What an exciting time for you! Starting a business can be extremely rewarding, it can also be challenging. The Brooks & District Chamber of Commerce along with our partners are here to help you.
This guide will assist you in evaluating whether starting a business is right for you and how to get started.
Is Starting a Business Right for Me?
1. Do you have some money set aside to get started?
Loans are not always easy to access, do you have the money required to get started and run the business for a
minimum of three months?
2. Do you have the skills needed to operate the business?
If you are starting a construction company - do you know how to do the work that will be required?
If you are starting a bakery - do you have the skills to do the baking? Do you understand what is required by Alberta Health Services?
3. Do you have the hours required to start and run the business?
Many people want to start a business because they want to have better control over their hours. However, when you first start a business, you will probably be working more hours than you do now. The owner is always the person who is on call and has to handle the problems as they occur.
4. Do you have the support of your immediate family?
Starting a business uses household resources, such as money and your time. Is your partner and/or children going to be able to handle the time you will need to be away from them?
5. Do you have money set aside to live off of while you are working towards positive cash flow for your business?
The average business takes a minimum of a two years before you start seeing profit. Do you have enough household resources to allow for you to pay all your household bills while you are growing your business?
6. Will you continue to work your current job while starting and managing your new business?
As it can be difficult to accurately predict when you business will start making a profit, many entrepreneurs will continue to work full-time or part-time at their current place of employment to ensure their household has enough money to pay the bills or to allow for extra cash inflow from the owner.
7. What do family and friends think about your business idea?
Although family and friends may not have the in-depth knowledge of the business you are considering, they can be a great asset to bounce ideas off. Family and friends typically are the first people that you discuss your business idea with, they will question you, challenge you, make suggestions and give opinions. These people are also the best way to start working on pitching your business to before you look for financial assistance.
8. Brooks & District Chamber
The chamber is not only a great place to join when you are in business, but we are also a great place to turn to when considering a business. Contact us today. We would love to help.
9. Training Sessions
Check out the remaining training documents on our website.
Wishing you all the best in business.