Starting a business depends on various elements: your financial situations, your connections, your offerings, the location, etc. These are all factors to consider before moving forward. Other things to be considered are the following:

Business plan:

• Think of a name that reflects your offerings, your values, and your mission. Make it identifiable and easy to remember;
• Identify your products and services;
• Analyse the market: supply and demand;
• Organize your team;
• Describe how you will implement your business.

Registration:

• Register and licence your business at the municipal, provincial, or federal level;
• Look up from their website, registrar’s office, or call them to seek help.

The idea of starting a business is appealing to many people and can be very rewarding. It can bring many opportunities like creating wealth and most importantly, the freedom of being your own boss. However, there are many risks that comes along with owning your own business.

• Variable income. Economic conditions, competition, regulatory changes, changing consumer preferences all have an impact on the income you may receive from your business.
• Overhead Expenses. Fixed expenses such as rent, salaries, and utilities do not change, regardless of a your business revenues.
• Increased stress. Running your own business can increase stress if there are unforeseen problems and expenses.
• Lack of financial security in case of disability and illness. Sole-proprietors and other small business owners often don’t have group benefits such as disability insurance and health & dental insurance to protect them from the burden in case of illness or accident.
• Loss of a key-person. Highly-skilled employees are very valuable and critical for business success. Losing a key employee due to illness, disability or death can cause a significant disruption to the operation of business.
• Accounting and tax management. Trying to understanding all the different tax rules that can affect a business and its owners be complicated.

Operating a business has its rewards and risks, fortunately there exist solutions that can help mitigate some of those risks so that you can focus on running your business with less worries. Speak to a Prudentia Advisor for information on how we can help.