Steps 1 & 2

1) Choosing a Business
When opening up your own business you need to know; what you want to do, will you be a sole proprietor or a partnership, will you be working out of home or an office or online. When opening your own business you have to find something that you are passionate about. You should have significant knowledge in the field that you want to enter. You need to know how you are going to get your service or product out to your customers. You need to make sure that your customers want your service or product. “Over 1.6 million, or 16%, worked for medium-sized enterprises”. (“Industry Canada,” 2011) There are lot of businesses and opportunities out there, it’s up to you to find out what works best for you.

2) What do you need a start?
Once you have found the business you would like to start, it’s time to start looking at what you will need to open it. You need to be able to have the skills and knowledge it takes to start a business and understand how the industry works. Will you need to hire employees? How much equipment will you need? What other products will you need? Where should your location be? You should always overestimate your cost because you never know what’s going to happen. “To be successful in business you must have sufficient cash flow. Invoice factoring can provide you with working capital when conventional funding is not an option”. (“Small Business Finance Tips,” 2010) You should always hope for the best but prepare for the worst, so when you do start your business and you run into problems, you are prepared and already planned, and you’re able to deal with the problems quickly and efficiently.