Small Business Advisor Edmonton

How to Jump-start your Business

If you are reading this article – you have a business idea. You are convinced it will work. You know it will work. But the challenge for you is to actually execute it. Operating any business, even a trades business, is daunting. And that fear may be stopping you from starting your own trades businesses.

What I have in this article are tips that actually work to jump-start your business and make it real.

Set the Objective

Set and know your objective. Your business idea can only move forward if you know what the objective is – so – what is your objective? Do you aim to build something unique? Are you looking to make a profit? Are you hoping to give back to the community?

What is your objective in setting up the business? When you realize the answer to that question, you can trudge on.

Have a Good Plan

You need a business plan and it needs to be on paper. Having your business plan down on paper or as a digital document really ensures that you build a business plan that has all the nuts and bolts.

A good business plan has these elements:

  • Business Concept

  • Implementation Strategy

  • Your Business USP

  • Your Audience

  • Employees Required

  • Financing

The idea of having a business plan written down ensures that you have all aspects of your own business planned.

Finance

The biggest reason for not starting a business is due to lack of finance. If you want to jump-start the business, you need to get rid of this excuse. You have several options when it comes to financing.

  • Boot-Strapping:
    Pool in all your finances and start working. The idea here is that you lower the cost of your business to such a level, wherein you can run the business on your savings, at least for the few months. Things like workspace, additional transport, and unnecessary equipment will not be a part of your business.

  • Pool in Money:
    Can you pool in money from family and friends? This option is a bit tricky. Borrowing money from family and friends can lead to souring your relationship with them – if you aren’t able to pay back within the expected time. Tread this option with caution.

  • Loan:
    Banks and financial institutions offer small business loans that you can avail off. Take your time in selecting the appropriate one. You want a loan with the best interest rate and time period.

Your trades business idea can only turn into a reality if you take care of this.

Get Over your Fear

“The only thing to fear is fear itself” – Franklin D. Roosevelt

Feeling afraid of starting a new venture is only natural. When you do it on your own, you take a ton of financial risks. However, the real fear lies in  the fact that being a business owner is a completely new adventure.

Get over your fear and be sure of yourself. Be sure of your financing and be sure of your business plan. Your business is only as good as the foundation you set.

And, if you still aren’t able to jump-start your business idea, then you need a little help. With Business Mastery, you get a trained business consultant who guides you into making your business idea real, while also increasing its chance of success.

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