Brim Project provides daily updates about how to start a business. When you want to start a business, it is important to know how to start a business. What is interesting about starting an online business is that anyone can create one. You don’t need to have had a university course in business administration or an overflowing bank account to be successful. Many will tell you that you only need a good idea, a good plan, and the motivation to achieve your goals.
That’s partly true. It is true that you do not need specific courses if you have a great idea. It is true that you do not need a bank account in the 6 figures if you can find investors. On the other hand, in order to create a business that will have a chance of success, it is still important to know how to start a business.
PME MTL, a company that offers a support service to start a business, financing and even training for entrepreneurs, would like to share its expertise with you. Learn how to start a business down here.
Evaluate your motivation
Before you even think about learning how to start a business, know yourself. Here are some questions you should answer to check the strength of your motivation:
Why do you want to start a business?
Are you tired of your daily 9 to 5 at work?
Do you want to be your own boss?
Do you have a great idea that deserves to be commercialized?
What skills do you have that could help you in your future business?
What is your passion?
How much can you spend, knowing that most companies fail to start up?
How much capital do you need to start your business?
Are you ready to be an entrepreneur?
Being an entrepreneur requires a lot of commitment, both in terms of time and money. Even if you have investors, you may have to pay good amounts out of your pocket to cover some expenses.
How to start a business: seek the advice of trusted people
Now that you have established that you are motivated and ready to get involved, start your website and ask for as much feedback as possible. Create an online presence and let your potential buyers tell you what they think about your product; after all, as buyers, it is their eyes that will tell you what problems you may have missed. Creating contact with your potential buyers is essential to ensure the success of your business.
Here are the steps to get feedback as quickly as possible:
By prototyping your product, you will receive feedback that will allow you to adapt your product to your customers’ needs. This will increase your chances of success.
How to start a business: make it official
You have the motivation, you have the product, you may even have a base of potential buyers. What is the next step? Take care of everything related to legality. This way, you avoid someone stealing your idea or suing you for something you wouldn’t have noticed.
So here’s a handy little list of how to start a business on the right foot, legally speaking:
Establish your corporate structure. (LLC, company or partnership, NPO, etc.)
The name of your company
Register your company
Federal and provincial taxes
Permits (if required)
Creating a corporate bank account
The trademark, copyright or patent
If you would like to learn more about how to start a business, feel free to contact SME MTL. An experienced advisor will be happy to answer you.