djbaxter

Administrator
You have a great idea for a new business. It's exciting (and sometimes a little scary) but you think it can work. Naturally, you want to jump right in and get it going as quickly as possible. After all, what's the worst that can happen?

Well, actually, you don't want to know what the worst that can happen is.

And with the help of a handy list from Alex Morrison, maybe you can avoid knowing...

10 Things You MUST Do Before Opening Your Business
by Alex Morrison, Malamax Content Marketing, Halifax, Nova Scotia
September 27, 2016

  1. Plan ahead financially. Don’t quit your day job until you have enough resources set aside to float yourself for 6 months. Trust me - you will have tons of money going out and very little coming in those first few months. If you can grow your business on the side, without getting fired, do it.

  2. Find a mentor. There are organizations in every community focused on supporting new businesses through their journey. The insight and support you get will be invaluable.

  3. Create a business plan. It’s critical you crunch the numbers and know what you need not only to survive, but to be successful. If you’re taking on a loan to get started, it’s even more important. No investors or banks will even speak to you without a solid business plan.

  4. Register your business and open up your bank accounts. Get a credit card for your business. You may have to open it in your personal name, but that’s fine. Keep it separate and designate it for business use only. It’s important to do this prior to incurring any expenses, otherwise things will get twisted and you’ll be in trouble when tax time comes.

  5. Get proper accounting software, and actually use it. There are inexpensive programs you can get that can be run off your phone. Receipts can be stored digitally - you really have no excuse to mess this up with all the technology available to you.

Read more...

This isn't the end of the list, just the first five. Check out the rest and use it like a to-do list before you jump in. You will be glad you did when you hit that first bump in the road.

If you've already started a business, what do you wish you had done or done differently before you jumped in?
 
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