Three Tips for Starting Your Small Business

October 29, 2021

Small businesses are an integral part of making our local communities vibrant places to live, work and play. At Libro, we know how large of a role small business plays when it comes to making up the unique DNA of our communities. Whether you want to start your own roofing business or open a coffee shop, below are three key elements that will help every entrepreneur and business owner work towards success.

1. Start with a detailed Business Plan.

This might sound like an overwhelming task, but it doesn’t have to be! Let’s break things down…

  • Complete a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for your business. This helps give you a snapshot overview of your business and provide you valuable insight on areas for growth and potential challenges.
  • Create SMART (Specific, Measurable, Attainable, Realistic, Timeline) goals for your business. This ensures you stay focused on what is important for your business to grow and allows you to make decisions that will propel you closer to those goals.
  • Your business plan should be a living document. Allow it to evolve, adapt and grow with the needs of your business.

2. Have the right team around you, both internally and externally.

  • Having the right partner, staff, or leadership by your side makes a world of difference when starting a small business. It’s important to make sure there is a strong value alignment amongst your internal teams.
  • There are a lot of moving parts to a business and sometimes you may find yourself wearing the hat of social media manager, photographer, graphic designer, bookkeeper, and many others. While some of these things are a skillset a business owner can learn over time, there are some elements of your business you will want to work with an expert to support you best. This may include working with a lawyer regarding business structure or legal advice, or an accountant regarding taxation. Libro Coaches are a great resource when it comes to financing, cash management solutions and account operations.

3. Network and create mutually beneficial relationships.

  • Meeting other likeminded entrepreneurs, regardless of their industry, helps to create a network of professional connections. Not only is this a fantastic way to create relationships, but a great way to connect with the local community. Look into small business centres near you to find out about events and other networking opportunities.
  • When you support other business owners outside of your direct network it can result in reciprocal relationships in the form of new opportunities and fresh perspectives.
  • Ask for help! If there are others experiencing success or in a similar industry that you believe could provide valued advice, ask them! Most business owners and entrepreneurs want to help others in a similar situation who are just getting started – plus it’s quite the compliment!

By Nate Tapper

Nate is a Small Business Specialist in our London, Elgin, Oxford Region. He is passionate about supporting local businesses, community engagement, and entrepreneurship. In his free time you can find him enjoying time with family and friends at one of the many breweries in his Old East Village neighborhood.