Starting A Small Business?
Posted On: 24/05/21 - 0

Thinking Of Starting A Small Business?

You have been thinking about starting a small business. You may have all the knowledge you need as a stylist, baker, mechanic or other service provider. But that’s not where it all ends, this point is just the beginning. Why?  Opening your small business comes with it’s whole other set of responsibilities that you may not have considered at first. Here’s more to consider when starting a small business.

Formulate a Business Plan

You’re not going to find success in the market if you enter it without a plan. It’s imperative that you have some kind of roadmap for your business to follow. You also need to find answers to questions such as “how many team members do I need to successfully run my business?”, “do I have a legitimate accounting system in place?”, “how am I going about spending the working capital I have at my disposal?”. Your accounting firm can help you get your venture off the ground alongside providing you with practical business solutions as you head out on your own.

Choose the Right Location, Get the Right People

For every kind of business, there’s an ideal location that has the capacity to capture maximum attention. Study the nature of locations that have worked for successful businesses in your industry in the past.  Here are a few things to consider with your start up. Make sure you manage to secure enough parking spaces for your customers. Once you have the location locked in, you can focus on hiring the right people for the job. Once you’ve assembled a team of your own, you must spend a fair amount of time training them for their various roles.  It is key that they know how to interact with and keep the clients engaged and coming back.

Focus on Your Core Activities

As an entrepreneur, you must be willing to wear many hats as starting a small business means you’ll be tasked with several activities. Now, we can divide these activities into two primary categories: core activities and non-core activities.  You must focus your energies on your core activities. Your core activities are those activities that directly translate into profit. These can include investing in your product/service and your marketing efforts, etc. While your non-core activities include taking care of your books, dealing with employee payroll, etc. As a business owner, you must understand that time is in short supply and there’s a limit to what you can manage on your own and what you can’t. And, because we have identified that your core activities are the ones that directly affect your profit, it is important to partner with the right accountant.

If you want to avoid paying more taxes than you should or you want to avoid penalties for late tax filings, you should strongly consider hiring an accounting firm.  There are other time sensitive issues like getting your payroll or G.S.T.  remittances to the CRA on time. If you want  financial advice when you’re starting your salon business, consider relying on an accounting advisor such as us, Padgett Business Services N.W. You can get in touch with us to understand how we can help your soon-to-open business.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297

cheryl@padgettnw.com