7 Tips For Starting A Successful Business For Beginners
Seven tips for starting a successful business
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FotoGraf - Rule number one: more than a good idea is needed to start a
business. To be successful, you need to research the market, plan
realistically, and mobilize your troops to achieve your goals.
In practice, vision is only one part of the equation. You
also have to know how to solve concrete problems and show off in a competitive
environment.
Here are a few tips:
1.
Target your market well
The idea is to register your products or services in a young
and rapidly growing market. You will need a competitive advantage in more
established sectors to distinguish yourself (innovative product or service,
incomparable customer service, attractive prices, etc.)
It's a good idea to contact a specialized research agency to
gather as much information as possible to define your potential market –
including the strengths and weaknesses of your competition and the time
required to develop your product. Remember that during this time, you will not
make any sales.
2.
Know how to surround yourself
The members of your management team should have
complementary skills. The most effective leaders recruit high-level specialists
for each sector of activity. Above all, feel free to hire people who know more
about their field than you do.
You should also consider external resources as an extension
of your team. From a practical point of view, you will need technicians,
salespeople and managers, a lawyer, an accountant and marketing or relationship
specialists. Public.
If you lack the resources to create a board of directors,
you can form a strategy committee and invite a specialist to sit on it to
advise on management decisions. Moreover, the high-tech sector has more and
more incubators whose coaching formulas will increase your chances of success.
Ultimately, the actual test is that of the market. To reach
customers quickly and efficiently, consider bringing in marketing specialists first.
Often overlooked, marketing is essential to the success of any business.
3.
See far
Refrain from constantly putting out fires and losing sight
of your long-term goals. List all the factors to consider in the immediate and
medium term, especially if you expect rapid growth. To help you manage this
growth, consider all possible options, such as buying or renting premises,
furniture and equipment. Also, consider contracting out certain functions, such
as human resources, to third parties.
You’ll also need to consider growth factors, including
energy and resources, raw materials, salaries, funding, and technology needs.
Thinking big is legitimate if you've carefully assessed your
growth potential. For example, if your business serves a particular niche, it
might only become profitable by exporting. To better understand your export
opportunities, consult national, provincial and regional export assistance
services, including those of Canadian trade delegations abroad.
4.
Think about funding
Business start-ups are often financed from the savings of
the founders (and those of relatives or friends). In many cases, it is
necessary to seek external sources of funding – financial angels (private
investors), venture capital funds, aid funds or granting agencies from the
social economy sector.
Prepare carefully and know what investors expect of you. As
one businessman who invests in companies himself said, "If you go knocking
on a door too early or unprepared, it may be closed to you later when you're ready
to walk through it. .”
Talk to BDC about your start-up financing needs. The Bank
offers personalized solutions to companies with solid growth potential.
5.
Use your time wisely
Most businesses take time to get established, which leaves
“downtime”. Use these downtimes wisely, for example, by taking advantage of
them to form contact networks. Here are three networking strategies that might prove
helpful, depending on the situation:
·
Enter a
business plan competition for young business owners;
·
Participate in trade shows or commercial
exhibitions;
·
Get closer to the business community by joining
business people's or professional associations.
6.
Take care of all the formalities
Several requirements – often very technical – are
unavoidable to give a concrete existence to your company: for example, the
choice of a legal form, the design of the chart of accounts and the observation
of the rules in terms of labor law, health and workplace safety or training.
In the commercial and industrial universe, you can create a
sole proprietorship. A group can form a partnership (registered) or capital
(“incorporated”) with very different statutes, privileges and responsibilities.
If you are part of a group with several partners, you must draw up a
shareholders' agreement defining the code of conduct that everyone must
respect. You can also choose the status of a cooperative or non-profit organization.
Make sure your ideas are patented or, at the very least,
protected by copyright, trademark, or trade secret. Otherwise, you risk
infringing another company's rights in this regard. Check with the Canadian
Intellectual Property Office.
7. Write a “selling” business plan
Make sure your business plan contains all of the above.
Short and precise, it must describe your business project and its means. Write
it yourself. After all, it is your vision that is developed there. Expect to
rewrite it many times before arriving at the final version. Don't hesitate to
ask for help if needed. Submit your plan to specialists, such as accountants,
lawyers or other experienced business owners. Remember
that a business plan is more than an accounting document. It
is a tool that will allow you to sell your idea to a likely shareholder.
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