If you are someone considering the option of starting a business in Calgary, you have to be sure about the preliminaries. You can’t think of a unique product or idea and entirely rely on its uniqueness to make your business a hit. There are lots of other things that you need to pay attention to keep your business afloat and ensure that it is headed towards success. Let’s take a look at some of the critical processes of starting your business correctly in Calgary.
How to Start a Business in Calgary
The Planning Phase
This is where you have to do all the thinking. The essential things you have to think about here include but are not limited to the type of business, the name of the company, the structure of the business, and the place where you want to start it. It is best if you choose the type of your business based on your expertise. You need to be careful in your planning, as up to 70% of all business partnerships fail.
When it comes to the name of the business, you have to make sure that it is a catchy name and easy to remember. You also have to think about adequately marketing it, and it is not just the branding of the name but marketing your service or your product.
As for the business structure, you have to decide if it is going to be a proprietorship, a partnership, a limited liability company or a corporation. As each business structure provides you with different levels of protection of your assets as well as varying tax consequences. So, make up your mind whether you want to go solo, have a partner on board or want to be incorporated.
Talking to a Calgary accounting firm will prove to be a valuable step because a CPA can advise you on the pros and cons of various business entities as well as in setting up a proper business structure.
The Action Phase
After sound advice from the accountant, finalize the name and entity of your business and get it registered legally. Make sure to complete all the preliminaries and legalities. Register your domain as soon as possible. Again, you have to name your business not only based on your product but with internet market in mind as well. Is the name of your business good enough to be the name of your website? If not, how will you name your site? You cannot make the mistake of naming your site in such a way that it makes it complicated for people to remember it.
Create a business plan, find the right location, and start the talk about marketing your website. There are so many options available these days to get your word out and advertise it on a shoestring budget starting with designing a professional website.
The Setup Phase
You are done with all the paperwork, and now it is time for you to consider the physical location of your business. You have to be noticeable for foot traffic. In the modern world, aesthetics mean a lot for business. You have to pay as much attention to the interior as you would pay to the exterior. Make your customers feel special when they enter your premises. Remove the distractions and make the surroundings clutter free, friendly, and easily accessible. Let only the specialists do the designing for you. Ask floor specialists for flooring, and call a professional windows and doors company in Calgary for door and window installations. Choose the right marketing material to highlight your business.
The Hiring Phase
You have to be modern and futuristic with your hiring process. The employees you hire are going to be the most significant expenses after the rental cost. You will need to make sure that you get the maximum benefit by hiring quality employees who can become your assets.
Finding ways to reduce your operational costs and taking advantage of outsourcing services which are readily available today should be something you should definitely look into. Again, a good CPA can be a valuable partner is not only guiding you but also in providing proper bookkeeping and tax filing. People you hire should also be aligned with the vision of your business.
The Analysis and Improvement Phase
No matter how prepared you are at the time of starting your business, there is a lot that will improve with time. For that, you have to have to understand some business KPIs or key performance indicators. You must know which metrics to focus on getting a pulse on how good your business is performing. Use modern software for these tasks.
Web analytics and POS software can aid you in getting the required data which your accountant can make use of to help you and guide you in making an executive decision. By setting properly defined targets, you will be sure to achieve them. Learn from your mistakes and improve with time. Remember, ambiguity in your vision and goals can cost you your investment.
For any aspiring entrepreneurs out there, you have to realize the hard work that is expected of you when you start a business. If you think business lets you relax while money lands in your account, you will be wrong. Running a business is many times more physically and mentally demanding than doing a regular job. However, if you can put refine your skills and put one hundred percent of your dedication into your business venture, then you will reap the rewards of hard work for many years to come.