Considering being Self Employed or starting a small business? Here are a few things to consider

You want to start a business, it’s here, you can taste it, you want it badly, are you personally ready? People are getting so excited about starting a new business that they may not be having a clear vision of their coming venture, so before diving in, maybe a few steps pre-starting a new business, a few things to think about:

Ask yourself the simple following few questions:

  • Am I really an entrepreneur or is this a passing fade?
  • Will I have the family support, (the long days, weekends, and vacations)?
  • Am I passionate about this idea, am I willing to keep my nose to the grind?
  • What is my stress level now? What will it be in one year?
  • What are my personal strengths and weaknesses (education, finances, family)?
  • Are my personal finances in shape prior to approaching banks?
  • Are you motivated enough to plan and build a business?

Why you are doing it in the first place and is it justified?

….There are many reasons you should know your own:

  • Make enough #money to live on? You want to make more money?
  • Do the business as a hobby? Many a hobby has turned into lucrative businesses…!
  • Learn a new skill and use it at the new business?
  • Work with a team on a common goal? #Social responsibility – community involvement
  • Benefit others from your product or service?
  • How about Non Profit?

Planning your business requires many hidden factors to be clear so you don’t fail for lack of known facts.
For example ask yourself: Who is this business going to serve? Will the product/service you provide be a desired product/service? What and who is the competition? Is it a new service /product or was it around a while? What are your resources? Your Suppliers? Your Financials? Are there any government plans that can benefit your business? What kinds of fees methods are available to you? Will your business have an online presence? Do you have a company that will take care of your IT needs, software, hardware, security? Who will build your online business?
Remember, being in business does not mean you are on your own, you cannot do all things your business needs, and you will need a sort of protective blanket from your business community provided by city hall, federal government and provincial government as well as local chapters of Chambers of Commerce that their function is to promote interest in local business possibilities…. It provides educational opportunities and assists businesses with the latest marketing and promotional techniques. I myself attended many free seminars provided by our local Chamber of Commerce that were excellent and helped me and my clients.

Posted in ,

Controllers on Call