Thinking about starting your own business? Some things to consider…
The Vault
by Graham Barber

With nearly one in every four Canadians owning a small business many of us, at some point, have thought about becoming an entrepreneur.

As rewarding and fulfilling as owning a small business can be, there are many challenges involved. Here are some things to think about so you can ensure that you're best prepared for the road ahead;

Are you prepared to work long hours and make sacrifices? Starting a small business requires a lot of time and patience.

Do you like taking initiative and making decisions? To make it through the start up phase, you need plenty of initiative and drive. A business needs constant care and management. Have a plan and be focused to go the distance.

Are you prepared for the highs and lows of business cycles? Circumstances can change almost daily. Be comfortable in being flexible and adapting to new conditions.

Are you equally at ease in a leadership role as you are about paying the invoices and doing the filing? You'll have to wear many hats - sales, marketing, money management, production, administration, and managing people. If you aren't prepared to do everything yourself, you'll need some good help.

Do you have a passion for your business idea? You'll be spending a lot of time and potentially a lot of money to make your idea work - having a true affinity for the business makes it a lot easier to keep going when the going gets tough.

Do you and your family agree that this is exactly what you want to do? Turning a profit and earning income may take some time. The demands on your energy and time may be intense during the months - or even years - it takes to get your business up and running self sufficiently.

"Make sure you're in it for the right reasons - getting the best information and advice is key to starting a successful small business," says Diane Giard, Vice President, Small Business at Scotiabank. "Understanding your business and what is involved will enable you to make the right decisions to be successful."

You need to take the time to think through your plans. Successful businesses plan ahead and set achievable goals.

You can find valuable information on preparing a business plan and projected cash flows at www.scotiabank.com/busine ssplan.

Scotiabank has the knowledge and resources to help small business owners succeed. With a small business expert in every branch, Scotiabank is here to help small business owners find the money to reach their goals. For more information, see your local branch or visit www.scotiabank.com/smallb usiness.

The proceeding information was provided by Graham Barber, Branch Manager of Scotiabank, Alcona Branch. The Scotiabank, Alcona Branch, is located at 1161 Innisfil Beach Road, (705) 431- 6116. The Vault is a weekly series of articles provided by Graham Barber with financial advice and suggestions.