Starting A New Business? 4 Things to consider!

If you’re passionate about starting a new business to add an additional income stream? Here are a few categories that will help you make a confirmed decision.

1. The Pros and Cons of starting a new business
2. What do you need for a successful business?
3. Resources to finance your business
4. Do you need a business partner?

The Pros and Cons of Starting a New Business

Pros:

- Can provide a more stable financial income. It can contribute towards having a professional corporate occupation. If work gets slow, the business revenue can be a backup. The business can provide assurance for security if you get let go or fired from your profession.

- When you have your own business there are no limitations with the amount of revenue you can generate.

- You will have the flexibility to work anywhere and anytime, depending on the type of business you operate, online or bricks and mortar.

- Working on new ideas will be more beneficial to you because you work on the growth of your own business and not someone else’s, which can bring you residual income versus linear income.

Cons:

In the beginning, you will have to put in extra work to have the business ready for your customers.

You will make mistakes along the way and will need to hire a professional for guidance to make calculated decisions and to perform “certified” practices.

You will need financial resources or savings to invest in your business until it can bring a return net surplus.

Most of the time businesses fail is a lack of knowledge, professional resources, incompetence, financial situations, customer service, and the lack of experience to run a business.

If you don’t make the right decisions with your company’s procedures by adapting to new marketing trends your business can fail.

2. What do you need for a successful business?

Conduct market research to know the business scope

Make a business plan that consists of how to structure, grow, and run a business www.businessedgeservices.net

Decide on a business location

Register your business and obtain a license such along with tax numbers
Hire professional consultants to make precise decisions for a better future outcome

Find resources to finance your business

3. Resources to help finance your business

Government grants

https://www.canada.ca/en/government/grants-funding.html
https://www.ontario.ca/page/available-funding-opportunities-ontario-government

Private loans

https://www.bdc.ca/en/financing?gclid=EAIaIQobChMIv5-1noOd9QIVv3NvBB3HTAOxEAMYASAAEgKTvfD_BwE&gclsrc=aw.ds

Emergency
Alternative resources:

Bank

Loans

personal loans

Business loans

Lines of credit

Credit Cards
Credit cards are an alternative source of finance, but you should research the interest rate to decide on the right one to use just in case you don’t pay it back in full every month and carry a balance.

4. Do You Need a Business Partner?
If you have a business partner the financial risks and rewards are divided amongst two persons. This can help fund and expedite the business productivity by providing a cushion of sharing responsibilities and expenses.