To start a business, own your company and make it grow is not an easy task. If it was accessible, a lot more people would decide to give it a shot. It is not the case.
Indeed, many components have to be considered to succeed in handling well a company and deliver the merchandise to the clients.
Starting Your Own Business: Do Not Underestimate the Work
At the beginning, it is common that the challenges regarding managing a company are underestimated. The entrepreneurs tend to be really passionate about their idea and overestimate the profit they can make. In addition, they tend to underestimate the extra work that come with managing a business.
A really great book was written by Michael Gerber about this: The e-myth. This book explains how and why entrepreneurs underestimate the work surrounding the administration of a business and gives some useful solution ideas.
Many Related Tasks to Keep in Mind
Besides the promises given to the clients, there is a multitude of related tasks you have to take under consideration. A company always needs to innovate to keep up with competition, understand the market, the customer's needs, make profits, find new clients, make submissions, sign contracts, deliver contracts, invoice clients, pay the bills, deposit, handle the transactions, manage employees, handle the payroll, manage taxes and accounting, etc.
The list could be really long. So to start with: be cautious and concentrate in being an expert in your field. However, never underestimate all the work and obligations owning a company means!
As a matter of fact, you have to take care of submissions, marketing, employees training, all the purchases for the business, administrative management, accounting, legal and fiscal obligations, new projects, purchases from your suppliers, payrolls, etc. Once again, the list could be really long and do not neglect it!
Above all, you have to surround yourself with experts as soon as possible in your process in order to be guided and supported in your entrepreneurship adventure! Because yes, owning a company is a true adventure!
Learn How to Delegate: Essentiel Point
Furthermore, as an entrepreneur, you have to learn how to delegate some tasks as soon as possible so you can concentrate on the growth of your company. Do you know which is the number one problem almost every entrepreneur encounters? The lack of time.
Indeed, they desperately lack time because they need to think of everything. As a boss, you have to think about everything regarding the services you offer but also the technicalities.
5 Basic Advices When You Start Your Company
Here are five precious advices for any person wanting to be an entrepreneur:
- Create an interesting network in your field. Indeed, it is essential to meet other entrepreneurs with whom to discuss and exchange in order to learn from their experiences and possible challenges waiting for you;
- Hire a fiscalist accountant to help you with your end of year tax return;
- Find a coach \ mentor \ consultant in your network to help you with your future challenges (in exchange of a remuneration);
- Find a layer for your incorporation and on whom you can rely if you have a problem;
- Create a good relation with an account manager in a financial institution.
Starting Your Own Company: A Full-Time Project
Altogether, just keep in mind that starting your own company is not simple and you will have to overcome many challenges for your adventure to be a success. Do not underestimate all the work that this is going to be. You will certainly run out of time so do not hesitate to delegate tasks to reliable and qualified people.
We strongly suggest to, at least, give the preparation of your company tax return, but also the other tasks regarding the accounting, to a professional. Especially when you are starting, so you can concentrate on other tasks. So, if you think you are there, do not hesitate in contacting our team in order to see how we can help you to succeed!
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
