Congratulations! You have decided to start a new business venture or are planning to grow your existing small business. This can be a daunting task but with the recent pandemic, many people have been moving away from their previous careers and are looking at being their own boss. We have put together some tips to help you start and grow your small business.
Make sure that your small business is based on something that you love to do. Not everyone is lucky enough to love their job. According to a recent report, only 16% of Canadians are actually engaged in their work. Running a small business is a lot of work and you will be putting in a lot of hours getting your business where you want it to be. If you love what you do your passion will show through and will make your job more enjoyable. Ultimately, being the boss means you will be responsible for the success and failures of your business.
Marketing is a very important aspect of growing your business. Failing to properly market your small business could lead to you missing out on a lot of potential customers. There are several important factors to consider when creating a marketing plan. You need to weigh out the pros and cons and determine how your marketing will help boost your business. In today’s day and age, online marketing and social media are essential for any business to grow. However, this doesn’t mean you should rule out more traditional marketing and even “face-to-face” promotions.
When you first start your business, you will probably wear many different hats. However, there is no need to be a know-it-all. Not everything is going to be your forte and you should never be afraid to ask for help. There have been many small businesses that came before yours and there will be many more that follow. There is no shame in learning from experience and getting solid advice from other professionals.
A perfect example of this is hiring a bookkeeper or accountant to handle your books for you. Working with other professionals allows you to leverage their knowledge to help grow your business and free up your own time to focus on other aspects of your business that need your attention.
With a growing business comes increased revenue and of course more taxes. In our opinion, understanding how your increased revenue affects your business taxes is critical. When you have the knowledge of how your business is taxed, this will help you to better manage your obligations. Having a good knowledge of your business taxes will also help you to maximize your deductions and credits. We know that taxes are not everyone’s forte. Like the previous tip, if taxes are not your specialty, ask for help.
You are an expert in your field, we are an expert in ours. Let Keenans Accounting Service support your business with all of your bookkeeping and accounting needs. Give us a call at 705-526-7628 to arrange a consultation by phone or via Zoom meeting. Contactless, secure document dropoff and pickup are available at our offices in Downtown Midland.