STARTING YOUR BUSINESS THE RIGHT WAY A RECIPE FOR LONG-TERM SUCCESS

by Geeta Dayal

Starting a business is one of the most exciting and rewarding ventures you can embark upon. However, success doesn’t happen by chance—it requires careful planning, strategic decision-making, and a strong foundation. Many entrepreneurs dive in fueled by passion but overlook critical steps that can make or break their venture.

From crafting a solid business plan to se ing up financial systems and hiring the right team, ensuring you start your business correctly from the beginning is essential for long-term growth and profitability. Here’s how to lay the groundwork for a thriving, sustainable business.

1 2 e Business Plan: Your Roadmap to Success

Every successful business starts with a well-thought-out business plan. is document is more than just a tool for securing funding—it’s a blueprint that guides your decisions and keeps you focused. A strong business plan should include:

• A Clear Vision and Mission Statement – What problem does your business solve? What is your unique value proposition?

• Market Research and Competitive Analysis – Who are your competitors, and how will you di erentiate yourself?

• Business Structure and Strategy – Will you operate as a sole proprietorship, partnership, or corporation?

• Financial Projections and Budgeting – What are your expected costs, revenues, and pro t margins?

• Marketing and Sales Strategy – How will you attract and retain customers?

Without a business plan, you’re essentially navigating without a map. Taking the time to create one ensures that you have a strategic direction and can adapt to challenges as they arise.

To Incorporate or Not to Incorporate?

One of the most important legal decisions you’ll make when starting your business is choosing the right structure. Each option has its own bene ts and drawbacks:

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• Sole Proprietorship – Simple and cost-e ective, but exposes you to personal liability.

• Partnership – Ideal for businesses with multiple owners, but partners share liability.

• Corporation – O ers liability protection and potential tax advantages, but comes with more regulatory requirements.

• Limited Liability Company (LLC) – A hybrid between a corporation and a sole proprietorship, o ering liability protection without the complexity of a full corporation.

If you plan to scale your business, incorporating may be the right choice, as it provides legal and nancial protection. Consulting with a legal expert or business advisor can help you determine the best structure for your goals.

Hiring the Right Team: Your Biggest Asset

No business can succeed without the right people. Hiring the right team from the start can be the di erence between thriving and barely surviving. Key factors to consider include:

• Skillset and Experience – Hire employees or contractors who bring the expertise you need.

• Cultural Fit – Your team should align with your company’s mission, values, and vision.

• Attitude and Work Ethic – Skills can be taught, but the right attitude is invaluable.

Many startups make the mistake of hiring friends or family without considering whether they are truly the right t. Instead, focus on building a team that complements your strengths and supports your business objectives.

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Setting Up the Right Financial Systems: Bookkeeping and Accounting

One of the biggest reasons businesses fail is poor nancial management. Failing to set up nancial systems early on can lead to tax issues, cash ow problems, and nancial instability.

Bookkeeping:

Keeping Your Finances in Order

Tracking nancial transactions, including income, expenses, and payroll, is crucial. Key steps include:

• Choosing accounting software like QuickBooks, Xero, or FreshBooks to automate processes.

• Keeping detailed records to simplify tax reporting.

• Separating personal and business nances by opening a dedicated business bank account.

Hiring an Accountant: A Critical Investment

An accountant is more than just a tax preparer—they are a strategic partner in your business’s nancial health. A good accountant will:

• Help with tax planning and compliance to avoid costly mistakes.

• O er insights into cost-saving strategies and nancial forecasting.

• Guide you in making informed growth and investment decisions.

By setting up these nancial systems correctly from the beginning, you can avoid costly mistakes and ensure your business remains nancially healthy.

Legal and Compliance Considerations

Ignoring legal and compliance requirements can lead to nes, lawsuits, or even business closure. To avoid potential legal pitfalls:

• Register Your Business – Ensure your business name is legally registered.

• Obtain Necessary Licenses and Permits – Di erent industries have di erent requirements.

• Protect Your Intellectual Property – Trademark your business name and products if applicable.

• Create Contracts and Agreements – Have solid contracts for employees, vendors, and partners.

Consulting a business lawyer can help you understand the legal obligations speci c to your industry and location.

Marketing and Branding: Establishing Your Presence

Even the best business ideas can fail if no one knows about them. A strong brand and marketing strategy are crucial for attracting customers and generating revenue. Steps to take include:

• Creating a Strong Brand Identity – A professional logo, website, and social media presence.

• Developing a Marketing Strategy – SEO, social media marketing, email campaigns, and paid advertising.

• Networking and Partnerships – Building relationships with other businesses and in uencers in your industry.

Starting with a clear marketing plan will ensure that your business gets noticed from day one.

Start Smart, Scale Successfully

Starting a business the right way sets you up for long-term success. From developing a solid business plan and choosing the right legal structure to hiring a strong team and establishing sound nancial systems, every step you take in the beginning will impact your future growth. Cutting corners might save time and money in the short term, but it often leads to costly mistakes down the road.

By laying a strong foundation, you not only increase your chances of survival but also create a business that thrives, scales, and remains nancially and legally secure. Invest in doing things the right way from day one, and you’ll be well on your way to building a successful and sustainable business.

Geeta Dayal is an award-nominated entrepreneur, educator, and industry leader with over 25 years of experience in beauty, wellness, and business development. A 2022 Hollywood Makeup Artist and Hair Stylist Guild Award nominee, she has worked extensively in lm and television and is passionate about mentoring the next generation of entrepreneurs.

As the founder of By Charley Madison Medical Spa, a luxury medical spa and therapeutic collective in Maple Ridge, Geeta has created a space that blends medical aesthetics, wellness, and advanced beauty treatments. Inspired by her niece Ava and daughter Charley, she is dedicated to empowering women entrepreneurs and helping others build successful and sustainable businesses.

She is also a published author, business strategist, and advocate for innovation in the beauty and wellness industry.

To learn more, visit bycharleymadison.com.

May 22 | 7pm

Paradox Hotel Vancouver

Join co-hosts Coleen Christie and Fred Lee for an elegant event in support of life-changing arthritis research.

• Delicious hors d’oeuvres & legendary oyster & caviar bars

• Fabulous champagne & BC wines

• Exquisite Prize Draw by Montecristo Jewellers

• Art, live, & silent auctions

• Fantastic entertainment

• Complimentary valet parking

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