Starting a business seems easy at first, but there is a lot to unpack and do before you commence opening your store. You have to have a solid foundation in which you can slowly develop your business over time, generating the profits that make your business stable.
To help you get off to a positive start, we have a detailed list of things you need to start your business.
9 Things You Need To Start Your Business
1 – Write a Business Plan
Without a business plan, you won’t have any ideas on what you can do or achieve with your enterprise. A plan gives you scope and ideas on how you can make your business bigger and better in the long run. Here is what you should include in your business plan:
- An Overview of the Business itself, including:
- Legal structure
- Type of business
- Location
- Means of doing business (internet or storefront)
- Products & Services
- Describe the products you’re selling or the services you’re offering. Classify each different types of products or services and provide a brief description
- Operational Plans
- The physical setup and responsibilities for each specific task within the company to manufacture, deliver or create the product, or deliver the service
- Market & Competition Analysis
- Breakdown your marketplace, where you can grab your share and how you can develop a stronger foothold in the industry. Consider your competitors and what they’re doing, including their weaknesses and strengths
- Sales & Marketing
- Outline how you plan to reach your target market, build brand awareness and convert your customers into sales
- Financial Plan
- Include all financial information, from startup costs to balance sheets. Include, what you need to start and maintain your business over the next several years, if you might require additional loans or capital investment (https://growmemarketing.ca/venture-capital-calgary/), how you plan to use those funds and ongoing business expenses, including salaries, insurance costs, and marketing.
2- Procure Federal & Provincial Licenses and Permits
Depending on your business, you might require a permit or licence to operate. This includes if you’re selling alcohol, marijuana, investment advising and pharmaceutical drugs.
Builders, insurance carriers, physicians, appraisers, accountants, real estate agents, private investigators and many more will be required to showcase their licences before commencing operations.
3- Obtain The Location of Your Business
Depending on the type of business you have, consider the office space you’ll need to lease. While it would be great to purchase the building space on its own, it’s an expensive investment that shouldn’t be made right now.
Speak to a real estate agent to help you find a place that fits your current needs and future requirements.
4- Set up an Accounting and Record-Keeping System
From counting your expenses to submitting your Tax, you’re going to need to set up an intricate and detailed accounting system. On average, you’ll need to keep documents for around three years, so that requires a lot of effort and organization.
Some details include formation documents, financial statements, annual reports, amendments or changes to the company and tax records. If you struggle with this, it’s best to hire a commercial accountant to help you with this process.
5- Get Business Insurance
You’re going to need insurance for your business, so it’s best to start making enquiries earlier rather than later. Insurance can cover everything from thefts and fires to product liability and company vehicles.
6- Systemize and Organize Your Operations
Ensure that you implement methods for every aspect of your business, including processes for making orders, paying bills, employees and taxes, maintaining permits and delivering the quality product or service required.
Having your company operating as efficiently as possible means you can concentrate on growing it instead of wasting time on fixing operations.
7- Grow Your Team
You can’t do this operation by yourself. You’ll need support to help you manage your business’s outlay, so start small by hiring like-minded people who want to help a startup succeed. From there, determine what departments or sections require extra labour as your business grows.
8- Develop A Brand Identity
Having a strong brand is essential for growing your business. Determine what makes yours stand out, how you’re different from the competition and give a personality. We’re talking about having a consistent tone of voice, language and terms, naming, logos, trademarks and more.
9 – Start Marketing!
Now that your company is set up, time to start getting the word out. Find the best methods for reaching your target audience (be it traditional or digital marketing) and start reaching out to them. If you need assistance, speak to a marketing agency to help guide your campaign.
