We can all use a little bit of advice when it comes to navigating the incredibly competitive waters in the world of small business in Canada.
Here's 5 tips on how to run your own company.
1. Try not to discount, add value instead
Business owners are often tempted to give deals and reduce their fees. Don't do it. Innovate and discover how you can add more value to your service or product. By keeping your prices steady, you won't squeeze your margins and devalue your brand.
2. Find a great accountant
Having the insight and guidance of an accountant specializing in small businesses is invaluable. Your accountant will advise you on how to maximize your position as your business changes. Make a call to several accountants and don't be afraid to interview them to see if they are good fit. Better yet, ask your friends for a referral from their accountant.
3. Get a business coach
Sometimes you need objective advice and a person outside of your business to bounce your new ideas. When you run your own business there can be a tendency to try and do everything on your own. Another set of eyes can breathe new life into your vision and keep you in check.
4. Operate within a niche
Stick with what you know or that you are truly passionate about learning. By carving out your own niche in a given market you will become a specialist. Add some personalization to your niche and you will begin to add layers of differentiation that help make you stand out in what can often be an over saturated market place.
5. Use a Health Spending Account
Use your company to pay for all of your personal medical expenses. Instead of paying for your dental bills and prescription drugs out of pocket (with persona, after tax dollars), set up a Health Spending Account and run your medical expenses through your business. Health Spending Accounts often do not have premiums and are designed specifically for the small business owner.
Do you run a one person company or a very small business? Check out our free guide and find out how to significantly lower your medical costs with a Health Spending Account.
No set up fees. No administration fees. No premiums.