Are you thinking about starting your own business? If so, then you are certainly not alone. According to Fundsquire, a global startup and scale-up funding network, Canada’s startup scene has been growing exponentially in the last few years. In fact, Canada has been ranked as the world’s fourth most influential startup hub, trailing only the United States, Israel, and the United Kingdom. (https://startupstash.com/canada-startups/)
It is important to keep in mind that before you begin purchasing supplies or registering your company, you must devote time and effort to developing a business plan. Taking the first steps toward launching a new business may seem intimidating to you, but fortunately, there are excellent resources to help you with this, such as the London Small Business Centre (https://www.sbcentre.ca/). This not-for-profit organization provides training and support to starting and growing businesses. Plus, they make it simple to find programs, services, resources, and support for all aspects of your business.
So, are you eager to launch your own startup? Here are three tips to consider as you get started:
1. Finance
A budget has numerous components that must be determined before you begin your business. This includes your own financial investment required to get started. Depending on your business, you’ll probably wish to purchase office equipment and furniture, a computer, printer, supplies, etc. One especially important aspect of your budget to keep in mind is your marketing plan expense.
You should plan to open a separate business bank account to avoid mixing your personal and business income and expenses and to keep a clean set of books. Consistent and diligent record-keeping is essential, so start from the beginning with a bookkeeping plan. Canada Revenue Agency’s rules and regulations, including whether to register for the Goods and Services Tax (GST) and Harmonized Sales Tax (HST), must be considered as well.
2. Marketing Plan
Marketing your startup is critical to its growth and to distinguishing itself from competitors. Having a marketing plan will help you as you begin identifying potential customers, channels, and the best ways to target the people you wish to serve.
While there is no set template, components of a solid marketing plan may include – but are not limited to – the following:
- Networking (Face-to-face or virtual)
- Referrals
- Digital marketing: setting up social media accounts (Facbeook, Instagram, Twitter, LinkedIn, YouTube, etc.), social media ads
- Print/magazine ads
- Mailings
- Radio and/or television advertising
3. Website
Opening and running a business, even a brick-and-mortar one, without a web presence is no longer feasible. As we’ve mentioned in previous blog posts, consumers use the internet for everything from researching products and services to finding a store’s location and operating hours. A well-designed professional website can certainly give you an advantage in your industry, while helping you easily and efficiently expand your business.
As you begin envisioning your startup’s website, you’ll need to first determine its primary purpose. Based on this, you will then need to consider whether you need a brochure site, an interactive site, and whether your clients need a secure sign in portal or downloadable forms.
We are here to help!
With skill and experience in the areas of bookkeeping, social media management and website design, our team is dedicated to our clients’ success, whether they’re just starting out or already established. MYOB can help you mind your own business better!
We have three other tips for startups coming up in our next blog post!