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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NC)-Women entrepreneurs are one of the fastest growing segments of the Canadian economy. Many women start their own business for three main reasons: to do what they love, find more balance in life, and to make a tidy profit.
For women with great ideas and an entrepreneurial spirit to match, consider these five tips for starting and running a successful business.
. Make a plan.
Basic business planning doesn't have to be a complex or painful exercise. Ask yourself the following questions:
- What is the purpose of my business?
- Who are my competitors?
- Where are my potential customers, and how will I attract them?
- How specifically do I plan to operate my business?
- What are my financial goals?
If you can answer all of these questions, you'll know if your plan is strong, and you'll have the information banks and other investors will want.
. Ask an expert.
Accountants and entrepreneurs are two different species, so don't worry if your lack of experience in balancing budgets is keeping you from starting out. A business consulting professional can provide expert advice and mentorship to help your business grow. Accountants and ProAdvisors (www.findaproadvisor.ca) are a great resource for information. Investigate forums like the QuickBooks Canada Community (www.quickbooksgroup.ca) for tips and tricks on how to manage your business, or to chat with other small business owners.
. Set a budget.
Sort out how much money you have and how much you can put towards the business. A good place to begin is by using finance software, such as Quicken or QuickBooks, to keep track of where your money is coming and going. Check the Business Development Bank of Canada (www.bdc.ca) for information and investigate grants through women's organizations.
. Build a brand.
The brand -your business name, logo and even the way you answer your phone - affects how people think of your business, so take control early on. Do you need advertising or word-of-mouth will suffice to attract customers? Don't forget to include advertising costs in your budget.
. Get paid on time.
Simple, but critical! Building your business doesn't mean doing free work just to get your name out there. Be sure your customers pay and pay on time - make it a rule to put all agreements in writing before planning any work. Small business accounting software like QuickBooks let you see the financial big picture at a glance - it tracks invoices and easily shows which payments are outstanding. Staying organized with all of your information in one place means less time spent organizing the business after hours and more time for you and your family.
Canada has one of the highest rates of women entrepreneurship in the world. They are pursuing their passions, enjoying greater work-life balance, and building some of Canada's most thriving businesses. Starting off on the right footing with the right business tools will help make them a success.
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