Should you start

your own business?

SHOULD YOU START YOUR
OWN BUSINESS?

CAREFUL, DETAILED, in-
telligent planning can make all the
difference between success and
failure in the small business stakes.

Planning starts — or should
start -—— just as soon as you, as a
potential business owner, evaluate
your strengths and weaknesses to
decide if going into business for
yourself is right for you.

The character and personality of
the owner/manager strongly influ-
ences the success of a new
business. Take an honest look at
yourself and decide if you are
well-suited to being an en-
trepreneur.

Entrepreneurs are entrepreneurs
for life. If they fail at one
business, they’ll start another.
They have an insatiable need to be
their own boss and to make things
work on their own initiative.

They exhibit self-confidence,
stability (self-control, predictable
temperament, good judgment),
leadership and analytical ability.

KNOW YOUR MARKET

Every business must have a
market or pool of potential cus-
tomers: What's your target group?
How large is it? Where are your
customers located? What are their
needs? How much are they willing
to pay for your products or ser-
vices? Who else is after the same
market? What’s your potential
share of it?

By talking with manufacturers
and suppliers in your chosen field,
professional associations as well as
other independent business people
in your community, you’ fiad out
what needs exist for your services.

ARE YOU READY?

Can you mn the business you
have selected? Do you have the
education or experience in the
field? You may decide to take ad-
ditional business courses now to
better prepare yourself for

operating your business, or join
with a partner whose skills com-

WHY

We can give you

the information you
need to get started
in your own business,

“Entrepreneurs
are
entrepreneurs
for life. If they
fail at one
business,

they’ll siart
another.’

plement your own.

Do you have a relationship with
suppliers, a clientele base, industry
contacts? It’s very important to
build relationships with people
who can help you as an indepen-
dent business person.

PLAN MONEY BACKWARDS

It usually takes a new business
owner about a year to start earning
an adequate income. You'll have
to work backwards, deciding how
much you'll want to earn, and
make a plan to reach that goal.

Financing wilt become part of
this plan, including funds to cover
start-up costs like equipment, of-
fice space, furniture, stationery,
business cards, staffing and mar-
keting your new business, and
funds to ensure effective opera-
tions for your first year, at least.

You'll incur expenses before
your customers begin paying for
your services. You'll need financing
to cover your cash flow. This may
incluce paying yourself a salary
temporarily.

CENTRE
WHAT

Start with the newest
business publications. Look
into ‘Exploring Business
Opportunities’ and dozens
of other publications along
with video preseritations.

131 East 2nd St.

North Vancouver

987-4488

FINDING THE MONEY

Finding sources can include per-
sonal resources drawn from sav-
ings accounts, raised by mortgag-
ing your home or selling property,
life insurance cash surrender
values; friends or relatives; ventu-e
capital groups; informal syn-
dicates; secured bank loans; gov-
ernment funding (grants, loans,
incentive bonuses); suppliers (who
supply equipment on a lease-op-
tion-to-buy basis) and customers
(who may pay in advance for large
orders).

RUNNING ST

You'll have to determine how
you'll run the administrative side
of your business. This entails
bookkeeping, accounting, inven-
tory control, use of data process-
ing, developing goals and deciding
how you’! delegate responsibility.

Futhermore, there are very few
business ventures that can be
handled by one person. Some are
sustained in the early days by fam-
ily members. How many and what
kind of people do you want to help
you? Two or 22, you'll be faced
with finding, assessing and hiring
them. -

MAD AGEMENT SKILLS?

While it might be assumed an
entrepreneur doesn’t “‘manage’’ a
business until it’s actually opera-
tional, this isn’t so.

Many management techniques
are used throughout planning and
running a business.

Some of the management skilis
you'll need: problem-solving,
planning, budgeting, delegation,
reporting systems, forecasting,
policy formation, communication,
accounting, record-keeping, un-
derstanding and interpreting (fi-
nancial information and using ex-
ternal resources.

(For a free booklet on Starting a
Business from the Your Business
Matters series, contact your local
Royal Bank branch at 1541 Lons-
dale.)

WHERE

The North Vanceuver
Chamber of Commerce,
your business
information centre.

39 - Wednesday, Octcaber 25, 1989 - North Shore News

® 8 years experience in real
estate on the North Shore

© Many satisfied commercial and
residential clients

e Extensive accounting and
business background

© Experience in small business
operations

If you have any questions regarding

commercial or residential needs, give

me a call — =
Donna Pinkowski

2°36 Lonsdale Ave. 984-9711
The Sussex Group - S.R.C. Realty Corporation

Does this word mean anything to you?

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