As a company, we want to be able to encourage individuals who want to pursue their dream of opening their own small business. There is nothing more inspiring than speaking to people who own their business and the experiences they faced when starting up with low capital. We spoke to Nicole Cox, who owns the successful delivery company DCA Delivery. She operates her business out of Cambridge, Kitchener and Waterloo.
- Nicole’s first piece of advice when starting a business with low capital is to do your research first. You must be certain of what you want to do and create a business plan to start out with the least amount of money possible. For example, her delivery service cost her only $125 to start and open. All she had to do was pay for the business license and an insulated food bag.
- Be the only employee for as long as you can to build up capitol on the company. While hiring employees can help you out immensely, the cost of labour adds up quickly and you will have to manage your headcount wisely.
- Be your own accountant at first. Spend the end of every day doing paperwork on what money came in and was spent in a spreadsheet or QuickBooks. Nicole advises that this will save you a significant amount of money, at least while you are starting out.
- Learn the taxes that are required for your business (the taxes that customers have to pay and the taxes you have to pay the government). Always pay Revenue Canada on time or you will have to pay interest on top. Nicole advises the best piece of advice is the set up a separate account to put the tax money in so you do not spend it.
- Reinvest into your company for marketing once you are making enough to pay your bills. Setting money aside for marketing dollars allows you to grow your business and gain traction. Set up social media accounts and/or other advertisements and never underestimate the power that word of mouth has!
dispatchNINJA is currently working with many entrepreneurs like Nicole who have successfully started their own small business. For further information on how you can too, shoot us an email at firstname.lastname@example.org or give us a call at (844) 936-4652.