The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
In the last decade, small businesses in Canada have been a key engine of economic growth. In fact, six in ten Canadians work for a small or medium sized enterprise. So is it time for you to consider starting your own small business? Are you ready for the challenges and rewards of trying out your own dream? Here are five great start up tips to help you get started on the road to independence. 1. Have a drive to succeed Being your own boss has significant advantages: you are free to use your own ideas, set your own hours and vacation. But most small business owners will tell you, they work much longer hours for themselves than they ever did for others. Making your small business work will require self-confidence, drive, dedication and commitment. It's not easy, but it is doable. 2. Understand your business Probably the most important step to success is to understand your business. You should know how your professional skills apply to your business area Ð what special talent you bring to it, or what training you have. You should know that there will be a market for your product or service. The more research you do, the better. No businesses fail because the owner knows too much. 3. Investigate your market Investigating the potential market is a multi-staged project. You can begin on-line, move on to talking to others in the field, and then explore the details. The government of Canada has a number of different websites that can help you in the initial stages of market research. Check out www.cbsc.org , the Canadian Business Service Centre for advice on starting a business or expanding a business. Industry Canada, www.strategis.gc.ca has research on markets and other businesses as well as downloadable guides. Statistics Canada www.statscan.gc.ca has demographic research and trends, including community profiles. 4. Create a plan A business plan is the cornerstone of any successful enterprise. It doesn't need to be complicated at first, but it should include: your skills and expertise and how they apply to your business, the market/ defining the need for your product or service, your value proposition Ð how your product/service will add value to your customers, how you plan to create the business (infrastructure, suppliers), and how you plan to finance it. 5. Meet your banker The most important long-term relationship that you'll have (besides with your customers) will be with your banker. Financing your venture, is of course a crucial step, but your bank should be able to help with much more than that. Speak to a small business manager at your bank whose expert assistance can help guide you through the pitfalls of start-up and beyond. Your banker can help you with your business plan, with defining realistic goals, and with financial planning for the future. Running your own business can be a lot of work, but it can also tremendously rewarding both personally and financially. Take the time to plan carefully, it is an investment you won't regret. Ð News Canada
