So, You Want to Be an Entrepreneur?
Insight Turning an idea into a business is a huge step, Don Moore, Director of Entrepreneurship at 3+ Corporation, has tips on how you can succeed.
So you have a great business idea, but don’t know where to start? Being your own boss is a rewarding experience, but it requires effort and dedication.
Don Moore is the Director of Entrepreneurship and Business Start Up at 3+ Corporation, an organization that supports economic development in Greater Moncton. His first piece of advice for eager entrepreneurs is to make sure they’re ready. “I don’t want to scare anyone, but most entrepreneurs end up, at least for the first few years, working many hours and making very little money,” Moore says.
According to Moore, it’s also important for budding entrepreneurs to review their skills, strengths and weaknesses. “Ask yourself what you can bring to the business,” he says, “and what you need to learn before getting started.”
Planning the path to success
Knowing and understanding the market for your business idea is crucial to success.
“Be aware of your competitors and potential partners, and plan how to attract customers,” Moore emphasizes. “Research everything from the technical aspects of starting your business to understanding the different legal structures involved.”
When it comes to finances, evaluate how much you can put into your business, and how much more you need. “Not borrowing enough money can sometimes be worse than borrowing too much,” says Moore. “Get your credit in order and seek help from your bank and different economic development agencies.”
A business plan is necessary if you require formal funding, but it doesn’t need to be complicated — start simple. “Lay out your revenue targets and expenses,” Moore advises. “Include a narrative on your financial story and how you plan to operate your business.”
It may seem daunting, but there are plenty of resources available for prospective business owners, especially in the Greater Moncton Region. The area recently ranked the best in Canada to find a job, following a 10 percent increase in employment growth from last year.
“It’s a burgeoning hub for startups and small businesses,” says Moore. “There are exciting strides being taken to help young entrepreneurs with bright ideas.”