Starting a business for the first time and worried about failure? Give your new enterprise the best chance of success with these top business tips, the best advice I’ve collated from other entrepreneurs and developed from my own experience of more than 20 years of having “been there and done that” as a small business person.
1) Be Passionate
You don’t have to love whatever your business is about (and probably shouldn’t), but you do have to be fired up about it. You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it’s really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery, or providing financial advice.
2) Start While You Are Still Employed
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re going through the start-up process.
3) Don’t Do it Alone
You need a support system while you’re starting a business (and afterward). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start-up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start-up program such as the ones provided through Futurpreneur Canada. When you’re starting a business experienced guidance is the best support system of all.