Self-employment
Top 10 tips on how to start your own businessCanada’s existing entrepreneurs have some well-earned words of wisdom to offer the 3.3 million aspiring entrepreneurs across the country planning to start a business within the next five years, according to the annual RBC Small Business Survey. |
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 [ 2007-11-04 ] |
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“DO YOUR HOMEWORK”
“The key piece of advice from Canada’s veteran entrepreneurs is ‘do your homework’ before you open up your new business,” said Rina Pillitteri, director, Small Business Client Strategy for RBC. “When successful small business owners look back on what helped them get off the ground, it’s the fact that they knew what they were facing — they researched who their competition was, they understood what gaps they could fill in the marketplace, and they delved into the likes and dislikes of their potential customers. They also networked to find out as much as they could from other entrepreneurs.”
The top 10 pieces of advice existing entrepreneurs have for people hoping to start up a business, according to RBC’s survey:
1. Know your competition (51%)
2. Develop a business plan (50%)
3. Research the market (49%)
4. Network, develop alliances (45%)
5. Take time for marketing (38%)
6. Seek out mentors (35%)
7. Spend time defining the needs your business will meet (35%)
8. Survey potential customers (34%)
9. Do homework about where to locate your business (34%)
10. Join clubs/associations (32%)
“Aspiring entrepreneurs can uncover amazing tips and insights by talking to current business owners before getting swept up in the fast pace and excitement of starting up,” Pillitteri said. “Also, seeking out a mentor can help you save time as well as money, and the advice they offer could mean the difference between success and failure.”
FINANCING
The RBC survey, which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs, suggests Canada’s emerging entrepreneurs may not need to be as focussed on obtaining financing as they think they need to be. In fact, while half (51%) of Canada’s aspiring entrepreneurs expect that one of their biggest challenges will be getting enough money to start their business, only one in five current entrepreneurs recalls getting initial financing as a challenge.
For existing business owners, the biggest start-up challenges were finding clients or developing their market (48%), keeping a steady workload (31%), working long hours (28%), and dealing with government bureaucracy and regulations (21%).
RBC’s 2007 Small Business Survey also reports a majority (61%) of Canada’s small business owners appear to be satisfied with the way they started their businesses — if they had it all to do over again, they would not change a thing. Of the 39% who said they would do things differently, 61% would start at a younger age and 58% would get more financial advice.
“Whether it’s a new entrepreneur or a veteran, every small business owner is bound to face a unique set of challenges,” Pillitteri noted. “That’s why it’s extremely important to do your initial research, develop your business plan and seek out the ongoing, customized support you need to meet your business goals and your customers’ needs.”
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