How to Start Small Business

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Small business
Coffee Shop, Shop, Coffee, Cafe

1. Proceed methodically. Don't take excessive risks.
In a recent study, titled Portrait of the Predator Businessman, Michel Villette and Catherine Vuillermot argue that, contrary to popular myth, very successful entrepreneurs such as Ted Turner, Sam Walton and Bernard Arnault do not have as great propensity to take risks as one might think.


2. Plan effectively
Every effort you put into planning exponentially increases your success at the execution stage. For a new business, everything hinges on a business plan.

Successful entrepreneurs write down specific goals. They devote considerable effort to key tasks such as researching their target market, defining marketing strategies and compiling cash flow forecasts. They also make useful contacts within their industry.

3. Define an effective value proposition
It may sound complicated, but it's just about making sure your products or services are more attractive to customers than those of your competitors.

Successful entrepreneurs know that no matter how good their offer, they can only attract customers if they have a clear comparative advantage.

4. Surround yourself with the right people
Even if they are good at one particular field, it is rare for an entrepreneur to be an expert in everything (sales, accounting, operations, law, etc.). Good entrepreneurs know how to surround themselves with effective teams to achieve the desired results.

5. Plan the financing

Successful entrepreneurs take steps in advance to ensure that they have access to the necessary financing. Investors, partners and potential lenders are much more willing to support a business when they are provided with detailed plans up front.

6. Find sources of help
Federal, provincial and municipal governments and agencies offer a variety of resources to help new entrepreneurs.



You should also take a look at your chamber of commerce, economic development centers or associations of business leaders. 

For example, an entrepreneur who develops new software in the first year will then have to devote considerable time to marketing it. By "thinking long term," entrepreneurs can ensure that they have sufficient resources to put their business on a solid footing.

Self evaluation
Starting a business can be a rewarding and rewarding experience. However, this career choice may not be for you. Before you take the plunge, take a few minutes to find out if the opportunities and challenges of entrepreneurship are right for you.

Try the online entrepreneur self-assessment.

Explore ideas and ask questions
You may have talent to spare and can't wait to start your business, but it's important to take the time to think about how you can turn an idea into a successful business.

Is your project original?
If your idea is really innovative, you need to check whether it needs intellectual property protection to prevent others from copying it.

If your product or service is not innovative, consider how you will measure up to the competition. How will you differentiate your offer?

How will you make money with your product or service?
Even if you believe your product or service is exceptional, you need to take the time to find your target customers and your sources of income.


How will your product or service get to the market?
Will you take care of all the steps required to bring your product or service to market (development, production, packaging, marketing and distribution) or will you choose to partner with other companies?

For a novice entrepreneur, the challenge of mastering all these steps is considerable. That’s why it might be best to focus on what sets you apart from the competition. Then, you can partner with other companies to help you with non-essential activities.

For example, you might choose to focus on your product design and license production, marketing, and distribution management to a well-established partner.

What resources do you need?
When you know when and how to take action, you need to assess your costs.

You will need to establish the number of employees required, set a schedule until the time to market and determine the recurring costs to be paid. Be sure to include expenses such as office space, supplies, various insurance and benefits in your estimate.

When you have answered these questions, estimate your income forecast for the first year. Base this estimate on your market size, industry trends and your projected market share.


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