From ancient philosophers like Aristotle, to modern-day gurus like Tony Robbins, including the umbrella-wielding sage Mary Poppins - all have waxed eloquent on the importance of making a good start to being successful in life.
When it comes to setting up a new business, Robert Gold, FCA, says that well begun is only half done. A partner in Bennett Gold LLP, Chartered Accountants in Toronto ([url=http://www.bennettgold.ca]http://www.bennettgold.ca[/url]), this lecturer, author and host of a popular podcast for entrepreneurs called the BusinessCast ([url=http://www.businesscast.ca]http://www.businesscast.ca[/url]) has spent more than 20 years helping aspiring business owners make those first steps to begin turning their dreams into reality.
Here are Robert’s top seven tips to help your new business get off to a good start.
1. Love what you do
To make it work, you’ll need to live and breathe that business for a long, long time. Make sure it’s something you’re passionate about and can connect with emotionally.
2. Set up a personal advisory board
You’ll need some arms-length but reliable sounding boards for your ideas, even if you have a partner or two. Choose four to six people whose opinions you respect and meet with them as a group every month or two. Other business owners can be invaluable advisors, but be sure to include Aunt Agatha if she’s enthusiastic about your idea and supports your dream.
3. Have some capital of your own to invest
You’ll need money to live on until things get rolling and to buy supplies, even if it’s just a laptop and some business cards. Having some of your own funds in the mix will also help to reassure family or friends who might be thinking of investing in your idea.
4. Know what you need
Prepare a careful, realistic budget and plan for contingencies. Find out what things cost and know where the money will go each month. Revisit your budget regularly throughout the first year.
5. Cultivate a solid relationship with the bank
Take time to meet and interview bankers. The one you choose is going to know a lot about your business – in every sense – so find one with whom you feel comfortable. Bankers don’t usually stay in the same branch for long, although this may be more common in smaller communities. Find one who suits you and is likely to stay put, at least for a while.
6 Don’t fear the professionals
Your lawyer and accountant work for you, so get one of each. Meet with them regularly and take their advice. They’ve seen it all, and have many other clients who have likely done what you’re trying to do. You’ll get more than your money’s worth on any fees you pay.
7. Stay balanced
Passion for your business is a must, but don’t let it become everything. Make time for family and have enough outside interests, activities and involvements to keep your life balanced, healthy and happy.
The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>
