By Kevin Letterick, Small Business Consultant
With the Covid-19 pandemic still affecting the economy with supply chain issues and inflation worries growing among consumers, is now the right time to start a new business in Nova Scotia?
Statistics Canada reports that there are more than 10,000 businesses operating in Halifax alone which is an increase of 15% in just two years. It shows a trend that is consistent not only in Nova Scotia but in the major New Brunswick cities.
If you have an idea for a new product or service that you want to launch, what should be the first step? A quick search of the Internet might be more confusing than helpful as you sift through articles advising what your first 10, 20 or even 35 steps should be. You will learn that you will require market research, a business plan, structure for your company, a location, a name, registration, and a long list of other things to get your business up and running. What should really come first?
Operating any business is a huge commitment and if you are starting a small business with less than four employees, you will have two challenges. Firstly, your business has a 12% less chance of surviving past ten years than a company that begins with more employees and resources, so you must work harder from the outset. Secondly, that hard work means you will have to learn every aspect of your business and be responsible for everything.
Therefore, step one should be to evaluate yourself. Why do I want to start this business? What skills do I have to make it a success? Do I have the time and commitment to ensure it will be a profitable business? Is the time away from family, friends, and other activities worth having this company?
After seriously evaluating the level of effort you are willing to invest in your business and deciding you still want to move forward, what are the next steps? A person might be an extraordinary baker, a talented mechanic, or the best plumber in town but not necessarily the best businessperson and that is okay.
In today’s economy, you will need a wealth of resources from lawyers, accountants, bookkeepers, social media experts, vendors and more.
The good news is the help you need exists and you can either build your network of experts as you go (but be careful and check references and reviews) or engage a firm like Start a Business Nova Scotia where all the resources are available in one place. There has never been a better time to be in business with more financial, technological, and marketing resources available. It is the perfect time to follow your dreams.
Photo by RODNAE Productions: https://www.pexels.com/photo/marketing-exit-technology-business-7413915/