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