Tips to getting a business up and running

New financial measures may provide easier access to financing for small business, but having a sound plan and goals may be the key to getting a business off the ground.

Keitha Robson, CEO of the Timmins Chamber of Commerce, gave small business owners a variety of suggestions to launch a new business in a recent Daily Press article.

Planning ahead is Robson's first tip, citing sometimes lengthy loan processing as a reason to start early and account for future growth when initially submitting applications.

Robson advises becoming familiar with your credit report. This will help manage expectations for borrowing expenses and loan terms.

Putting some "skin in the game" by investing your own money in the business venture may demonstrate your commitment to lenders, other investors, and customers. Robson advises that a "minimum of 25 per cent will show lenders you are serious and invested in the business."

A sound business plan and the ability to articulate specific product knowledge may also help when approaching lenders.

When pursuing a new franchise venture, research from the Canadian Franchise Association echoes Robson's research and planning tips.

The CFA urges prospective owners to complete significant due diligence when investigating potential franchise opportunities.

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Knowing the correct steps to take when starting a new business gives your business a much better chance of success. NEBS has been helping Canadians start, manage and grow their businesses for over 30 years.