You have a business idea, and your business plan is in the works — you’re on the right track! To help you go from just starting to startup, here are some top tips and advice for entrepreneurs looking to take the next steps in their entrepreneurial journey.
1. Think Big, Start Small
There is a lot to be said for starting a reduced, simplified version of your ultimate business idea. Many entrepreneurs find themselves waiting for confirmation that their idea is successful, but that perfect information is exceedingly hard to come by. A great approach is to think, “What is the very least I can do and still complete my mission?” This will allow you to begin selling without a major upfront investment and learn a lot about how your larger plan will really work.
2. Consider Joining an Industry Association
There truly is strength in numbers. Joining an industry association, business association, or Chamber of Commerce can offer advantages such as potential savings on gasoline, insurance, credit card rates, banking, legal services, business supplies, and more. For example, the Alberta Chambers of Commerce website lists their member benefits and provides a searchable listing of the Alberta Chamber Members. This can help with marketing your business and improving your SEO by linking to your website. Additionally, these groups often provide industry statistics, news, resources, and events that can be invaluable.
3. Find Ways to Collaborate
Collaborating with other businesses may allow you to reach your target market quicker, open your business up to new customer groups, and offer opportunities for cost savings through partnerships. It also helps to have as many connections as possible with other small business owners, so you can learn from and grow with each other. This may require viewing competitors more like partners, ensuring that any collaboration is mutually beneficial. Consider collaborating with businesses outside of, but related to, your product or service category. For example, the YEG Community Box and Uproot Food Collective in Edmonton allow many local businesses to sell their goods through one platform.
4. Have a Business Contingency Plan
A contingency plan provides business owners with alternative actions to respond to uncontrollable events or changes that may occur. Planning is important for every aspect of life, and having a contingency plan minimizes the loss of production, prevents panic, empowers staff during tough times, and helps you feel more prepared overall. Without a contingency plan, you open yourself and your business up to unnecessary risks.
5. Let the Experts Be the Experts
If you do not have the knowledge and skills to properly set up your business yourself, seek professional advice. The cost of mistakes can be very high, and you might end up hiring a professional to fix them anyway. Accountants and lawyers can be costly, so it’s crucial to get it right the first time. Consider utilizing complimentary sessions with industry professionals to get you started.
6. Get the Right Business Insurance
Having the right insurance is essential for a business to survive. Liability insurance for your organization, employees, and/or volunteers helps protect your business from financial risk and sets you up for success. Make sure you do your due diligence and get the right insurance for your business, as mistakes can be costly.
7. Get Digital!
More than ever, setting your business up online is critical to its success. Ensure your eCommerce platform is set up so that customers have access to your products and services. Additionally, social media can be one of your most powerful marketing tools. It allows you to connect with your audience in new and different ways and listen to the conversations your consumers and target audience are having. It is the easiest way to reach your audience without spending a lot of money, though investing in advertising on some platforms may be beneficial as your business grows.
8. Validate Your Assumptions
Starting a business is highly satisfying and rewarding, but it comes with its own frustrations and disappointments. One way to ensure success is to plan and validate your ideas before investing significant time, energy, and resources. Validate assumptions about your products, services, and customers as part of the business planning process. Business is both an art and a science, so use a scientific approach to test your assumptions, ensuring credible results. Business is a risk, and you should make room to be an “educated” risk-taker.
By following these tips, you’ll be better prepared to navigate the challenges of starting and growing your business. Ready to take the next step? Book an appointment with a free business advisor today and get personalized guidance tailored to your needs!
