It’s the start of a new year, and if you’re like many Canadians, you might have decided to start a small business in 2023.
Congratulations! But wait – not so fast. We know it’s exciting to finally start your small business, but there are lots of things to figure out beforehand. Here are some things that, in our years of educating entrepreneurs, we’ve identified as some of the most important questions prospective entrepreneurs should ask themselves before starting a small business.
Are you ready to start a small business?
- What is most important to me in running a small business – making money or doing what I love?
- Do I have management or technical experience in a business similar to the business I want to start?
- Do I have any accounting or bookkeeping knowledge?
- How well do I handle risk?
- How do I cope with stress?
- Are my finances strong enough to support me if my small business doesn’t see income immediately?
- Do I have the support of my family and friends?
- Am I willing to work longer than usual to start my small business?
- How well do I lead or manage others?
- How adaptable am I?
- How do I make difficult decisions?
- Do I have a long-term plan for my small business?
- Do I have a business model?
If you’ve answered “no” to any of these questions, no problem! It’s actually a good thing. Knowing what you don’t know is important, and can help you find – and fix – critical gaps in your knowledge. Small business training will increase your odds of success. Nearly half of all small Canadian businesses fail within two years, so getting essential small business skills is really important.
How can you find out if you’re ready to be an entrepreneur?
Download our free Self-Assessment for Entrepreneurs to take an honest look at your situation right now. Take your time and do as much research and training as you can before you start your small business – it may make all the difference to your success.