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Business ideas are all around you.  They can be found in your kitchen, your yard, or at our neighbour’s house. You’ll find them in magazine ads, in your community, even at work, or on the drive to work. They are right there even at the back of your mind. You just have to know where to look for them.

Please click on the link below for more tips on how to find business ideas.

After much brainstorming and research, you may have compiled a list of potential business ideas that you believe will bring you freedom and plenty of profits.  However, before you run out and cash in your life savings or take a loan, devote time to assess these ideas to determine whether or not they are feasible.

Please click on the link below for more tips on how to assess your business idea. Learn about discussing your product or service, assessing the market, analyzing your competition, considering start-up strategies, and more.

For a business to be successful and profitable, the owner(s) must have a clear understanding of its customers, strengths, and competition and also have the foresight to plan for future expansion.

Why Write a Business Plan?

• The process forces the person preparing the plan to look at the business in an objective and critical manner
• Helps to focus ideas and serves as a feasibility study of the business’s potential for growth and success
• The plan serves as an operational tool to define the business’s present status and future possibilities
• Helps with the management of the business and serves as a strong communication tool for your business
• Serves as a powerful financing proposal to attract potential lenders, investors, suppliers, employees, customers etc.

Who Should Write the Plan?

A business plan first and foremost should be written by YOU! It is a road map that outlines the management and operation of your business. It is not recommended that you contract the entire job out to a consultant but work along with the consultant to ensure that all of your ideas and vision are captured in the plan. Want to develop an effective business plan, then click the link below for more guidance.

The idea of presenting your prospective business venture to financiers or potential investors may seem nerve-racking.  However, this may be the only opportunity to make a lasting impression and obtain buy-in.  By following some basic rules you will get through the presentation successfully.

Want to know what these are? Click on the link below.

Sole Proprietorship

This form of business is owned and operated by YOU. You will be solely responsible for the management of employees, operations, and all aspects of the business.

Advantages

• Very few legal and tax formalities for setting up
• Structure is inexpensive to set up
• You maintain full control of the business
• You receive the full benefits of profits made by the business
• Requires little working capital

Things to Consider

• Access to finances is usually limited to your own resources; difficulties in raising capital may be experienced
• All responsibilities and decisions fall on the shoulders of the sole proprietor
• You are required to do all the work if no employees are hired
• You are legally responsible for the debts and obligations of the business. These cannot be shared
• Increased likelihood of loss of private assets such as your home, contents, and vehicles if the business goes into debt

Reporting and Paying Income Tax

As a sole trader, you pay personal income tax on the earnings. You are entitled to the tax-free threshold (the first $60,000 earned in an income year) after which 30% becomes payable on the excess.

Learn about Partnerships, Corporation & Limited Liability Company by clicking on the link below.

Your business name is the first opportunity to tell customers how you differ from the competition. Your name embodies your brand; it is who and what you are in the eyes of your customers, suppliers, financiers, and competitors.

Selecting the right name is crucial for a number of reasons:

• It is your customer’s first contact with your business; its products or services
• It is what consumers use to market your product or service to other potential customers
• The right name sparks interest in consumers and other businesses, who will want to use your product or be associated  with your business

Do you want to know what you must consider when choosing a name? then click on the link below.

Choosing the right location for your business can be a major factor in its success or failure. A good location may allow a struggling business to survive but a weak location could mean trouble for even a very well-run business.

You may have been the jack of all trades for your business but it’s now getting beyond your control to do it all and you need to hire your first employee. Before you jump into the process of hiring take the time to develop a strategy that will help you select the right employee to avoid turnover, loss of productivity, lawsuits, and low employee morale.

Read more on what you should do before and during the interview.

It is quite common for micro, small, and medium-sized businesses to ignore financial matters until the information becomes vital. Businesses can fail by not maintaining their financial records and losing sight of where they are and where they are heading, leading to cash flow problems and equity issues. In order to succeed in business, you need to keep track of all sales, proceeds, and turnover of your business.