Anyone can start a business, but only few are successful- you probably heard this many times before, but well worth mentioning again and again. In this turbulent business world, there are many factors to consider, and many steps that need to be taken in order to ensure your success. Below is the breakdown of the 5 main steps you need to follow to properly set up a successful business.
Step 1: Plan your business
Consider whether you want to operate as a sole-proprietorship, a partnership or as a corporation. Consider the costs, legal requirements, and the size and scope of your startup. You also want to decide on a name that is as unique as your business and easy to remember. Also, find the right location and how to arrange the space to be the most functional and support your business activities. Once that is all done, you want to market your business and begin interacting with customers who can help you succeed.
Step 2: Organize your finances
The way you organize your finances will determine how successful you are in the long run. If you are seeking financial help in the form of a loan, it is important to have a well developed business plan. This is also the ideal time to get a loan or a line of credit as there are little to no debts to affect your credit rating, increasing the chances of getting much needed financing.
Step 3: Register your business
Ensure you register your business; get a business number and required permits and licenses to operate your business. If needed and required, register for a GST/HST number at this time and make sure to follow through on all filing requirements once registered.
Step 4: Hiring and Managing Staff
Once you are established, you need help to support the key day to day functions of your business. Think about how many employees or support contracted staff you will need, what qualifications you are looking for, and the legal requirements. Once you have found the right people to be a part of your team, you will need to register for payroll and make provisions for employee wages and deductions. In addition ensure that the proper agreements are in place for team members whose services are contracted out.
Step 5: Workplace Health and Safety
Everyone, even the owner, wants to be part of a safe working environment. As the owner of a business, it is your responsibility to ensure the health and safety of employees while they are working. This includes setting up a safe working environment and adhering to the rules and regulations set out by governing bodies. The Workplace Safety and Insurance board is one such governing body that ensures that your employees are covered in the case of workplace accidents and the like.
Because of the myriad of businesses that start on the wrong foot- so to speak, it is always important and helpful to consult with an accountant. They will provide valuable information on how to register to how to file the regulatory requirements set out by the government. In addition, they can help in periodic filings and help keep your business books up to date so you can focus on what you do best: growing your business.