5 things to consider before starting your small business or becoming self-employed

Have you recently become independent or have you recently launched your SME?

In addition to the courage and discipline necessary to succeed in this professional path, you will certainly need to acquire new knowledge to carry out your project with complete tranquility.

Here are 5 things to think about to ensure your project thrives:


1. Assess the financial viability

Your business plan should include the minimum income needed to keep your business running, but also the expenses needed to keep it running smoothly. By setting a meticulous and realistic budget, you will be able to better plan your SME’s growth.

Do you need funding to carry out all your projects? Look out for scholarships, loan programs and investor support. Options abound. You still have to make sure you avoid wanting to grow too quickly!

2. Know your new responsibilities and rights

As a new self-employed person or as an SME manager, you must submit to various tax obligations, such as collecting and paying taxes and withholding taxes, for example. You also know that some of your expenses are tax deductible, but you may be wondering which ones.

Revenu Québec’s support program answers all these questions and more! This is a completely free personalized service offered to SMEs and self-employed workers who have recently started their activity.

You can therefore benefit from one or more meetings with a specialist from Revenu Québec, where you can answer all your tax-related questions and even get a brief analysis of your books and accounting records.

The program provides information about credits and refunds you may be entitled to and supports you with registering and using online services. And don’t worry: exchanges made under the program are not used for control purposes and are confidential.


3. Stand out as much as possible

Did you know that most of the businesses that close their doors do so for lack of customers? Whether you offer a service or a product, you need to determine what makes you unique, but above all what sets you apart from your competitors. Solid market research and knowledge of your strengths and weaknesses will help you here.

4. Be flexible and agile

Starting a business requires a lot of creativity and adaptation. During the first few years of operation, it may be necessary to review your store’s product selection, for example, or your services will need to be adjusted according to the needs of your customers.

Don’t hesitate to ask for the help of a mentor, the opinion of your loved ones, or even other entrepreneurs and self-employed people in your field to refine your offer.

5. Build a strong promotion strategy

Even if you have the best product or service in your neighborhood, no one can benefit from it if you don’t communicate it properly. Regardless of your industry, budget, and target audience, make sure you have a clear, professional website.

You can then invest in other promotional channels such as newsletter, social media or advertising flyers. Don’t neglect the contribution of graphic designers, media specialists or communication consultants to these initiatives!

Finally, don’t forget the importance of networking, especially if you are self-employed or provide services for other companies.

Starting a successful business requires support from both sides. Whether your family, your accountant or your clients, you will need support to face this new challenge with excellence.

Revenu Québec’s personalized support program facilitated more than 10,700 informational sessions last year. Register online now to like!

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