Do you dream of starting your own business?
image Credit: News Canada
Are you a newcomer looking to make a fresh start in a new country? Or are you tired of working long hours for someone else’s dream and want to start up your own shop? Being the master of your own financial destiny can bring countless rewards, but the startup takes planning, sound financial advice, and a lot of grit.
A director of small business for Meridian, Ontario’s largest credit union, encourages planning and homework before setting up shop. His tips can help you begin your dream of entrepreneurship:
1. Create a business plan. This is your roadmap to success. Organize your thoughts into a plan that includes your business idea; the type of capital you’ll need such as space, equipment, or a healthy cash flow; how your product or service fits in the current market landscape; advertising tools required; and how you plan to make a profit.
2. Look for a variety of financing sources. Funding is not just limited to financial institutions. There are a variety of government grants and programs that can help a small business get off the ground and they can be easily found online. There’s also a wide range of lending products from financial institutions available to small businesses, including operating lines of credits, credit cards, and commercial mortgages. Skilled advisors in this field can help you navigate the options to ensure you choose products that are suited to your needs.
3. Get organized. When meeting with a financial institution to discuss lending options, bring your business plan and copies of your personal financial records. If you require a co-signer or guarantor, you will need their financial information as well.
4. Invest in professionals. Don’t try to do everything on your own because you could be spending more in the long run. Use your time wisely by focusing on developing the business, and hire professionals to do the things they do best like branding, web design, and accounting.
5. Network. Sometimes the best lessons are learned from another's mistakes. Join small business organizations and attend networking events to meet other entrepreneurs who can share success stories. As a bonus, new clients are often found through word of mouth.
6. Don’t give up. Perseverance is key. Regardless of the outcome, keep being tenacious with your business – hard work and determination should yield results.
More info at smallbusiness.meridiancu.ca