Pursuing the Entrepreneurial Life

Starting Your Own Business

06, Oct, 2016

In today’s current economic environment, many technology professionals have used this time as an opportunity to reflect on their life and consider where they’d like to take their career. A proportion of those decide to tap into their entrepreneurial spirit and venture to start their own business.

With everything we do, there are pros and cons to starting your own business, but to some, the benefits are just too enticing to ignore.

For example, owning your own business provides freedom and flexibility that you might not possess when working for someone else. With the evolution of technology, you can control when and where you work – possibly giving you the work-life balance you’ve always hoped for.

Another reason people go out on their own is some entrepreneurs find owning their own business much more lucrative. Ironically, many now consider self-employment more secure than when working for someone else. As the boss, your success is in your hands and your paycheque is a reflection of everything you put into your business.

Read More: See current Salary Trends for Self-Employed ASET Members.

So if you think it’s in you to start your own business, we have a few things you need to consider:

  1. Research your business. All businesses start with an idea. It’s taking that idea to the next step that requires a lot of consideration. What is it you want to sell? Is there a market for your service or product? What kind of competition exists? How will you finance your business? As a technology professional, are there any special permits, licences or regulations to consider? Understanding your market and the operational requirements will give you realistic expectations moving forward.
  2. Handle your finances. You’ve done the research, now’s the time to get the resources to make this happen. Build the appropriate business and marketing plans to help you organize the money you’ll need to start, and continue, your business. Develop a budget that works, and approach banks, investors, venture capitalists and other sources to build your capital.
  3. Make your business a reality. The next phase is becoming operational. Register your business, apply for any special permits and licences, get an office, buy/rent/lease your equipment and hire the employees you need to function.  And once you’ve got your product or service, get out there and sell yourself.
  4. Never stop growing. Similar to your career as a technology professional, it is important to always keep learning. Be sure to take the time to access resources to help you become better at owning your own business. Network with industry associations to help you get connected. Continuously find ways to run your business more efficiently. In the end, your time is money, and hopefully, money into your own pockets.

As the cliché says, owning your own business can come with a little blood, sweat and tears. While success may not always be immediate, with the proper research and planning, you’ll hopefully set yourself up to become profitable in the long run.

Want more resources? Here are some links to articles with some great tips and considerations when starting a business:

15 Steps to Start Your Own Tech Business: Part 1

From Idea to Successful Tech Company in 8 Steps

50 Tips for Starting Your Own Company

Four Books Every Small Business Owner Needs to Read


Why You Should Start Your Own Business Today
How to Start Your Own Business
Government of Canada – Canada Business Network