5 Things to Consider When Starting Your Own Business (Part 2)

In my last blog I discussed why it important to work on your Start-up costs, business competition and customer acquisition in order to create a successful business. Let us look at product inventory and legal regulations in this blog.

4. Building product inventory

Do as much research as you can, then stock your literal (or virtual) shelves with a bit of everything feasible you think your target audience may want or need. Track which products (or services) customers are gravitating towards –What services in your repertoire are the most requested? After a few weeks or months you’ll have real data to analyse. And don’t forget to consider making a couple of out-of-the-ordinary offerings available, just in case. Don’t underestimate the power of trying new things from time to time; you never know what could turn into a success!
(Hint: Try to let go of what your favorite items or services might be, if customers are not biting.)

5. Compliance with legal standards

Depending on what type of business you’re in, there may be standards and regulations that you must adhere to, including human resource, copyright, tax and consumer protection laws.
(Hint: Be absolutely sure to do your research on the legal matters that can arise when beginning your own business.)

On the personal front, know your credit rating, identify support structures such as the Women’s Enterprise Centre and government agencies, as well as financial advisors and lawyers who are willing to provide counsel.

Make sure to put your personal finances in order with a healthy emergency fund (six months income at least for a new business owner) and little to no personal debt. Be aware of which assets are liquid, meaning, which ones you could sell off if you had no other option.

If you are planning to quit you job, make sure you are aware of any health and disability plans that could continue after you leave, and refinance any debts to get the most advantageous rate possible while you still qualify.

And remember, starting your own business is not an impossible task, especially when you’re prepared. Good luck on taking that first step!

Alison Setton

Alison Setton is an insurance and investment brokerage owner and teaches financial literacy at WealthWave, the How Money Works (TM) company in Vancouver, British Columbia. She began her career as an Environmental Engineer and pursued an MBA in order to further the projects she was passionate about. After working in roles as an Engineer, in community relations, project management and consulting, she made the leap to being an entrepreneur in the financial industry in 2012. This incredible leap, as every business owner knows, has provided the greatest education of all, and more importantly, allowed her to create the freedom of time that she and her family desired and deserved.

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