10 things to know to start your business right
1. Structuring your business
Setting up the right legal structure for your business is important. Depending on how you want to run it, you might choose a structure that will either place you alone at the head or with partners or associates. There are four main types of business structures: sole proprietorships, general partnerships, corporations and cooperatives.
2. Drawing up a business plan
It’s not enough to just have a few bright ideas. You need a written business plan that will help you assess your potential, affirm your commitment to being an entrepreneur, and earn the trust of financial institutions and investors. Business plans are a recognized management tool that lays out exactly what your business will do and how it will be successful. A well-written business plan provides a framework for any business. It’s a must-have if you want to apply for assistance, use consulting services, secure financing, and maintain credibility.
3. Choosing the right business name for you
Make sure your name is a good match for the products or services you offer.
4. Registering your business name and web domain
As a future entrepreneur or new business owner, you will no doubt be aware of the importance of building a reputation for your new business. In addition to advertising your business, you’ll need to notify the government about your plans.
You may need to register your company with various government agencies for different reasons, including the Registraire des entreprises in Quebec.
5. Securing financing
There are many financing resources available. Obtaining start-up financing is a challenge unto itself, as you’ll have to prove to financial institutions that your business is valuable and solvent. To determine your financing needs, it’s important to chart out your financial arrangement, which indicates what expenses are required to run your business and which financing sources can cover these expenses. Financing sources to help you get your business off the ground can be found in both the public and the private sectors.
6. Choosing and laying out your place of business
When the time comes, you’ll need to decide where to set up your business and how to arrange it. There are a number of factors to consider before settling on your business location and how the space will be organized.
7. Determining requirements for licencing and permits
Not only do you need to obtain the required permits, but you also need to be knowledgeable about the various regulations that apply in your industry. You may need to obtain special licences and permits from the federal, provincial, or municipal government depending on where you live, which sector you operate in, and what specific activities you plan to engage in.
8. Hiring, managing and training employees
Seek advice on recruitment, hiring, and managing relationships with your employees. Find out about your responsibilities regarding payroll, pensions, taxes, wages, and health and safety.
9. Building a network
No one can do it all or know it all. That’s why it’s important to network with people who can help, support and encourage you.
10. Getting coaching and guidance
Plenty of people who want to start a business lack the necessary skills. There are all kinds of resources available to help and coach entrepreneurs.