3 Tips for Successful Small Business (Self Employed) in Canada
First of all if you are employed and your source of income is only paycheck then you might have trouble managing your budget. Moreover your expenses will be more when you got kids and it might not be possible for both parents to go to work. In this scenario where both parents go to work there are many drawbacks; and you might need to handle extra expenses; such as daycare fee, might need another car, car insurance and kids can’t get proper attention.
If this is your situation then you might take advantage of home based business solution and can successfully become self-employed.
In fact you can generate decent amount of income from your home based business and can also spent time at your home with your kids. No doubt that some home based business are very profitable and can add great amount of income into your budget; but only if you plan and execute it properly. Moreover any business started without planning will cost you great amount of time and money lost. Therefore it is important to plan your business thoroughly and then execute it accordingly; so you will not be disappointed when you start your business.
You might be thinking about how an ordinary and simple person like me can start a business? What are the basic things I should consider before starting business?
In this post we will give the average person a practical guideline to plan and starts home based business and try not to waste any time and money.
In my point of view there are basically there important principles of a solid home based business.
Minimal Start-up Cost
When you think of starting any business; the first thing comes in mind is initial cost or business start-up expense. In fact higher initial cost will take more time to bring real profit; because it will take longer to cover the start-up cost. Hence ultimately we are spending more time and money; while there is no profit yet.
Another great advantage of starting with minimal start-up cost is that more people can easily start the business since it will fall under the budget of many individuals.
Therefore plan your business with low and minimal start-up cost. However you can add more budgets into it; once you start generating income from your business.
Simple Set Up & Maintenance
After planning you budget; next thing is the structure of your business. The main advantage of keeping your business setup simple is you will be able to starting selling or providing service quickly. While on the other hand if your business setup is complicated; then it will take more time to start and longer time to bring in any profit.
Another drawback is frustration; when you spend a lot of time on setting up business and there is no profit yet; it cause frustration. In fact any business that is simple to start-up and less maintenance will give you more confidence and more energy once you achieve your initial goals.
Generate Income Quickly
Finally by keeping you initial cost minimal and drafting simple business setup; your next goal should be to get income from that particular business as soon as possible. In fact many starters give up when their business does not generating any profit.
No doubt there are some businesses that take time to generate any profit but it required more determination and penitence. However on the other hand; for instance any home based beauty supply seller can make e-commerce site, upload their products and with little marketing on social media. They can start selling and making some profit within days.
In conclusion I would say there is no exact formula for you to use for your business success. Possibly same rules cannot be applied to nature of your business. However if you keep in mind above mentioned tips and use them during planning and executing your business; I hope it will be worthy because people often loss hope and give up when they do lot of efforts with no results.