There are many things to consider when starting your own business.
As a CPA and a business owner, I’ve compiled a list of tips that I share with my clients.
Tip 1: surround yourself with a team of advisors
You don’t have to do everything yourself
Most of us would agree that highly successful people tend to share common traits such as self-discipline, hard-working, passion, resilience, etc. We often talk about people like Gary Vaynerchuk, Steve Jobs, Jeff Bezo since they are capable of transforming most of their business ventures into extraordinary success.
But we tend to forget the fact that those successful people would have a team of advisors helping them with their decision making.
As a startup, you will be facing numerous variables and decisions, and you can’t possibly know them all. The insights of advisors can make a difference.
Tip 2: decide on a business structure
Most of the small businesses in Canada are operated as one of the following:
- Sole proprietorship, the owner/operator or self-employed
- General partnership, with one or more partner
- Corporation (also known as a limited liability company)
Every business is unique. Talk to your advisor and find the right fit for you.
Tip 3: start tax planning early
You work hard for your money. Make sure to take advantages of potential tax savings and find the proper way to minimize taxes!
Tip 4: automate your accounting process
Most business people do not enjoy paperwork. Your accounting system and software choices can significantly affect the cost and efficiencies of doing business. Let us help!