Starter Advice for New Business Ventures

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You have a great product developed that people are going to go crazy for. Or your idea for an innovative and incredibly helpful service is going to change lives. But starting a new business can feel like excitedly jumping from a plane into the ocean with only a pool noodle for safety. You know you need to research and plan properly to make it to the metaphorical shore, but you’re going to need some direction first.

The Government of Canada’s guide for starting a business is a good place to start to tick off your basic, foundational tasks. There are resources related to:

  • business planning (readiness, structure, marketing, creating a business plan)
  • choosing the right name which is important for branding and making sure it’s unique to register
  • how to register your business with the government
  • applying for all the necessary permits and licenses
  • accessing support and financing

If you’re in another country, there are similar guides that are relevant to your region. It’s important to also research local city laws, rules, and regulations that pertain to your circumstances.

It’s important to use the right system tools to run a business of any size. Accessing and implementing enterprise resource planning software can help immensely with integrating the various departments and daily operations of your company. Your financials can be streamlined, and management can be made much easier by utilizing cloud-based financial tools. Software like Sage Intacct offers advanced functionality and can be easily integrated with the help of consulting professionals like IWI Consulting Group. Intacct’s core financials include:

  • A general ledger
  • enhanced purchasing tools
  • order management
  • accounts receivable and payable
  • cash management
  • easy-to-use reporting and dashboards
  • cloud-based access and ability to collaborate among teams
  • real-time data and access
  • a digital board book with critical metrics for your Board of Directors

When your business is ready to expand down the line, there are advanced accounting modules, plus scalability and customization. If you’re looking for help with Sage software professional industry and technical consultants are available to assist your unique needs.

Teambuilding is another area that needs special attention. Starting a business on your own can be difficult, even when you have the temporary help of consultants. Your operation might be small enough that you can handle all aspects on your own, if, for example, you’re running a freelancing operation or an Etsy-style online store. However, for bigger ventures, you’ll need to locate and hire the right people.

You can browse LinkedIn and make postings on general online job boards, but if you need specialized employees, you might want to consider accessing a talent agency or professional staffing agencies. There are also sites that help you connect to professional and experienced freelancers who formerly worked in the corporate world but have now gone independent. For other tips on finding the right people, check out this article from Entrepreneur.

As mentioned in a few of the above points, it’s vital to delegate and access help from others, particularly experts. Proper delegation is necessary to not only get things completed by experienced individuals, but to help prevent yourself from burning out. Planning and getting a business started is only the beginning. Increase your chances of success by building a team you can depend on to thrive together.