Starting a business begins with your dream, your initiative, and your know-how. However, experienced business owners will tell you, dreams alone won't guarantee success - it's how well your dream is executed that matters most.
Luckily, there are some tried and true steps that you can follow to help ensure your business starts off on the right foot.
First, you'll need to start with a business plan that details your structure, customers, operations, and employees. It should also include a risk assessment to identify any obstacles so you can plan to deal with them as well as your financials.
You financials should include your start-up costs - things like business licenses, equipment, vehicles, inventory and marketing costs - And a cash flow forecast that outlines how much money will flow in from sales and flow out through things like supplier payments, petty cash and so on. A cash flow forecast let's you know if there will be any money shortfalls and if you'll need extra money to cover these gaps. Your banker can help review your financing options based on your projections.
And lastly, make sure to register your business with the required government agencies. Visit the Canadian Business Centre at canadabusiness.gc.ca for information on the different types of business structures and registration requirements for your industry and region.
Getting a plan in place will help improve your chances of success for turning your business dream into reality. Check out our starting a business check list on the rbcroyalbank.com for more help on getting started, today.