Do you want to start your own business? But, You do not know how?
Read this article to give you some solutions.
Tip 1: Do what you like
The greatest source of inspiration for an entrepreneur is doing what you love every day.
Tip 2: Always keep other sources of income
At the beginning of your business, you must understand that you will not necessarily make money considering start-up investments, and marginal operating costs (equipment, furniture, software, inventory, website, office supplies etc … ) of your company (rent, wages etc …)
For example, if you have other sources of income, such as keeping a part-time job, you will have money coming in to help you during difficult times. Your other sources of money will allow you to not be stressed and focus on your business, grow it and succeed.
Other sources of income also allow you to reinvest in your business. Most start-up companies face cash flow challenges, and you may need to reinvest cash back into your business during the take-off phase.
Tip 3: You need a team, a mentor
You probably need a mentor who has had the same experiences and can help you, give you good practice right from the start. Also, local economic development organizations ( Bank of development of Canada , Femmessor (In Québec only) , Futurpreneur, Chamber of Commerce, etc…) that help entrepreneurs can also help you start your business by providing support.
With a good team, you will find people with complementary skills to help you.
Tip 4: Find clients and start the contracts
You will not be able to finalize the implementation of your business until you have clients or contracts. The working methods and habits of your company will develop gradually as a result, no need to imagine everything before starting. Just get started, things get better all the way through!
Tip 5: Write a business plan
It is important to write a business plan since this plan allows you to understand and analyze the mission of your company, the real reason for its creation, its vision ie in which direction you want to go with your company ( For example: to become, in 3 years, a leader in ecological and environmental paper manufacturing in the region of Gatineau, Ottawa). A business plan balance allows readers to challenge the feasibility of your project and assess whether it is realistic. It allows to highlight the reality versus what we want to do.
Tip 6 : Do your research
Writing a business plan means doing a lot of research in the field in which you want to go in order to put the odds on your side.
The life of an entrepreneur is not a game of dice, it is rather a sacrifice in time, to understand its environment, understand the market, the behavior of customers, your strengths, weaknesses, opportunities possible, and possible threats. Who are your competitors? Can someone already use the name you’re thinking of? Let’s search on google the best search engine in the world.
Tip 7 : Get help from professionals
You do not have to be an expert in every department of your company. You simply need to delegate tasks to the best professionals to best accomplish your tasks.
You will probably need a CPA, Chartered Professional Accountant to help you in your approach. A professional accountant can help you choose the right legal form for your business (sole proprietorship, joint stock company etc …), advise you and enlighten regarding the consumption taxes and taxes of individuals and society.
You will also need a legal advisor to prepare annual legal documents: minutes book update, dividend resolution resolution, annual financial statement approval resolution, annual bonus approval resolution.
Tip 8 : Stay Professionnal
Your company should show a certain level of professionalism. This requires a business card, a website if possible, a corporate email. It’s the least to appear professional.
Tip 9: Do your research on income taxes, commodity taxes (GST, QST, HST), Corporate Tax, deductions at source on wages etc…
You must learn about the laws and regulations applicable to your business so that you do not have unpleasant surprises. You are personally responsible for the tax debts of your company! As CPA (Chartered Professional Accountants) and Business Professionals, we can help you with your bookkeeping, financial statements, taxes, corporate taxes, or individuals.
Article written: Clinton Tano, CPA auditor, MBA