On Vancouver Island, as in the rest of the province, I encounter those who would prefer to work for themselves. Some have found through experience that they work best on their own, while others have a hobby or trade that they would like to turn into a business. Others have no idea what it would look like, the appeal is controlling their destiny.
The important part is the research into the feasibility of having a market share that will give you the customer base needed to cover your costs, give you a profit, and provide a living. Sound simple? It’s not, and it requires dedication to find the answers.
Success will depend on:
- Market Research
- Knowledge of product or service
- Business knowledge
- Access to suppliers
- Access to financing
- Financial living supports in place for at least first six months
- But, most of all, PASSION!
If you don’t have passion for the business you are embarking on, a burning in the gut that is a cross between fear and excitement, then you may not be on the right path. It will take dedication and long hours, at least at first, to build the business and get a sense of what ‘normal’ might look like.
Continuing research is essential as change is inevitable and you need to stay informed as to customer needs, wants, and expectations, as well as the ever-evolving business community. New regulations, innovations, and competition mean you need to stay on your toes to maintain and grow your market share. Customers will come and go for a variety of reasons and you must always be building your base.
If it is your path it can be extremely rewarding, both mentally and financially. Pursue it with passion!
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