If you are thinking about setting up your own business, you’ll want to start by checking locally available resources. There is a wealth of information accessible and best of all, it’s often free. Check out what your city or town offers in terms of economic development for local entrepreneurs, or go online and seek help. Even if you are a seasoned self-starter, you could be surprised at the opportunities and resources that are out there.
After researching local resources, it’s time to put together a comprehensive business plan. At this time, it is also prudent to take some time to think about your personal goals as well as your career goals. Goal setting is an essential habit of successful people and allows you to put down on paper what is important to you. Ensure that your personal goals are in line with your career goals and weave the two together to create an “all inclusive” plan for your future. Studies have shown that people who consciously set goals, write them down, and review them regularly have much greater success than those who do not focus on such targeted aspirations.
It’s your business; so your business plan can be as long or as short as you would like, though it is certainly advisable to be as thorough as possible. Depending on whether you are creating the plan for your own personal use or as an application for a loan or a grant, there may be different paths for you to follow at this stage. It is important to carefully determine the main goals and objectives of your company, while including well thought out financial plans and cash flow forecasts.
A meeting with an accountant will send you in the right direction as you begin the steps of registering your new business. Decide if you are going to be a Sole Proprietorship, a Partnership, or a Corporation. Each has its own merits so you need to decide which works best for you at this point. If you are creating a partnership, it is essential that you form a clear contract indicating in unambiguous terms whom is entitled to what in the event that the partnership dissolves or is terminated. Once you have decided which type of business best suits your needs, get yourself legally set up to do business by obtaining the appropriate business numbers, import/export accounts, and tax accounts as necessary.
Have you thought of a name for your business? Ensure that the company name reflects what you do and who you are. These days, a quick Google search can help you determine if the name is already being used, but it is still prudent—depending on which province you live in—to perform a name search before moving forward. A lawyer can help you with any trademarks, should you decide to go ahead in that direction.
Next it will be time to create a corporate image for yourself; the artwork of which should be included in your business plan. If you are starting a graphic design business, this is the fun part (and you’ve probably already done it)! If you’re not a designer, then find someone who can do the work for you at a fair price. Remember to obtain a high resolution eps of your logo so you can continue to access it should you lose touch with your designer. Your corporate image, depending on your business, will include logo development, signage, business cards and promotional materials, and a website.
You are now ready to start into business. Startups are often expensive, so if you are short on cash for advertising, then get creative with ways to market your new business. Consider joining local interest groups (such as Women in Business groups, Young Entrepreneurs, etc.) to make contacts and begin to move forward.
The above isn’t a comprehensive guide to starting your business, but merely a few pointers to guide your thoughts. Having your own business can be rewarding, offering increased income opportunities (albeit often at a higher risk), the ability to be your own boss, and of course flexibility—you can work whichever 24 hours of the day you choose.
Best of luck!