Are you about to strike out on your own and jump into the world of entrepreneurs? Then you’ve come to the right place to discover how to start your journey. More and more business professionals in Waterloo Region and across Canada are striking out on their own looking to make their mark.
One of the biggest decisions any business owner needs to make before starting out is determining if being an entrepreneur is right for their lifestyle and mentality. Some people are naturally feel that owning their own business is built into their DNA, some are a little more hesitant. Be sure to read this section and discover if you have the qualities to figure out if entrepreneurship is right for you.
You’re all set to strike out on your own, now you just need to establish what type of business you will be? What is your industry, offerings, unique value proposition, etc.? This is where you discover what you have to offer to your potential customers/clients.
Figuring out your business structure and what possible government or industry road blocks that may exist to a successful business is your next step. Organizations like the Waterloo Region Small Business Centre are around to offer complimentary services that help you plan out your business before to take that next plunge into flipping that open sign.
Creating a good business plan can make the difference between a successful business and one that will begin floundering. As you will discover in this section you will need to layout a number of important points in your business plan such as overall business strategy, marketing strategy and initial financial forecasts. This is where your business really begins.
There have never been more options to market your business. From traditional modes of marketing such as straight out networking, television, print, and radio ads to social media and online advertising there are countless marketing and advertising channels. Now you just need to figure out what, when, and how much you are willing to spend.
Once money starts to flow in and out of your business maintaining a proper set of financial books is very important, and not just for tax purposes! You’ll find tips on keeping up your books, finding grants, and even how to avoid cash shortages.
Now that you’re business is well underway and making an impact in the market you should keep in mind how to adhere to WSIB practices. Here are tips on being a good boss and always how to keep your business moving smoothly on all levels.