Ken Davidson, a local Kelowna accountant, gives advice to new entrepreneurs on how to be successful when starting a business.

I had a client come in last week who recently started out their new business and they asked me what they needed to focus on to ensure they would be successful.

It’s the million-dollar question, isn’t it?

Truthfully, there are only a few things you need to do (fundamentally) to be successful.

Related: When Is It A Good Time To Sell Your Business?

Get Your Business Plan Together

Every business needs some sort of business plan on paper. It doesn’t have to be 100 pages, 40 pages or even a 20-page document. In some cases, it is necessary to write a business plan that is that long but generally you just need to get it down on paper. Ask yourself a few questions:

• What is your plan?
• Why are you doing this?
• What is your marketing strategy?
• What is your financial plan?

Losing The Employee Mentality

One successful trait of a new business owner is their ability to separate themselves as a business owner from the mentality of being an employee. Some employees have business owner mentalities and that’s excellent, especially for the business owner.

The biggest favor you can do for yourself is to change your mind that hours in the day aren’t work or play. You have to look at your day strategically and say, “How am I going to achieve my goal?”

It has nothing to do with hours in the day, week or month. It has everything to do with how you get from point A to point B most efficiently and effectively. Period.

That was an eye opener for my client, who has been a fantastic employee for years and years. She immediately acknowledged the importance of getting over the 9-5 philosophy. Once you realize it has nothing to do with hours and everything to do with accomplishment, you’re on the path to success.

Accomplishment as a business owner is really important and THAT is what I find to be the main difference between a successful and a non-successful new business owner.

Related: Wages Vs. Dividend Income For Business Owners

Great Ideas Aren’t Enough

I’ve seen people with great ideas, fantastic ideas actually, who fail because they still have the employee mentality. On the flipside, I see people with ideas that I wouldn’t advise them to go forward with but they are truly passionate about it, have the drive and they are quite successful.

What struggles did you have when you first started out in business? Share your experience in the comments below.

About the Author 

Ken Davidson is a Chartered Accountant with BDO Canada LLP, with their Kelowna accounting firm. Ken specializes in helping Kelowna businesses that are in start-up mode, companies in Kelowna that are in their growth phase and are ready to take their revenues to the next level, and professionals to secure their financial future with solid investment advice. Ken is best known for his strategic planning advice that positions him as a trusted advisor above and beyond being a Kelowna accountant that gives typical tax planning advice. To contact Ken for a Strategic Business Review to learn how he may be able to help your Kelowna business, email him at kdavidson@bdo.ca.