The job market is always changing. Some fields of employment are more at risk than others, and many Canadians faced job loss in 2020. This can leave many people uncertain and feeling like they don’t have control over their own work.
More Canadians are turning to entrepreneurship than ever. With the gig economy booming and increased funding and grants for small business owners, self employment is looking more favourable.
The first question potential entrepreneurs may ask themselves is, “Can I do this?” It’s a wise question to ask because not only is the process of starting a business challenging, it takes a lot of savvy and intensive work. Not knowing what you’re in for can lead to failure and no one wants that.
So, is starting a business easy? Parts of it are while other parts are more complicated.
Is starting a business easy?
While starting a business in a struggling economy presents a whole set of challenges, it’s not impossible. If you have a vision, passion, and drive, starting a business might just be a wise decision. But you also need resources and to understand what you’re up against before you start. That shouldn’t be a deterrent, but rather, knowing and preparing yourself is much better than going in blind and failing. Failure can be costly but is also part of the process.
Here are a few things to consider before starting a business.
Starting a business is challenging
First, the process of starting a business is challenging. There is no other way to put it. It can be emotionally, physically, and financially draining. On top of that, new businesses are more likely to fail than already established ones. But there are steps you can take to help navigate some of that challenge and set yourself up for success, no matter how bumpy the road may get.
1. A business plan is a non-negotiable (almost)
A business plan is like the ace up an entrepreneur’s sleeve. It’s a navigation tool, a milestone tool, and a way to forecast