Lately I received several inquiries with respect to setting up a small business through my “Integrated Small Business Solutions™” program. Today I’d like to share some tips about starting a small business.
First, you should be familiar with the industry. For example, opening a restaurant is not just about cooking food. You will need to be able to manage the suppliers, customers, staff, municipal zoning by-laws, fire code, health department regulations, and so on.
Although you can hire a lawyer to take care of your legal affairs (such as the zoning by-laws), at the end of the day you remain the decision-maker. You need to know enough about your industry to make informed choices.
Second, you should find out whether you have enough capital to sustain the business through its infancy. Most businesses lose money during the first few years.
One big advantage for start-up businesses right now is that interest rates are very low at the moment, as the Bank of Canada has slashed the overnight rate to 0.5% this morning. That being said, would-be business owners should consider whether the business will remain viable when the interest rate inevitably rises.
Third, you should be prepared to face a certain degree of risk. Not all businesses succeed; in fact, most small businesses don’t survive beyond their infancy. If you don’t think you can manage a volatile income in the first few years, entrepreneurship is probably not for you.
If you think you’ve got what it takes to start up your small business, give me a call at 416-433-5531 and let’s get started!
