Starting a Business: The Basics of What You Need

IStarting a Business: The Basics of What You Need was talking to a friend who wants to start her own business. She was super excited and came to me asking for advice. Within the first 5 minutes I felt like the biggest Debbie-downer in the world.

My friend wants to start a handmade children’s clothing company and assumed she could open a Facebook page and start selling her wares. She had seen many WAHMs (work-at-home-moms) do that with varying degrees of success. Starting your own business is not that easy (if you do it right).

 

 

The Basics:

  • Insurance (very important especially if you are dealing with children’s items) – Cost varies.
  • Business Registration (not needed but recommended as you can claim your business expenses) – In Ontario HST registration is $60.00.
  • Starting Inventory – The cost varies greatly.
  • Research – Is there a need for you product, what is your demographic etc.
  • Rainy Day Fund – Put aside at least 10% of your original investment for any unexpected costs.

The should-have:

  • Website – $100 to $1000’s of dollars depending on budget (includes hosting, domain and design if needed)
  • Logo – I paid $5 for my logo through Fiverr with hundreds of vendor and branding options..
  • E-commerce system – Again the price varied to you needs. I used WooCommerce which is a Word Press Plugin and find them to be reasonably priced.
  • Name – Make sure you become familiar with trademark laws and use a naming service if needed.
  • Social Media Presence – Facebook, Twitter and Pinterest pages are very influential in consumer purchases. Plus the cost is FREE!
  • Good Internet Package – You do not want you internet to go down and miss out on client emails.

The nice-to-have:

  • Inventory System – A system that will track your orders and current inventory including profits.
  • Bookkeeper/Accountant – This can get pricey but very good to have.
  • Support/Mentor – Someone you can go to when you have questions. Feel free to ask me any questions you may have on our Facebook page or via email.
  • Advertising – Very important. Advertising could be in many forms going to a mom 2 mom sale, advertise on a search network and promoting posts on Facebook are just some of the ways you can advertise.
  • Education – Want to learn how to make your own images or make your website even better. Investing in your own education will never be a bad thing.
  • Dedicated business phone line.

The number one thing you need to start your own business is TIME. Between interacting on social media, blogging, communicating with clients/colleagues and everything else I do for the business I spend on average 7-12 hours a day.

Do you think I missed anything on these lists?

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