do Your Research
Writing a business plan will require extensive study, but that's only the beginning. Establishing a business requires you to become an authority on your sector, goods, and services. It's a terrific idea to join professional or industry associations before launching your firm.
(vii) Get Professional Help
On the other hand, you don't have to be an authority on everything simply because you're launching a firm. Hire an accountant or bookkeeper (or both) if you're not one yourself. Hire a lawyer if you're not a lawyer and you need to draft a contract. Ultimately, attempting to perform tasks that you are not equipped to perform on your own will just cause you to spend additional time and possibly money.
(viii) Make Sure the Money Is Lined Up
If need be, save money. Speak with possible lenders and investors. Determine what your financial backup plan is. You can't expect to launch a firm, walk into a bank, and take out a loan. Conventional lenders dislike fresh concepts and companies without a track record of success.
(ix) Be Professional
People should be able to see from everything about you and your business practices that you are a serious, professional enterprise. This entails acquiring all the necessary tools, such as business email addresses, business phones, and professional business cards, and acting politely and professionally towards others.
(x) Get the Legal and Tax Issues Correct the First Time
A mess that has been created later is far more expensive and difficult to clean up. Does registering your business make sense? Is it necessary to charge PST or GST? Will you have to pay payroll taxes or obtain workers' compensation insurance? What is the impact of your choice of business ownership structure on your income tax situation? Before you launch your company, find out what your legal and tax obligations are, and act appropriately.
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