Understanding the Basics of Putting Up a Business

They say some people are made for a 9 to 5 job, while some were made to run a business. I’ve always considered myself as the latter, but never really got the courage to leave the corporate world and start my own business. I was in a constant lookout for opportunities and was thankful when calgary finance conducted a workshop regarding the basics of running a business.

Truth be told, the most acceptable experience I have in running a business would be during elementary selling lemonade by our lawn. But I gathered up my courage like a warrior and started reading and familiarizing myself with the ins and outs of the trade.

The first thing I had to establish was: what product or service will I be selling? Almost all the articles I’ve read said that your first business should be something you are passionate about. By investing on something you care for, you treat this as your own child and will be inspired everyday. Instead of doing it just for the money, you will be taking care of your business also for your self-fulfilment. Take a step back and erase all thoughts on what is the current bestseller or trend, think about a product that you will love to sell and I’m sure the chances of growing your business will be easier and higher.

Second basic rule would be finding the perfect location. You already have a product or service in mind, and now you need a location that will be feasible to sustain that certain product. Observe the location, create a checklist of pros and cons, understand the neighbourhood and study your target market. A great product will be useless if it is found in the wrong spot. Do not rush this step, take as long as you want to observe.

The third basic rule of putting up a business is thinking about how you can keep everything organized. A business has two sides- the product selling or customer interaction side and the back door of the business which is basically paperwork. Do not focus your strength with just the product selling side, remember that the auditing part of the business will be the one determining whether the business is doing great or not. Invest time on creating a business strategy for organising your files, invoice, and once in a while hire a professional accountant to balance your books. Separate your personal accounts and expenses by creating another account specifically for the business you’re putting up.

The fourth rule will be more on running the business itself by choosing the right people to work with. You have the right product and the right location, but you do not have a staff that is equipped to serve and cater to the needs of your consumers. Choose your people wisely and learn to be part of the team. Do not just be a boss, be their partner and they will reward you with service that will compliment your product.

Being scared is not something to be afraid of as it will fuel your passion and drive to conquer that fear. Start early and do your research properly and I assure you everything will be alright.

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