Planning your business

Success in a small business depends to a large degree upon the preparation that you do before you start. Obtaining the physical things that you will need is usually the easiest and most enjoyable aspect of starting your business. It’s like shopping for school supplies for the start of a new school year.

Once you have decided upon the type of business that you will run and are satisfied that you will probably be able to attract paying customers for your goods and services, you can go shopping. Provided you stick to a budget, you can buy whatever you need and want to set up your office: furniture, telecommunications services and equipment, computer equipment, and so on. You might even be able to claim some of your home occupancy and automobile expenses against your taxes. And speaking of taxes, make sure that you are registered with appropriate government departments. Just as no two individuals are alike, no two businesses are alike. Before you start shopping for standard items, make sure that you have added any special items or equipment to your list.

Make Sure That You Will Have Customers

Successful businesses are customer driven. This means your business must be based on your ability to meet other people’s needs, not on your own skills and resources, regardless of how impressive they might be. Once you have identified what your customers need and want from you, and satisfied yourself that you can meet these needs and wants, you must determine what you will require to operate your business. The following material outlines some standard requirements. Add to this list any specific requirements that you might have.

Business Name

If you carry on business using just own name, you are not required to register your business name. Thus, if your name is Tas, you can simply call your business “Tas” and use that name on your stationery, promotional material, invoices, and so forth. Obviously you can deposit any cheques payable to you in any bank account bearing your name.

Setting Up Your Office

Regardless of what they sell, all businesses need office space in which the owners can complete and store paperwork and records. Most business premises include some office space, although in many instances, the designated office area would be better suited for use as a broom closet. Because there is limited office space in business premises, or for reasons of security or convenience, or because the business is home based, many owners establish office space in their homes. In deciding where to locate your home office, select the office space that you think will be comfortable for you and those around you.


➤ Before starting to acquire things for your business, double check your plans
to make sure that you can still expect to attract customers.
➤ As part of planning your business, choose an appropriate name and file the
necessary forms with the appropriate government agency.
➤ Select and organize the space for your home office to meet personal and
family considerations.
➤ Select furniture and equipment that meet your specific needs.
➤ Obtain necessary licenses, permits, and tax registrations before you start
your business.