STARTING A COMPANY
If you have thought about opening your own business, you might have begun to look for advice. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing, but the reality is that there is no perfect formula for starting a business, no matter the size. The bright side of researching the “hows” and “whys” is that it usually forces you to think in a new way.
Hence, we have compiled a list of suggestions for starting your own business, including important tech apps, that will help you from the start that you can read below.
Be professional from the get-go to show your clients you mean serious business. Invest in quality business cards, a business phone, a business email address, a website, and Social Media. This last one can be overlooked, but do not fool yourself. Nowadays many people check a company’s social media before becoming a client.
2- Count the costs
Once you start to develop your business idea, add up how much it will cost. You will need to factor in every business expense necessary to launch and operate. Some costs to keep in mind include your location, rent, supplies, marketing, and more. And be sure to have some extra saved up for unexpected expenses, it is better to be over prepared than short on funds when bills start to roll in. Once you have a grasp on all your expenses, you can start on the business budget where you might need to get some outside capital to make ends meet, like a small business loan.
There are rules for opening a business and you need to understand them, and if you fail to follow government regulations you could face steep penalties. And it can go from forming a legal structure to setting up an accounting system, laws must be followed. The rules that apply to you depend on your province, business structure, and industry, which makes talking to a small business accountant as you set up your company a good idea. Getting all this right the first time is priceless.
4 - Know the Operational Needs
Most people who are thinking about starting a business focus on what they will sell and who they will sell it to. What they often do not consider is how the business will operate. For instance, if you are selling items, how will they be delivered, will you need to accept credit cards, who will build and maintain your website and social media presence, will you be able to use a virtual assistant for such tasks, or will you have to hire employees. Even if you are starting a small personal service business, these are issues you should consider and plan for.
5 - Embrace Digital Marketing
Even if you are running a local business, you need a comprehensive digital presence. At a minimum, you need a professional-looking website, an email list that lets you communicate with customers and prospects on a regular basis, and presence on the social media channels that your customers frequent. While you may get many of your customers by word of mouth, referrals, or networking, you still need a strong digital presence. As we mentioned before, prospective customers are likely to look you up on the web before they decide whether to contact you.
6 - Never Stop Learning and Trying New Things
What is profitable now, will not necessarily be profitable next year or 10 years from now. So, do not let yourself fall into the "this is the way I've always done things" rut. Keep your eyes and ears open for new things. Are there newer or better ways to market your products and services? Are customers asking for something you are not offering? Is there a different type of customer you should be targeting? Get answers by reading everything you can about your industry and listening to your customers.
7. Build Your Team
Unless you are planning to be your only employee, you will need to recruit and hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the "people" element of their businesses the same attention they give their products, since there is no product without people. Therefore, identifying your founding team, understanding what gaps exist, and determining how and when you will address them should be top priority.
Be aware that the people you hire can make or break your business.