THINKING OF STARTING YOUR OWN BUSINESS?

Starting out can often feel overwhelming, but with the right mindset and preparations you can set yourself up for success. Here’s a handy checklist to guide you through the early stages of starting a business:

DO’s

1. Make a solid business plan

Start out with a solid idea. Map out your goals, target market, costs, and revenue streams. Your plan doesn’t need to be super long or detailed, especially at the beginning, but it will give you a framework to measure your progress. Excellent business plans can even help attract investors!

2. Know your market

Research, research, research! The more you understand your market, the more effectively you can find your place in it. This includes knowing your competitors, the current trends, price points, and what makes your business stand out from the rest. Lowballing costs and overestimating revenue are a surefire way for early business collapse.

3. Be open to adjustments

Your first idea may not be perfect, and that’s okay! Stay flexible and adapt based on feedback and market changes. Make sure you continuously monitor your progress and update your plans accordingly. Don’t let the fear of changing your ideas hold you back — after all, you know what they say about the best laid plans…

4. Ask for help

Seek advice from mentors, join entrepreneur networks, and don’t hesitate to consult experts in finance, marketing, or law. Collaboration accelerates growth and oftentimes recognizing that you need help — and being able to ask for it — is a valuable skill in and of itself.

DON’Ts

1. Try to do everything yourself

You’ll burn out quickly and, as much as you might not want to admit it, you’re definitely not the best person to be doing every task. Delegate responsibilities, outsource when needed, and build a strong team that you can trust to form the core of your company.

2. Rush into things

Take the time to validate your idea, build your foundation, and secure resources before launching or expanding your business. Thorough preparation can prevent costly mistakes. Don’t assume growth will always continue linearly — slow and steady will help you win any race!

3. Underestimate the effort

Running a business takes time, persistence, and patience. Expect long hours and plenty of obstacles before you even get things off the ground. Building startups can very well take over every aspect of your life, and you need to be mentally prepared before jumping in.

4. Be afraid to fail

Failure is a part of learning. Every setback teaches valuable lessons and brings you one step closer to success. Companies can fail for a number of reasons, only some of which are in your hands. Don’t be discouraged and keep a level head when things don’t pan out the way you expect.

References

1. BDC – The Bank for Canadian Entrepreneurs. (n.d.). 9 common start-up mistakes. BDC.ca.
   https://www.bdc.ca/en/articles-tools/start-buy-business/start-business/9-common-
   mistakes-avoid-when-starting-new-business
2. Schooley, S. (2023, October 24). Mistakes to avoid when starting a business. Business News
   Daily. https://www.businessnewsdaily.com/7398-startup-mistakes-to-avoid.html
3. Walsh, K. (2023, September 29). 9 things not to do when starting a business. Bentley
   University. https://www.bentley.edu/news/9-things-not-do-when-starting-business