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Five Considerations Before Starting a Business

As the Alberta economy continues its recovery many skilled, smart, resourceful Albertans are considering starting up a business. If this is you, here are the essentials you should consider before diving in:

1. What problem is my business solving? Being talented or enjoying something is excellent for a hobby or recreational activity but it can only be turned into a business if it is solving a problem for someone else.

2. How much money do I need to earn from this business? If you are the breadwinner for your family then you have to be solving significant problems for your community in order to earn a living. The amount of

money your customers are willing to pay you is generally related to the level of importance they place on the problem you are solving for them.

3. Whose problems am I solving? The answer to this question defines your target market. These are the people who need to know that you have a solution to their problem.

4. How is my solution different from other options out there? Take a look at the options available to your target customers right now and consider, “Why should they buy their solution to this problem from me?”

5. How much will it cost me to set up my business? Many businesses that fail, do so because they did not plan for the expenses they would have to overcome to get their business established. The best long-term business idea will not make it to fruition if the entrepreneur doesn’t figure out how much money it will cost to start the business and how it will be funded.

As the Alberta economy rebounds there are opportunities for Albertans to start businesses that support families and solve problems.

Every person has a gift that needs to be active to build a strong community. If you are creative and hardworking, business could be the right place for you to express your gift, earn a profit and serve the people around you.

The information included in this blog is intended to be general in nature and may not apply to your specific situation. If you have accounting or business questions you should consult with a professional.

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