Getting Started: What you need to know when starting a business, Part 3

by in Small Business Information and Statistics
Getting Started:  What you need to know when starting a business, Part 3
For the past weeks, we’ve already covered the first 9 key items you need to know and ask yourself when you want to start a business. These include your business structure, your business name, domain for website, if you need a minute book, your business number, if you need a business permit, planning for bookkeeping/financial tracking/reporting, your banking relationship and if you need financing.

Here are the last 6 key items you need to know when starting a business:

10. Have I determined where I will operate my business from? Many businesses start at home. If you plan to start your business at home, make sure you deduct your home office or home usage. If you plan to operate out of a commercial space, it is important to look for suitable locations and make comparisons on the properties available.

11. Do I have a way to track clients/customers and communication with them? It is important to plan on how you will be tracking clients and how you are going to communicate with them. Remember, your clients are your source of income so ensure that you have the best plan to build a good relationship with them.

12. Have I evaluated my insurance needs? Look for the business liability insurance that will best fit your business needs. You may also want to consider other factors such as your medical, dental and other health care needs.

13. Have I determined what I can do myself and what I will have to hire out? Identify areas you are good at and the areas you will need help with.

14. Do I have advisors in needed areas? Many of the areas we have discussed require the expertise of someone else. With many wise advisors, your plans are much more likely to succeed.

15. Do I have a business plan? Start with basics – have a marketing plan, financial projections plan and a strategic plan to reach your target.

As we mentioned, you will need the help of professionals to help you ensure you are well prepared to face the challenges of starting a business. Call us at KD today!
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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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