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Choosing a Start Up Business that is Right for You

Choosing the Right New Business

So many people are interested in starting up their own business.   Some are looking at this new venture as a part-time endeavor while others would like to do it full time.  Then there are some that would like to work from home.   One of the common factors that many of them have is they are really not sure what type of business they want to get into.

The first thing you may want to consider is if you have a knack for something.   For example, you might be great at tinkering with bikes and up to this point have been doing this for free in your local neighbourhood.   You could easily turn this into a small part-time business, and if you wanted to extend it and have the available room you could even offer a bike storage opportunity and earn some extra money here.

Take a look at the area that you live in.   If you are close to the water or near a resort area then you might want to consider doing boat cleaning on a part-time basis.   You may find it quite surprising to see just how many clients you pick up as this is the task that most boat owners dread having to do themselves, yet it often needs to be done at the beginning and the end of the season.

You may want to take on something that is less strenuous.   If you prefer sitting behind a desk and a computer, then take a look at some of the online opportunities.   Be very careful that you don’t get caught up in the get rich quick teams which can run rampant on the Internet.

If you are bored and want to get into a new learning experience then you might want to take some short courses in computer repair and offer this service part-time.

These are examples that you can consider as a part-time business and are meant more to get you stimulated into thinking, what do you have to offer that other people need that you could charge for?   Of course in almost any business endeavor that you are entering into, you are going to have some sort of competition but competition is good in business.

Do keep in mind that no matter how small of a business you are thinking of operating that it has to be considered as a business.    It is going to change your financial situation and you now have to become a business minded and realize that there is going to be some administrative tasks to this.   You should also speak to your accountant to see how it is going to affect your financial situation now in regards to your taxes and what requirements were going to have to meet in order to operate your part-time or seasonal business.

 

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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