Few things have the potential to fire the imagination quite like the prospect of being your own boss. That has long been the dream of so many Canadians. From British Columbia to Nova Scotia, the plains and the Territories, Quebec and Calgary and everywhere in between, Canadians love the idea of striking out on their own and taking charge of their destiny.
Starting a small business of your own can be a great way to do just that. What’s more, a small business could always grow into something more someday – if you foster its growth properly. From conception to execution to securing a small business loan, here are a few tips as to how to do just that.
1. Be Ambitious
First and foremost, you’re going to want to be ambitious and dream big. Even if you plan on keeping things local and don’t imagine yourself becoming the next Tim Horton’s, there’s still no harm in at least thinking of your business on a grander scale. If you ever decide to expand, you’ll have plans in place – and if not, you’ll still be in the right mindset to manage your business well.
Entering into things imaging your business as “just” a small store or restaurant can lead to you underselling your vision – and yourself. Imagine your company as having the potential to be something more can be a great way to do the same for yourself and your coworkers, thereby keeping everyone focused and motivated.
2. Don’t Overreach
That being said, dreams are one thing – the reality is quite another. While it is advisable and even admirable to reach for the stars to some extent, you don’t want to overreach yourself, either. This is especially pertinent when it comes to resource management. A company like Tim Horton’s is able to operate the way it does in part because it has far more resources than your small business does.
As such, while envisioning your company on a grand scale can be good aspirational thinking and a good future goal, running your new small business as if it were already a major corporation can have serious drawbacks. You risk overworking your employees, overtaxing your resources, and flaming out all too quickly.
3. Have a Clear Plan
That’s why it is essential that you have a clear plan from the start. This can help ensure that you get the best of both worlds. On one hand, it can help you plot out your ideas for expansion, making them feel a little more “real” while simultaneously helping everyone stay on the same page as to the direction of your small business. On the other hand, it can also help remind everyone as to where you are right now. You’re a small business with big plans for the future – but still operating as a small business here in the present.
4. Securing a Loan
To realize those ambitions and grow them over time, you are going to need some capital and Thinking Capital resources, is a knowledge center for businesses considering funding. It’s important to be very careful about the length and terms of small business loans. Every small business is different, so you’ll want to make sure that the loan is tailored to suit your needs.
5. Experience on Your Side
Last but not least, when it comes to preparing your small business for the future, you might want to seek out some advice. The best small business consulting firms have decades of experience to their credit and can help you position, invest in, and grow your small business in a way that makes sense for your company.
Grow your small business in a big way with these helpful business tips.