Few things are more exciting – or more potentially rewarding – than starting your own business. We should know: at Opportunity Group, we’ve spent years as business plan consultants, helping hundreds of Canadians launch the business of their dreams! However, the early days of a startup business can have a lot of pitfalls, and we’ve seen too many newcomers fail due to common mistakes.
If you’re planning on starting your own business, these are a few things you must know to help you stay afloat during your first months and years.
4 Must-Dos When You Start Your Own Business
1 – Surround yourself with trusted advisors
Once you declare yourself a business, even as a one-person startup, you’re suddenly in a whole new world and will have lots of questions. Surround yourself with advisors especially those who don’t stand to gain financially from your decisions. These advisors could include: a former teacher, another business owner, a supplier or industry contact, or a family member who is familiar with your business.
- Have a clear plan
Many people start up a business and let the business run them instead of them deciding on how they will run their business. Writing a business plan and working with a consultant who can help you understand why planning can save you time and money is essential. You will make some decisions early on to ensure you stay on your intended path and accomplish what you set out to do instead of chasing ideas that will get you off track.
3 – Clear your schedule for the next couple of years
A typical small business owner will spend 60-80 hours a week setting up and managing their business – if they want to succeed, anyway. Starting your own business will be very time-consuming. Trying to do it while balancing other obligations such as a job or school is extremely difficult, and greatly increases your chances of failure. You need to be dedicated to your new business and have ample time to spend building it.
4 – Build financial resources
“It takes money to make money” might be a cliché, but it’s also true. Even a garage-based business still needs equipment, operating capital, a marketing budget, a website, and so forth. Try to have some resources on hand, or even be willing to cut down on your personal expenses.
A business loan is another option but remember getting commercial credit can be much more difficult than personal credit. As well commercial financing for a building much different than a personal mortgage on a home
Let us be your business plan consultants
Need more advice? Opportunity Group specializes in helping Canadians launch their dream business! Contact us today to schedule a consultation. We also specialize in professional coaching and self-employment training, so visit us online for a look at some of our past successes.