Starting a business for the first time and fear failure? Give your new business the best chance of success with these top business tips, the best I’ve gleaned from other entrepreneurs and developed from my own 20+ years of experience as a small business owner

1) Be passionate

You don’t have to love your business (and you probably shouldn’t), but you do have to be passionate about it. You will spend a lot of time and energy building a business and developing it, so it’s important that you really enjoy what you do, whether it’s organising fishing trips, creating pottery or providing financial advice.

2) Start while you are working

How long can most people live without money? Not very long. And it can be a long time before your new business turns a profit. If you have a job while you are setting up your business, you will have money in your pocket during the start-up process.

3) Don’t go it alone

You need a support system while you are setting up your business (and afterwards). A family member or friend with whom you can exchange ideas and who will listen sympathetically to the latest start-up crisis is invaluable. Better yet, find a mentor or, if you qualify, apply for a business start-up programme, such as those offered by Futurpreneur Canada. When starting a business, experienced advice is the best support system there is.

4) Find customers or clients

Don’t wait until you officially launch your business to find them, because your business can’t survive without them. Network. Make contacts. Sell or even offer your products or services. You can’t start marketing too early.

5) Write a business plan

The main reason why you should write a business plan in the first place when considering starting a business is that it can save you from wasting your time and money on a business that will not succeed.

6) Do your research

When writing a business plan, you have to do a lot of research, but that is only the beginning. When starting a business, you need to become an expert in the industry, products and services, if you are not already. Joining professional or industry associations before you start your business is an excellent idea.

7) Get professional help

On the other hand, starting a business doesn’t mean you have to be an expert in everything. If you are not an accountant or bookkeeper, hire one (or both). If you need to draw up a contract and you are not a lawyer, hire one. In the long run, you will waste more time and possibly money trying to do things yourself that you are not qualified to do.

8) Make sure you have the money you need.

Save money if you have to. Contact potential investors and lenders. Work out your emergency financial plan. Don’t expect to set up a business and then walk into a bank and get money. Traditional lenders don’t like new ideas or unproven businesses.

9) Be professional

Everything about you and the way you do business should make people understand that you are a professional running a serious business. This means getting all the necessary props, such as professional business cards, a business phone number and a professional email address, and treating people in a professional and courteous manner.

10) Get the legal and tax aspects right the first time.

It is much more difficult and costly to sort out a mess afterwards. Does your business need to be registered, will you have to collect GST or PST, will you have to take out workers’ compensation insurance or deal with payroll taxes, how will the form of business ownership you choose affect your tax situation? Know what your legal and tax responsibilities are before you start your business and act accordingly.

By following the above tips, getting your new business up and running will be an easier and less stressful process, and will go a long way towards keeping your business thriving.