Are you thinking of starting a business?

Many people start a small business in order to enjoy the independence of being their own boss, using their own ideas, or exploring a new challenge.  Before you start, evaluate your ideas and learn about the resources you will need to make the business a success.

The idea – If you are trying to decide what kind of business to start, consider your hobbies and interests, as well as your experience and background.  If you already have a business idea, ensure that there is a need for the product or service you are going to offer and that you are equipped to handle customer demand.

The plan – A strong business plan is an essential part of starting and running a business.  It describes your business, its objectives and strategies, the market you are targeting and your financial forecast.  A business plan helps you set goals, secure funding, clarify operational requirements and establish reasonable funding forecasts.

Writing a plan will also help you focus on how to operate your new business and give it the best chance for success.  As yourself the following questions:  Who are my customers? How am I going to reach my customers? Who is my competition?  How am I going to price my product or service?

The process – Understanding the requirements for starting a business can make the difference between success and failure.  Be aware of your responsibilities as a business owner, including licenses, permits, registration, employment standards and taxes.

This article has been provided by Canada Ontario Business.

If you are thinking of starting a business,  call Terry or Anne for your free consultation at 1-888-372-9962