In Canada, small to medium businesses** employ 97% of all Canadians!
If you are in business for yourself-- or thinking of doing so-- here are some tips to keep your head above water until the hurricane passes...
1)Map out a Business Plan
Include both long- and short-term goals. Be as detailed as possible. Do one small action towards each goal each day. (Read The Slight Edge: Secret to a Successful Life
to see how this succeeds)
2)Seek Wise Counsel
Read widely (internet and books)in your field. Cultivate good working relationships with successful, ethical professionals who can help you (ask trusted friends and mentors for referrals if you don't know any)-- a good commercial banker, a business lawyer, financial planner, etc.
3)Consider a Franchise Business
If you are just in the market to start a biz, consider a franchise. Nearly 4X as many franchises succeed as independent businesses (good franchises come with start up and maintenance plans, training, and marketing research).
Borrow only what you need (see #1 and get advice from your council) when you need it so that you can control your interest costs.
5)Watch out for Pitfalls
Get your Plan B firmly in place-- write it down, keep it in an accessible file. 92% of small business owners are so optimistic (a great thing) that they have no contingency plan in place in the event of the sort of turbulent times we are presently experiencing. Go back to your Wise Council to develop a contingency plan that best suits your business needs.
6)Networking for Support
Expand your Wise Council to include other people in your industry-- those who are at the same level you are, and those who are flying with the eagles.
7)Keep Up with the Trends
Stay on top of current affairs. Read widely from newspapers, trade publications, and on-line. Take advantage of the 'libraries' that others have accrued, and invest in an MP3 player like the inexpensive SanDisk Sansa m250 2 GB MP3 Player
so you can listen to 15-minute downloads of motivational books that will cost you little and give you the boost you need when the storm is heaviest.
8)Consider my Business-- get great mentoring from industry leaders, learn to franchise your own business, keep up with all the trends, and make "Effective Networking" your middle names!
**refers to businesses with fewer than 100 employees