Tips For New Business Owners That You May Not Know
When you’re opening your new business, chances are you’re going to get all sorts of advice from those around you. You’ll likely hear the same words of wisdom repeatedly, but there are some things that many new entrepreneurs don’t think of. Although with owning and operating your business, you’ll constantly be learning new things, the better decisions you make from the start, the greater chance for success. Here are just a few tips to keep in mind when you’re starting out in business, that you probably haven’t heard before.
Many people believe you’ve got to come up with a unique idea first, then figure out a way to sell that idea. Instead, look at things from a different perspective. Try to identify a problem that people are having and figure out a way to solve that problem. If you’re doing this, it’s much easier to gain customers, since you’re providing them with something they already need. Knowing the problem you’re solving will also help you better target your customers and market yourself.
Factor in Costs
When creating a business budget, you’ve got to factor in all of the associated costs you’ll be taking on. There are the fixed costs, like rent, utilities and inventory, but there are also other things you may not even consider like your own living expenses, gas for deliveries, and more.
Sit down and create your business and personal budget for all of your anticipated expenses. Then take that number and triple or even quadruple it – it’s better to overestimate your expenses than be unprepared when it’s time to start paying bills. And, there will always be unexpected expenses that will pop up, both in your business and personally.
It can be incredibly intimidating to share your new business with others. But, if your company is going to succeed, you’ve got to overcome that feeling of intimidation and start spreading the word and selling your business to the world.
It’s essential, as a new business owner, that you’re out there networking and marketing your business. And, the more you do it, the more comfortable you’ll be and the better you’ll get at promoting your company.
Simple is Good
When you get excited about your business idea, it’s easy to let things get out of control and become much more over complicated than they need to be. Great products and business ideas don’t need to be complicated, as long as they solve the problem and fulfill the promises they claim.
The same simple structure is true for small businesses and for new business especially, where it’s important to keep costs down and avoid unnecessary spending. As your business grows, you’ll always be able to add whatever is needed, but keep things simple when starting out.
Knowing, understanding and following the rules that come along with operating your business are essential. There may be specific government regulations you will need to follow, or face penalties. From permits, to employee regulations and taxes, you’ll want to look into all of the rules you’ll need to abide by, or consider hiring a professional to take care of those things on your behalf.
Here are a few links that may be helpful to you:
CRA Taxation – For Tax Information with Revenue Canada
BizPal – For Business Permit and Licensing Information
Combine Your Passion with Knowledge
Having a passion for your business is one of the most important factors in creating a thriving and successful company. But, as important as that passion is, there’s got to be a balance with knowledge. Doing research into your target market, getting feedback and asking experts for advice can help you push the potential of your business higher.
It’s also important to know when you should take on something yourself and when you should leave it to an expert to handle, such as financial advisors or accountants. Passion is going to drive you forward, but knowledge and wisdom will help steer you in the direction you are traveling.
When you’re ready to register your business, Ontario Business Central can handle that for you, completing your Master Business Licence registration or Incorporation on a same-day basis. In just a few minutes, you can submit your online registration, then move on to working on other areas of your business, while the registration side is handled for you.
For a Master Business Licence, you can use the link below to complete your registration:
If you’re interested in Incorporating, you can do so through the link below:
If you have any questions about the differences between each type of registration, please feel free to contact our staff, who are available to provide additional information and assistance.
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.
Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.