Starting a new business can be daunting. Do not be shy about seeking out the advice of experts, networking with other entrepreneurs and hiring employees to help you run the business. Follow these tips to avoid some of the pitfalls that can lead to small business failure.
- Develop a good marketing and business plan that takes into account customer needs, competition, pricing and promotional strategies. Follow this link to find out how to write a business plan and access templates, sample business plans, market research information, and statistics. – Business planning
- Find research reports and statistics on small business and entrepreneurship in Canada – Research and Statistics
- Have a good working knowledge of business law or hire a lawyer.
- Understand your business finances, such as cash flow and handling credit with a good accounting program such as QuickBooks Online. Our office can help you with this.
- Keep a good inventory of your products or services and your existing customers.
- Supervise, train and motivate your employees.
- Make sure you have the experience, expertise, and talent to run your business.
- Plan every part of your business from start to finish.
- Know your market and define how much of it you will be able to capture.
- Make sure you are offering a product that is unique and competitive or at a lower cost than that of your competitors.
- Don’t under-estimate your expenses and over-estimate your revenue.
- Make sure you have some cash reserves or a line of credit to help you get through slow periods.
