Top 10 tips for Starting a Business That Will Succeed

A lot of people want to be their own boss and look to become an entrepreneur. But not every business idea will succeed. There are many reasons why a small business can fail, but we wanted to share some top tips that will help your small business succeed. While many of these tips are quite common and make sense, many entrepreneurs don’t follow these kinds of tips and wonder why their start-up did not take off. No business is successful in one day. Actually, almost no businesses are successful even after one year.

1) Is the product or service you want to offer, something that people want and is there a market for it? Too often, people jump into a business built around a product or service they think will be successful, rather than one that is already proven to have a market. It is important that you do your market research before you invest your time and money into a start-up business venture. Just because you think your hobby will make a good business, does not mean that someone wants to buy your product or service.

2) Create a business plan and establish a budget to determine how much money you will have to work with. Figure out how much it will take to develop your product or service and bring it to market. Make a specific business plan that outlines the primary and secondary goals of your business. Part of your business plan is also creating a marketing plan, so that you have a working document of how you are going sell your product or service.
“If you fail to plan, you are planning to fail!” ― Benjamin Franklin

3) When you are starting your business, the most important thing is to get cash flow – the lifeblood of your small business. It is important that you find ways to jump-start your cash flow immediately. If your business is offering a professional service, never be afraid to ask the client for an up-front deposit before starting the job or project. The deposit will give you the cash flow to buy materials and the products that are needed to do the job, without having to go into your own pocket.

4) Many accountants will tell you, when starting a new business, to always overestimate expenses and underestimate revenues. This will go a long way in helping you plan your small business without any surprises. If you are able to do it with less expenses and more revenue, then that will encourage you to work harder on your start-up.

5) If there is a way to cut costs, find them. This should be something that you are always thinking about because every dime you save on expenses will help your cash flow. It does not take an accountant to tell you that all the cash flow in the world is worthless if it is not positive cash flow. Basically, your small business has to bring in more cash than you need to pay out.

6) Learn to be a salesperson and never underestimate how important it is to be able to sell. In business, nothing happens until a sale is made. Even if you never have to sell directly to clients, you will have to sell your ideas to investors, or sell consumers or customers on your brand. Selling is absolutely critical to your success. If you have an aversion to selling, you must try to get over that.

Boss-Vs-Leader7) As a business owner, you need to be a leader, not a follower. That means trusting an inner compass to guide you when there are no outside indications as to what step to take next. It means taking control and having people rely on you. Being a leader and being a boss are two very different things.

8) Never discount for the sake of making a sale; add value to your offering instead. Whenever you discount, you are taking money directly out of your business and directly from your bottom-line profit. Why would you want to do that? Instead, create added value propositions up and down your product or service line, so your client or customer will see the value in what you are offering.

9) Under-promise and over-deliver. Once you land a new client, be sure to go above and beyond their expectations for at least the first few months. This will give your client or customer a good feeling and even get you some referrals on other jobs. Be careful not to go too far with this, or the client will expect this type of service all the time – and they may not be happy when you don’t deliver when you promise.

10) If you do not need an office and you plan on running your small business out of your home, then the cost savings on leasing traditional raw office space will help your bottom line. But you also want to protect your privacy and not have business mail coming to your home address. So consider a virtual office situation at a office business centre. This looks more professional than a P.O. Box – and when you do need an office, they can rent you a service office without a long-term lease. More importantly, when you do move in, you do not need to change your business address.

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Hotels

1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward

2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com

3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com

4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com

5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com

Restaurants

1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com

2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com

3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/

4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca

5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com

6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca

7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/

8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca

9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca

Health and Wellness

1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca

2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com

3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com

Our Amenities

We are by far the most experienced and best coworking team in the market – established in 1980

  • We are the highest Tech centre in the market
  • We have a very modern, high quality, brand new facility located at:

   18 King Street East, Suite 1400

      Toronto, Ontario   M5C 1C4 Canada

    • 18 King Street East is a boutique Class A building – East of Yonge: easy street parking, less traffic, excellent restaurants and lovely parks – St. James Park @ Church & King and Berczy Park @ Wellington East, Scott and Front Streets – Very high energy and engaging area
    • A few steps (a few seconds) to the Yonge Street subway/underground PATH network and streetcar available outside building
    • Building is located in Toronto's vibrant financial district
    • Plenty of parking available in the area including street parking and reserved parking in the 18 King building 
    • Adjacent to the building huge outdoor food courtyard - Beer Bistro www.beerbistro.com and Craft Beer Market www.craftbeermamrket.ca restaurants and bars with onsite catering services
    • Onsite amenities:  Tim Horton's, Beer Bistro, Convenience store and Starbucks across the street 
    • Nearby amenities:  underground PATH network, numerous restaurants, banking, Starbucks plus a wide array of nearby shops and services 
    • New modernized office layout fully furnished with meeting spaces and training rooms plus café lounge area
    • We are leaders in the service of training/meeting rooms with full conference facilities, high quality hot and cold catering
    • Largest training room and conference facilities accommodate up to 60 people classroom style
    • Ultra-high-speed - 1 GIG pipe = 1,000 x 1000 fiber-optic network, which will deliver internet connection speeds faster than most North American services
    • Private shower room
    • Indoor Reserved Parking at the current building rental rate
    • Bicycle parking
    • Rent a space to accommodate your team for meetings, training sessions, corporate events or coworking space or flexible office space for one day, one week, one month or one year, or whatever term suits your business
    • Telsec has over 650 locations in 40 different countries worldwide available for their clients.  Office clients receive up to 8 hours of meeting space per month at no charge at any ABCN member location.  Plus, Office and Virtual Office clients may rent a space from any member location at special member rates which varies depending on the location 
    • King Edward Hotel is located across the street - recently completed a $40 million renovation and boutique hotels close by within walking distance
  • Dining and entertainment at high quality restaurants only minutes away – Carisma, Terroni, Woods Restaurant & Bar and Michelin Rated - Restaurant 20 Victoria. Plus numerous lunch and takeout eateries nearby

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You are welcome to drop-in any-time, a quick call would be appreciated to ensure our availability Vanessa 416-574-1112 or Josie 416-606-4349 or e-mail josie@telsec.net.