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How to Write a Business Plan, Part 1 – What’s Involved in Starting a Business?

February 4, 2017

Typically, there are a lot more new business startups at the beginning of the year. Aspiring entrepreneurs make it their New Year’s Resolution to finally get out there and start their own businesses. But a lot of entrepreneurs don’t realize that starting a business is a lot of hard work.

In this six part series, we’ll explore the different things that you should be thinking about if you’re about to start your own business.

 

Things You’ll Need to Ask Yourself Before Starting a Business

There are lots of things you should consider before starting a business, and the list that we’ve put together below is by no means intended on being a complete list. Everybody’s situation is different depending on who they are, what their business idea and goals are, and how risky they are willing to be, but below are the main things every entrepreneur should think about:

  1. What are you going to sell and who are you going to sell it to? Who else is selling the same products and services? Why would customers buy from you instead of your competitors?

  2. What will it cost to run your business? What will your cost of goods be and how much markup can you charge? What are the overhead costs and will you need to hire employees?

  3. What legal structure will you set your business up as? Should you incorporate, or operate as an unincorporated business? Should you register for a business number or HST/GST?

  4. Which professional help will you need to run your business properly? How much of running a business do you know and which areas are important enough to hire a pro?

Over the next five installments of this series we’ll answer these questions and many more. We’ll share valuable insights that we’ve gained from years of working with entrepreneurs who have started and grown businesses. A common theme when we talk to entrepreneurs about starting businesses is that they all wish they had the benefit of the experiences they went through in their first few years when they started. We’re going to try and share these insightful lessons throughout this series of posts about how to start a new business.

 

Are You Ready?

We ask that question with two different meanings.

 

First, we ask if you’re ready to commit the time and energy it takes to start a successful business. Starting a business isn’t easy, it takes a lot of sheer willpower, grit and determination. It takes long hours, working through evenings and weekends, often when you have other plans or would prefer to be doing something else. It takes courage to put your head down and keep on going when things don’t go right, and be sure that things won’t go right from time to time.

 

But despite all that, owning and running your own business is one of the most rewarding things you can do in life. Be your own boss, call the shots, do things your way and make a lot of money if the business is successful – these are all benefits of owning a business.

 

The other meaning we have in asking, “Are You Ready?” is are you ready to start seriously thinking about all the things you need to think about to start your business, and are you ready to take those first steps into a brave new world?

 

Are you ready?

Unfortunately, we’re going to have to ask you to hold tight for a week because we’re out of time and space. But be sure to check back next Monday when we’ll ask – and do our best to answer – questions about how you’re going to sell and market your products and services.

 

Conclusion

A lot of people have the dream of starting their own business, but there’s a lot more to starting a new business than a lot of people know. In this six-part series of posts about what’s involved in starting a business and how to write a business plan, we’ll examine all the different questions you should ask yourself.

Check back on Monday, February 9, 2015 for the next part where we’ll discuss the sales and marketing aspect of starting a new business.

Simply Bookkeeping1 provides professional bookkeeping services for freelancers, solopreneurs and owners of unincorporated and incorporated businesses. We customize our services based on your needs – we only see some of our clients a few hours a month but others we see on a more regular basis. Our services are reasonably priced and we tightly track the amount of time we spend working for you so you only pay for the services you get.

To learn more about us, please visit our website at www.simplybookkeeping1.com or contact Michele Hyde by phone at (647) 668 – 9363 or by email at michele@simplybookkeeping1.com.

 

Have Your Say

Are you thinking about or have you actually started writing a business plan? If so, we’d love to hear from you! Tell us things that you’ve run into that have surprised you. Also, please share this article using the social media share buttons – other aspiring business owners might benefit from your experience!

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