August 28, 2017
Our experts provide timely, essential insights and analysis for HCM leaders. We share fresh strategies and practical tips for businesses of all sizes, thoughts on hot topics and industry trends, and the latest legislative updates.
Taking the first steps to starting your own business and becoming an entrepreneur is an exciting opportunity. We’re here to give you the information you need to help your business succeed, while making it run smoothly. Here are three tips for getting your business off the ground.
There are several key steps to take to ensure you’re making the right move. First, cashflow forecasting helps ensure the financial security of your business as it tracks money coming in and out. Forecasting helps you plan essential activities for your business – do you have enough cash to run your business? How many staff can you afford to have? It also lets you know what your projected income will be and gives you insight on when to scale back on expenses.
Next, charting out a course of action with a plan for your business can help increase profits and pave the way for success. A good business plan should be flexible and evolve to take advantage of opportunities. Answer key questions when forming your plan – for example, why your company exists, and what your competitive advantage is – and stay up-to-date with industry trends, investigate consumer buying patterns, and be conscious of economic forecasts.
In addition, seek expertise of those who can help move your business forward. Whether through networking with like-minded business owners, garnering advice and support from professionals such as lawyers and accountants, or tapping resources from small business organizations, benefit from this guidance to refine your business plan.
Think about what kind of structure best suits your business. Do you want to go into business alone or with others? Different considerations are required, depending on whether you choose to launch a sole proprietorship, partnership, or corporation.
Your business structure will have a direct impact on your obligations going forward. Consult with a professional tax or legal advisor to determine which type suits you best. Then, register your business – educate yourself on provincial and territorial registrations, as well as permits and licenses you must consider – and seek out tools and information to protect your intellectual property.
Your business depends on advertising, finance tracking, and planning for the future to survive and thrive. Where necessary, get the professional support you need to accomplish these tasks, so that you can focus on developing your business.
One way to grow your business is through online promotion. A website is your first step in introducing your company to the world. Think about the messaging you want to convey, who your audience is, and what brand personality you want for your company. A clean, clear and concise website will invite visitors into your world of business where they will make decisions on whether to purchase your product or service. Also, consider blogs and social media to reach your target audience.