CanadaOne recommends starting a business that is scalable
With Canadian small businesses expecting to grow in 2010, many business owners will begin to shift their focus from survival to creating their business into something of value. CanadaOne recently gave some advice to business owners that want to turn their business into a company they can sell for big money later on down the line.
CanadaOne recommends first making sure a product or service has the potential to scale. To do this, a product or service needs to be teachable to employees, valuable to customers, and consumable.
Once a business has come up with a product, it needs to start generating income from customers. A business owner can do this by charging customers up front.
A business should also stay firmly entrenched in its niche. Though the prospect of expansion may be great, being a specialist helps make a business more referable.
CanadaOne lists businesses such as Jiffy Lube or the School Photograph Company as examples that follow these three rules.
According to a survey conducted by Intuit, one-third of entrepreneurs are planning on starting a new business, so they may want to consider CanadaOne's advice.
