Starting Your Small Business (Part 1 of 4) - PowerPoint PPT Presentation

Loading...

PPT – Starting Your Small Business (Part 1 of 4) PowerPoint presentation | free to download - id: 885dbe-MmIxO



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Starting Your Small Business (Part 1 of 4)

Description:

Do you think it’s time to strike out on your own and start your small business? It’s one thing to have an idea, and it’s another thing to put that plan into motion and start your business. For most entrepreneurs, taking the first steps to creating your business can be one of the most challenging processes along the way. Read the top questions we ask individuals when they are considering starting their small business. – PowerPoint PPT presentation

Number of Views:4

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Starting Your Small Business (Part 1 of 4)


1
Starting Your Small Business (Part 1 of 4)
2
  • Do you think its time to strike out on your own
    and start your small business? Its one thing to
    have an idea, and its another thing to put that
    plan into motion and start your business. For
    most entrepreneurs, taking the first steps to
    creating your business can be one of the most
    challenging processes along the way. Read the top
    questions we ask individuals when they are
    considering starting their small business.
  • 1. What Kind Of Business Are You Starting?
  • The very first step you take before you start
    your small business is to decide how committed
    you are to it. Are you prepared to quit your
    full time job and devote

3
  • your full time attention to it? If you want to
    start slowly (and thats ok!) and work on your
    business part-time, it really changes the
    commentary that follows. Assuming youre going to
    make this business your full time job, one of the
    first things youll need to decide is how you are
    going to structure it. Should you incorporate
    your small business or start off as a sole
    proprietor? Click here to read a thorough
    explanation of the pros and cons being a sole
    proprietor or incorporating as a small business.
    Do you still have questions? Contact Kent
    Accounting for a one-on-one consultation, to make
    sure you start your new venture on the right foot.

4
  • 2. Getting Off the Ground
  • What Are You Willing To Risk When I first
    started my business, it was humbling to reach
    into my personal bank account, withdraw 50,000
    and then spend it on cards, furniture, website,
    etc. Youd be amazed at how fast 50,000
    disappears when starting a business. More than
    once I had thought about the other things I could
    have purchased with that money. Furthermore, most
    businesses require anywhere from 150k 300k of
    startup funding to pay for key equipment,
    leasehold improvements and other necessary
    business items. If youre going to borrow that
    money from a bank, they will want a personal
    guarantee (i.e. they take everything you have,
    including your home, if you dont pay them back).
    Are you certain youre willing to risk it all? Be
    certain before you move forward.

5
  • Do you need additional investors for capital to
    get started? If you do, youll need a
    well-written contract or agreement in place
    before you accept funds, and youll want a solid
    plan for accountability regarding how youll use
    those resources. Kent Accounting can make sure
    you maximize the investments your partners are
    making. Talk to us today about how to organize
    the financial aspects of your business plan.
  • Business Development Every business owner is
    first and foremost a salesperson. Can you sell
    your product/service? Do you know who will buy
    your product/service? Sales and marketing should
    be covered in detail in your business plan, which
    is discussed more in the next point.

6
  • I separate it here to draw attention to the
    importance of clients. A business is nothing
    without its clients.
  • Write a Business Plan There are a million
    clichés about why having a plan makes sense, but
    Ill keep it simpler than that any business
    that I have come across that was struggling had
    no actionable business plan. While a plan in and
    of itself doesnt guarantee success, it is my
    opinion that the absence of a plan dramatically
    increases your odds of failure and/or creating a
    business you dont actually want. The latter is
    the more concerning I have met many
    entrepreneurs who work 60 hours a week in their
    business and they are not happy with what they
    get out of the business (i.e. crappy clients,
    poor pay, etc).

7
  • Furthermore, they are trapped in their business
    due to large debts that have personal guarantees
    attached to them. I will be writing a separate
    blog on what to put into your business plan.
  • Quality Control How can you ensure you are
    delivering the services you are offering in a
    timely and professional manner? How can you
    ensure that the services youre offering are the
    high standard youre setting for yourself? What
    hiccups or roadblocks can you foresee in
    accomplishing that?
  • Customer Service Whos doing the basics, like
    answering the phone calls, responding to emails
    and checking the mail each day? These might seem
    like

8
  • small parts of your daily routine, but once your
    business gets off the ground and you start
    getting busier, these customer service jobs might
    get lost in the bustle. Be sure you have a team
    member in place from the start to handle your
    incoming inquiries and basic day-to-day
    operations. For more information on how to set up
    your small business, contact Kent Accounting.
  • What Kind Of Licensing Do You Need Your business
    could need a municipal, provincial, or federal
    license (or all three). For example, if youre
    looking to provide health and beauty services,
    care for children, or serve food, a municipal
    license is a must. Spend time researching and
    understanding if your business requires specific
    licenses, certifications or permits to operate.

9
  • Liability Insurance Keep your assets and
    property safe from any potential damages or
    obligations that could occur from your business.
    If there is an accident, or someone gets hurt on
    your jobsite, liability insurance will help keep
    your business and personal assets protected.
  • If you read the above and feel a little
    overwhelmed, then youre in good company. I think
    that any entrepreneur who is being honest would
    tell you that starting a business is not easy and
    involves a great amount of uncertainty. That
    said, it is also one of the most rewarding
    experiences a person can experience. At Kent
    Accounting, we help folks get going and operate
    highly successful businesses. Would you like to
    chat? We offer everyone a free hour of time, so
    give us a call and well help you any way we can.

10
  • Kent Accounting is a full service accounting firm
    located in Calgary, Alberta. The firm is lead by
    Kent Greaves, a professional tax accountant in
    Calgary with over 18 years of experience working
    with privately owned companies. As one of the top
    accounting firms in Calgary, we believe in
    prompt, accurate service at affordable rates.
    Hiring Kent Accounting to file your tax return in
    Calgary or to do your bookkeeping will allow you
    to rest assured that your books are accurately
    kept and will free up your time to engage in your
    business in the activities that you are best at.
About PowerShow.com