4 things any would-be entrepreneur should know

by | Sep 5, 2023 | Finance and Business

Whether your business idea is just a twinkle in your eye or you’ve been planning the details for years, here are a few key points to remember so your self-made venture can thrive.

Knowledge is power
With a business idea in place, you need to become an expert on the market and create a solid business plan. Check out the library, read industry news, keep up with the latest trends and consider joining a professional association. A great time to do this is while you’re still employed so you can build confidence and expertise before having to generate an income. But even if you’ve already taken the plunge into entrepreneurship, it’s never too late to boost your know-how.

Burnout is not just a buzzword
Taking on too much for too long can be a pitfall for any entrepreneur. It’s understandable to put every ounce of passion you’ve got into your idea, but burnout is real. It can come with long-term consequences for your physical, mental and financial health, causing you to shutter your business too soon. With only so many hours in a day, be smart about how you use them and treat work-life balance like an important part of doing business.

Leadership is about respect
Leading by example doesn’t mean working yourself to the bone or controlling every move. On the contrary, it means fostering a positive workplace culture that encourages teamwork and rewards effort and having a mission your employees can get behind. Get your hands dirty in the day to day to start building a positive workplace, and stay open to what employees need as your business grows. You’ll see higher employee job satisfaction, which in turn leads to greater productivity and profit.

Financing is ongoing
As you plan your business’s funding, be sure to cast a wide net to find financial backing. Financing opportunities, or their terms and eligibility criteria, may have changed since you last saw them. For example, the recently improved Canada Small Business Financing Program can now be used to fund certain practical costs like rent, payroll, franchise fees, permits, printed materials, cloud storage and more. You can talk to your lending institution or learn more at canada.ca/csbfp

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