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When you’re starting your business, you need to have a deep understanding of your customers. In fact, knowing your customers inside and out is probably the most important key to success.

Your customers are the people who desperately need your product or service. You need to know who they are, why they want your solution, what they like and dislike, and even what they had for breakfast. Knowing all of this will help you find more customers and build a better product that your customers will clamor to buy and tell their friends and colleagues about.

This is where market research comes in.

What is market research?

Market research is the process of gaining information about your target market—a fancy way of saying “getting to know your customers.” Ideally, you find specific information about your target market and the key factors that influence their buying decisions. This is a key step in your larger market analysis. For more information on that check out this article.

As you get started, you’ll need to determine what type of market research is going to work best for you. Make that decision based on the value of the insights you think you’ll gain, versus the time and effort you need to invest to find the information.

Market research is often confused with an elaborate process conducted by fancy consultants that takes a tremendous amount of time and money. That’s certainly not true. You can, and should, do most of your own market research, and it doesn’t even have to be that hard.

After I explain the different types of market research, I’ll share all the resources you can use to do your own.

Types of market research explained

1. Primary market research

Primary market research is research that you conduct yourself, rather than information that you find that’s already published. You gather this information by talking directly with your potential customers. This can either be exploratory research, where you ask open-ended questions, or specific research, where you try to obtain quantifiable results.

Here are a few methods you can use to conduct primary research.

Conduct focus groups

A focus group requires you to gather a small group of people together for a discussion with an assigned leader.

Survey your customers

Distribute these both to existing customers and potential customers. Sending out a survey using tools like SurveyMonkey is a great way to collect this type of information from current or potential customers of your business. You can even run tiny surveys right on your website with services like Qualaroo. Make sure to ask specific questions—but try not to lead people toward the answer you want to hear. Be as objective as you can.

Assess your competition

Look at your competition’s solutions, technologies, and what niche they occupy. This can help you better understand their position in the market and how you can compete. Complete a competitive matrix or SWOT Analysis to streamline your competitive analysis.

Hold one-on-one interviews

Find potential customers and talk with them about their problems and your solutions to those problems. Ideally, conduct these in-depth interviews in your customer’s workplace, or wherever they will be when they might consider shopping for your solution. You can also just ask to conduct these interviews remotely.

2. Secondary market research

Market research may also come from secondary sources. This is information others have already acquired and published about customers in your industry.

Access to this secondary market research data may be yours for the asking, and cost you only an email, letter, or phone call. Much of it is entirely free and easily available online. Here are a few ways to gather secondary market research.

Trade associations

Trade associations are organizations that serve specific industries. There’s almost certainly one for your industry. Once you find it, contact them and ask them for information about their industry and markets in the industry.

Government information

The U.S. government has a treasure trove of information to wade through. The data is all free but may take a little bit of time to find.

Third-party research sites

For reasonable fees, there are market research companies that will sell you pre-written industry reports that provide information on industries and their target markets.

Best market research resources

There’s so much information out there that it can be difficult to know where to start with your market research. Here are our favorite resources for doing market research.

U.S. government resources

If your business is operating within or expanding to the United States, these are the top sites you should use for your research.

1. U.S. Census: This is a great starting point for data about the U.S. population. You can drill into the data and find out nearly anything you want to know about different locations and demographics.
2. Census Business Builder: Beyond population data, you can look at how much people in your industry spend.
3. Bureau of Labor Statistics: A fantastic site for information on specific industries, like hiring and expense trends as well as industry sizes. If your target market is other businesses, this is a good place to look for data.
4. Consumer Expenditure Survey: If you want to know what people spend their money on, this is your go-to source.
5. CensusViewer: While it’s not a U.S. government resource, this free tool leverages US Census data and other data sources to give you access to data in an easy-to-use format that you can explore both visually on a map or in data reports for cities, counties, and entire states.
6. Economic Indicators: Offers free economic, demographic, and financial information.
7. Pew Research Center:  A nonpartisan fact tank that was founded with the mission of informing the public about the issues, attitudes, and trends shaping the world. They conduct public opinion polling, demographic research, content analysis, and other data-driven social science research.

Industry summaries

If you’re looking for information about specific industries, these are some of the best options to look into.

1. SBDCNet Business Snapshots: You’ll find a great collection of industry profiles that describe how industries are growing and changing, who their customers are, and what typical startup costs are. You should also check out their list of market research resources, sorted by industry.
2. Hoovers Industry Research: While not a free resource, the industry summary data provided here can be helpful if you need in-depth industry reports.
3. IBISWorld: Regularly updated industry reports, that provide insight regarding the current status, market outlook, and competitive landscape of a given industry. It is a subscription service, but you can download free reports to test it out.

Business location market research tools

Interested in learning more about the demographics and customer base in a given geographic location? Check out these resources.

1. ZoomProspector: This tool can help you find the ideal location for your business, or find new locations similar to where you already are for expansion and growth.
2. MyBestSegments: This tool from Nielsen is a great resource for finding out what demographic and psychographic groups live in a given zip code or where the highest concentration of a given segment lives. While the most detailed data is not free, you can get a lot of great insights from the free version.
3. SizeUp: This is a useful mapping tool to help determine where your target customers are. It’s very useful to help you determine the ideal location for your business.

Survey tools

If you plan on conducting primary research, here are some of the surveying tools you should look into.

1. SurveyMonkey: Should you need to poll a group for business purposes, SurveyMonkey is free and reliable. Simply build the survey and send it out to your audience.
2. Google Consumer Surveys: You don’t need to have a contact list to send out a survey on this site. With Google Surveys, you can target users from around the web and get instant feedback on your business idea.
3. TypeForm: Whether you need a simple form or a survey, TypeForm does it beautifully. It’s especially good on mobile.
4. Qualaroo: If you run a website and want to get quick feedback from the people that are already showing up there, Qualaroo is a great tool for this purpose.

Trade and industry associations

Many industries are blessed with an active trade association that serves as a vital source of industry-specific information. Such associations regularly publish directories for their members, and the better ones publish statistical information that tracks industry sales, profits, ratios, economic trends, and other valuable data.

1. Wikipedia’s list of U.S. trade groups: This is a fairly comprehensive list to kickstart your research.
2. Directory of Associations: Another long list of associations. You should be able to find an association for your industry here.

Market trends

1. Google Trends: Use Google Trends to discover what people are searching on and how search volume on important topics is changing over time.
2. Statista: If you’re looking for statistics and trends, Statista is a great place to get started. You’ll find data on virtually everything here.

Leverage market research to inform your business decisions

Doing market research is a powerful way to reduce the risk for your small business or startup. The more you know about your customers and your industry, the less likely you are to waste money on marketing and advertising campaigns that don’t reach the right people.

You probably already have a gut feeling about who your customers are and what their needs and pain points are. But taking the time to validate (or invalidate) your assumptions can make a big difference to your company’s bottom line and long-term viability.

Running a successful business takes passion, dedication, and strategy. The passion and dedication can only come from within you. The strategy, however, can be learned. With that in mind, here are five tips for running a successful business.

Start with the why

Every successful business has a reason for being in business. That’s “the why”. In other words, it’s the reason why people should care about your business. Defining the why can help you answer many other key questions about your business.

For example, if you know how you’re going to improve someone’s life, you know who your potential customers are likely to be. This in turn gives you a reasonable idea of the size and value of the potential market.

Set appropriate goals

Your goals are essentially your definition of business success. There are various approaches you can take to defining them. In the context of business success, however, the SMART system is probably the most appropriate. These initial goals are just to get you started. As you start getting close to achieving them, you’ll set yourself new ones.

Create a written plan

Your why is your starting point and your goals are your first milestones. Your business plan sets out the path you believe will take you from your starting point to those milestones. Write down your plan in as much detail as you can, then conduct a thorough SWOT analysis on it. Ideally, ask someone you trust for an independent second opinion.

If you identify weaknesses and threats in your plan, then try to address them before you even start your business. If you can’t, then start addressing them as soon as you possibly can afterward.

In particular, make it a priority to deal with anything which may limit your ability to make and receive payments. For example, if you’re setting yourself up as a limited company, apply for a business bank account as soon as your incorporation is confirmed. Likewise, if you’re planning on using a payment processor get your account(s) set up as quickly as you can. You’ll probably have to go through some kind of verification process before you can actively use the account(s), and you may need time to familiarize yourself with the system.

Keep reassessing your plan

As you work on your plan, keep asking yourself three key questions.

1. Do I still believe in my why?

2. Do I still believe in my goals?

3. Do I still believe that I’m on the right path to sustainable business success?

If the answers to any of these questions are “no” then you need to make at least one change. Realistically, this one change will probably lead to others. In a worst-case scenario, you may decide that your business venture cannot succeed.

If this happens then recognize the difference between business failure and personal failure. Take the lessons you’ve learned, be grateful for them, and move on. Remember that many successful entrepreneurs have at least one failed business behind them. Some have several. They persevered and, in the end, they achieved business success.

That said, if your initial business plan was solid, you’ll likely just make adaptations to it as you go. Follow the same process of writing them down and performing a thorough SWOT analysis on your new plan.

Delegate as much as you can

Traditionally, new entrepreneurs have had to put in a lot of hours to grow their businesses. There is still a lot of truth in this. Fortunately, however, there are many more opportunities for strategic delegation. If you have no money to spare at all, then look for free/freemium tools that can help you automate straightforward but time-consuming tasks.

Using these can help you to grow your business more quickly. You can then use the income from your business to invest in paid-for tools and, ultimately, professional services such as accountants, PEOs, and legal support.

A growing number of Americans are starting home-based businesses. According to the Small Business Administration, 52 percent of all businesses are home-based, and that number has steadily increased in recent years.

Keith Evans, a Florida-based entrepreneur, is part of that statistic, although he jumped on the home-business bandwagon back in 1995.

Evans runs After-Hours Executive, a consulting firm that offers help to new startups during evening and weekend hours.

Evans says he saw a lot of potential in running a home-based business. From saving money on office space to eliminating commute time, he thought his idea for a consulting firm would take off from his home. He was right. With two employees and about a dozen clients, the former telecommunications worker stays busy.

“With fewer expenses I can keep my rates low and can worry less about keeping the business afloat during leaner months,” he says.

Through strategic business planning, Evans plans to bring on more consultants this year and “aggressively grow” his business in 2014.

While his success stems from two decades of experience, Evan says there are several tips he’d like to pass on to others who may want to follow in his home-based business footsteps.

1. Use free or low-cost services to save on monthly expenses

Of course, having a home office means you don’t have to shell out big bucks for office space, but Evans says that isn’t the only place where a home-based business owner can save some money.

“I could probably write volumes about the free and low-cost resources an entrepreneur can use,” Evans jokes.

For example, Evans uses Google Voice for a business phone line. He uses FreshBooks, a cloud-based software, for his accounting needs and uses Wave Accounting to create professional invoices.

2. Outsource jobs to free up your time

Most home businesses start out as a one-person shop, but you don’t have to be a jack-of-all-trades. You can always outsource jobs, Evans says. Sites like oDesk and PeoplePerHour can hook you up with affordable independent contractors. On these sites, you post your project and contractors bid on it. You select the contractor that has the skills you’re looking for and fits within your budget.

“Finding freelancers frees you up to focus on more important tasks,” Evans says. “However, if you have some free time during the lean months, save money and keep your own skills sharp by doing the work yourself.”

3. Join professional groups

One of the downsides to running a home-based business is limited social interaction, so Evans suggests joining professional groups in the area.

“Even the smallest towns have networking groups, and joining them is a way to get out of the house, away from the computer, and in position to enjoy the company of like-minded people,” he says. “Plus, going to these events helps you spread the word about your product or service.”

4. Don’t skimp on marketing

Marketing is a bit challenging for home-based businesses, so it’s important to cough up a few bucks to introduce your product or service to new customers, Evans says.

“As much as every dollar counts, marketing is one area where you need to spend money to make money,” he says. “A quality marketing campaign can have huge returns, especially when compared to the return you see from free ads on Craigslist.”

Your home-based business will require a significant time investment, Evans says, but the end result can be a successful business.

Starting a small business is a massive but rewarding undertaking. Part of starting a small business is doing things in a way that makes the most sense to you, but a little guidance can help as well. Consider these tips on how to start a small business.

1. Recognize your strengths and weaknesses

Every small business owner has certain skills, abilities, knowledge and experience that give them an edge when it comes time to build up a business and start operating it. However, no small business owner is so adept that they can be an expert in every single process related to developing a new company.

While you’ll have to wear a lot of different hats, especially during the business’s earliest stages, don’t place too much of a burden on yourself for too long or expect yourself to dive into a highly complicated task with no prior training. Develop a strong understanding of your skills and weaknesses so you know where to best focus your attention.

Don’t be afraid to learn how to handle new responsibilities and workloads – it’s essentially a requirement for growing small businesses. You also shouldn’t shy away from working with business partners, family members, employees, independent contractors and others to address major needs and make sure important concerns are handled successfully.

2. Start with a simple business plan and grow it as needed

One of the first things you should do as a small business owner is develop a business plan. It’s vital that you develop this essential document to steer future work and hold yourself accountable, but it’s also important to not go too in-depth during the early stages of developing your concept. ABC News contributor Tory Johnson said a simple business plan is often the best approach when in the beginning stages of developing your organization.

A shorter plan, about one page or 500-600 words, can give you direction without requiring you to answer questions that won’t have solutions presented until later on in the process. Johnson suggested focusing on your products or services, target market and customers, basic prices and costs and the work needed to turn the concept into a reality.

As work progresses and your idea moves closer to actual operations, you can expand your business plan. Over time, include more accurate estimates, actual costs, longer-reaching projections, mission statement, company summary and other elements commonly seen in fully developed documents.

3. Focus on something you have a passion for

Having a passion for something doesn’t necessarily mean it’s your all-time favorite activity or type of business. It does mean that you won’t quickly grow tired of running that type of business, that parts of it appeal to you and, ideally, you can use some combination of existing knowledge or skills related to parts or all of the operation to your advantage.

Finding an existing need and targeting it is a major element of starting a successful small business, whether it’s providing accounting services to other companies or setting up a bakery. Pairing that need with something that excites, interests and motivates you can lead to substantial development and returns.

This piece of advice is relatively basic and most useful when deciding what type of business to start as opposed to getting a specific concept off the ground. Focus on your passion early on and pair it with a strong business plan to give yourself the best chance of crafting an enduring and popular organization.

4. Understand your target customers and existing market

It’s possible to develop an excellent business concept and deploy it in the wrong area. That’s why it’s important to understand the area in which you want to start your small business as well as your target customers. An idea that could work out very well in a large, densely populated area simply may not get the amount of foot traffic or number of customers it needs in an area with fewer residents.

Assessing the market for your products or services, seeking out the presence of potential competitors and conducting an assessment of how your business will hypothetically perform can all move your idea in the right direction.

You can also look to competitors and similar businesses for ideas and guidance, although indirectly. Visiting their stores, looking at their websites and marketing materials and other intelligence-gathering initiatives can help you fill in pieces of the puzzle.

5. Don’t be afraid to ask for help

Even when a business is on the right track, unexpected issues and chances for growth and improvement can quickly pop up. Addressing these problems and opportunities is critical for long-term stability and prosperity. As a small business owner, you shouldn’t be afraid to seek out alternative business financing in the form of a small business loan from National Funding. Our fast and easy application process can give your business a quick decision and the funds you need in just days.

Here are essential things you must include in your planning. Easy to understand.

by Michelle Kaminsky, Esq.
updated May 02, 2022 ·  3min read

 

Starting a business can be one of the most exciting times in your life as you dream about what you want to create and accomplish, but first, you need to begin with some concrete basics. 

Once you’ve figured out your business plan, location, and financing, it’s time to take care of these five things when starting your business.

1. Choose the right legal structure.

Before you open up your doors, you first need to decide on a business structure. You should consider the right business structure very carefully for your enterprise as it can affect your personal liability, taxes, profits, and more.

You have several options, including the following, which are used to create most new businesses these days:

• Corporation. Shareholders are not personally responsible for company debts. They allow for the opportunity to raise capital from investors. Formal record-keeping is required. This structure may reduce taxes, especially self-employment taxes.
• Limited Liability Company (LLC). It generally protects personal assets from company debts. No corporate tax as profits can be passed directly to owners. Fewer corporate formalities are required.
• Sole Proprietorship. No corporate formalities are required. It can be run by one individual who is personally responsible for the business’s debts.

You may also organize as a non-profit, limited partnership (LP), or limited liability partnership (LLP).

2. Choose and register your business name.

To do business under a trade name, i.e., not your own name, you will need to register for a DBA (“doing business as”) name. Having a DBA will allow you to open a bank account and legally conduct business under your business name and may even lower startup costs.

3. Obtain business licenses/permits, and get set up for taxes.

If you have organized your business as anything but a sole proprietorship, you will have to register and file documents with your state to register for a business license. State law varies on the procedure. In some circumstances, a sole proprietorship may even need a business licenses and/or other permits, so be sure to check your state’s regulations.

Related: How to Pay Yourself in an LLC

While you’re doing this, you should also make sure you’re registered to pay state and local taxes; again, the specific requirements vary, so make sure you follow your state’s rules.

4. Trademark your name and/or logo.

You’ve worked hard to create a name and/or logo that is unique and perfect for your business; you don’t want to risk that others could use it as their own to damage your brand and business reputation. The only way to protect yourself and your business from this happening is by trademarking your logo.

5. Protect your business with a living trust.

It’s never too early to make plans for your business should you no longer be around or able to handle it. One of the best ways to make sure it falls into the right hands seamlessly in such a situation is by placing it in a living trust.

A living trust is similar to a last will and testament in that it allows you to transfer property to chosen beneficiaries, but with two big advantages. A living trust may provide instructions for the management of your business if you become incapacitated. Also, a living trust doesn’t usually doesn’t get tied up in probate.

That is, upon your death, if your business has been placed in a living trust, it would likely transfer to the beneficiary more quickly, easily, and less expensively than if it had been passed in a will, which can mean business is less likely to be interrupted in the meantime.

Want to start a business? Five things you need to know to really get started.

There’s no doubt that setting up and making money from your own business is one of the most rewarding ways to earn a living and also the most challenging. You’re in complete control of your own destiny and the power is in your hands to increase your chances of success and outwit the competition. That also means you’re responsible for all your decisions and for tackling whatever challenges arise along the way. So it’s vital you get your business on a firm foundation. Better that, than quit your day job straight away! Here are five key steps you should take.

1.       Decide what type of business to start

When deciding on your business idea, it really helps to be familiar with the market that you’re interested in and also that you are absolutely clear about what you can add and how you can serve customers differently. Many entrepreneurs know what type of business they wish to start because they have identified a gap or come up with a unique idea for a product or service. You may have several ideas that you want to pursue and don’t know how to whittle them down – in which case you can use the resources of the Business & IP Centre to assess which ones have the greatest chance of success.  You may be an aspiring entrepreneur looking for a business idea and, again, the Centre is a great place to draw inspiration. Whatever you choose make sure that your business idea is something that you feel passionate about. This way you can be sure that the passion and enjoyment of running your own business will never waver, even when times get tough. 

2.       Find out if you can protect your idea

One of the first things you should investigate as an entrepreneur is how you can protect and future-proof your business idea. It may be possible to trade mark your business name: something to remember is to check that your name is unique in your sector does not mean something completely different or negative in another language, since you may wish to trade abroad in future.  You should also make sure that any business with a name similar to the one you have chosen does not have a bad reputation or trade in an area that is counter to your business ethics.

If you’re developing a product that you believe to be new to the market, you should search for patented works to see whether that is actually the case, it could be very costly if you are infringing any rights held by another business. And if you’re planning to make money from photography, writing, fashion or other creative works you need to look at asserting your copyright and possibly registering your designs.  If you’re unsure how to go about this and which element of intellectual property applies to you, attend our ‘How can I protect a business idea?’ workshop. This way, you can ward off the copycats and make sure that you are in pole position to take advantage of future growth opportunities through, for example, licensing and franchising your ideas or inventions. Protecting your intellectual property can also increase the value of your business when you’re looking for investors or planning to sell it.

3.       Make sure your idea has legs

A fundamental aspect of setting up any new business is ensuring that there is a gap in the market and that your product or service resonates well with your potential customers. Can they afford to pay the price you need to charge after all of your costs are covered?  What are your customers or clients already doing to solve the problem your new idea solves. How does your idea compare?  Thorough market research and competitor analysis gives new businesses like yours the ability to make informed decisions about the way you position your products and services and identify your niche.

A great place to start is to do your research in the Business & IP Centre, where you have free access to a comprehensive collection of UK and global market research and business databases.  Here you will find a wide range of up-to-date industry reports and company databases to help you assess the size of the market, who’s in it and what the emerging trends are.  Information professionals are also on hand to help you find the information you need. ‘Introduction to using the Business & IP Centre’ is a workshop that gives you practical guidance in using key British Library sources to help take your business forward.

4.       Develop a business plan

A business plan is an absolute necessity for any business aiming for long-term success and growth. It’s also good discipline as the key headings in a business plan really make you think hard about all the areas you need to cover for your business to be sustainable, mid- to long-term. Write the plan for yourself primarily.  It’s the perfect opportunity to create a roadmap for the coming months and years and it doesn’t have to read like ‘War and Peace’. A 2-3 page executive summary,  a 10-20 page plan and any appendices you want to add should be sufficient. Having a plan will help you keep on track and is essential when you approach potential partners and investors – and will give them the confidence they need to invest in you.  

Naturally, any business plan needs to be flexible and fluid, with the ability to change and adapt over time as your business evolves. Many businesses of all sizes find the Business Model Canvas an effective and flexible tool to mapping out what their business can do now and where it could be in the future. You can get help with writing your business plan by attending our ‘How to write a successful business plan’ workshop.  

5.       Don’t run before you can walk

As a new business in the midst of new product development it’s important not to a) put all your eggs in one basket and b) spend all of your resource on something without proof of its market potential.

The Lean Start-up methodology is an excellent approach to finding out whether your product or service will attract real customers before you invest too much time and money.  Some people spend months, even years, developing and refining a product without ever testing the product in their target market.  It’s then a huge shock for a potential business owner to find out that the product is not fit for purpose, resulting in the failure of the business before it’s even taken off.

Defining a minimum viable product to get the opinions of target consumers is a great idea. It’s a skeleton of the final product you’d take to market but it allows you to understand its potential and make any necessary changes before investing maximum resource.

For over a decade we have been helping entrepreneurs based in and around London start, run and grow their businesses. Visit our events page to view our upcoming events.

Plumbing is the system in your home that carries water and connects it from your well or municipal water line to the fixtures. Plumbing covers everything related to installing and maintaining fixtures, pipes, and venting within your home or building. These include all aspects of plumbing, from the mechanical, electrical, and control systems, to the drains, pipes, and fixtures. If you run into plumbing issues at your home or business in Southern Maine, contact American Mechanical & Plumbing Service In Hollis, Maine.

There are two fundamental aspects of plumbing that homeowners need to understand. The first is that even though a plumber might repair, maintain or install your plumbing system, he may not be able to retrofit it with the newest and most efficient appliances. The second reason to understand plumbing is that you do not want to experience any damage from the work of a not insured plumber.

What is the top plumbing problems homeowners experience?

• Leaking Pipes: The most common plumbing problem homeowners experience is a leaking pipe. It is where water leaks from a home plumbing fixture or pipes in your home.
• Waste Pipes: A waste pipe is simply a pipe that leads to a sewer or garbage disposal. It also includes the drain pipes for sinks and tubs. A waste pipe can leak at its joints or any point along its length.
• Clogged Drains: Clogs in drains can be caused by many things, such as fat, grease, hair, and soap. A clogged pipe can result in water backup or flooding.
• Damaged Pipes: Pipes that are damaged may look fine on the outside, but they might be leaking water when they are not supposed to. It may cause a lot of moisture buildup within your walls.
• Noise Problems with Running Water: Running water is supposed to be quiet, which is usually the case for most homes. In case you have a plumbing problem, the running water in your home may become noisy.
• Heating and Cooling System Problems: Even though your heating and cooling system are not connected to your plumbing system, these two systems are usually near each other. Most of the time, problems with the heating or cooling system can be traced back to plumbing problems.
• Gas Leaks: Gas leaks can be hazardous, so you must get such leaks fixed as soon as possible. The most common place a gas leak occurs is in your gas lines.
• Electrical Outlets: Electrical outlets are how you plug appliances into electrical receptacles. It is precisely why many homeowners have wiring problems in their homes, typically because the outlets are outdated and or damaged. With such older wiring, it may be difficult to repair all of the outlets, so it is essential to be able to detect any problems in your outlets with a good outlet tester.

Why it is essential to call a plumber to fix plumbing problems in your home

So, why does it make sense to call a plumber to repair your plumbing systems independently? Well, there are many reasons. If you have ever called a plumber and waited for them to show up, you know that the process can be very time-consuming. Not only is it uncomfortable waiting around for someone to fix something, but waiting in the heat or cold can also make you uncomfortable.

Secondly, if you have ever called a plumber to come out and give you an estimate for a plumbing problem, they have likely left after making the inspection and are not there to explain exactly what the problem is. It can be very time-consuming as well. One of the significant parts about calling an independent plumber is that they will stop by your home, inspect the problem and explain what needs to be done in terms of repairs or installing new devices. Having this information independently communicated lets you know exactly what needs to be done and how much it will cost to fix.

The third reason is that professional plumbers are trained in the most reliable, efficient, and best strategies for fixing your plumbing problem. They are also experts in plumbing, your specific plumbing system, and likely all plumbing-related devices within your home. They can find out exactly which problems need to be fixed on your system and at what speed they are going to fix them. They will have all of the best information and technology to fix your problem in most cases.

Lastly, plumbing problems often escalate faster than you realize. Day by day, hour by hour, you might notice more issues happening with your plumbing systems. Sometimes these problems are quick to improve on their own, and sometimes they need immediate attention.

How to know when you have a plumbing issue

Check for these signs of plumbing problems:

A. Running water in unusual places – There are several homes where you will typically find running water. These locations are usually kitchen sinks, bathroom sinks, showers, dishwashers, etc. But if you find running water in areas that do not usually run or have any reason to run, then there is likely something wrong with your plumbing systems, such as a leaky waste pipe or some other type of pipe.

B. Poor water pressure: Another sign that something is wrong with your plumbing system is poor water pressure. If your water pressure has dropped noticeably and you have not made any significant changes in the structure of your home, then this could be a sign of a problem with your pipes.

C. Water in places that it does not belong – This can be a huge warning sign that something is going on with your plumbing system. If you find water in places it should not or could not be there; then you need to make sure that your water pipes are not leaking. Maybe a clamp or hose leaked and caused the water to go where it was supposed to be. Of course, if this is the case, it may already be too late, and you will want to contact a professional immediately.

D. Clogged drains – Clogs in drains can sometimes occur by fat, grease, hair, and soap buildup. It is a problem that plumbers are commonly called to fix.

Other signs of a plumbing problem:

A. Gas smell – A gas leak can be dangerous, and if you notice a gas smell in your home, then you will probably want to call a professional immediately to come out and inspect the situation and check for leaks.

B. Water is coming through the ceiling only – This can be a warning sign that carbon monoxide has been leaking into your home, especially if this is happening only in one room or bathroom.

C. Strange noises coming from the plumbing system – If you hear strange sounds coming from your plumbing system, this could signify something wrong. One of the most common noises is a water hammer. It can be caused by an air bubble in a pipe, causing the pipe to vibrate. When this happens, it can make loud noises that are not normal at all, and they are not safe to have in your home.

D. Smell or taste of water – If you notice a strange watery or salty smell in your home, especially along with all of the other warning signs listed above, this could be a sign of a plumbing problem.

E. Water turning black – Another common plumbing problem causes the water to become black and unusable.

F. Billowing of air bubbles – This is a prevalent issue with pipes when they are cold and not properly sealed.

There are many signs of plumbing problems, and many of these signs occur without any significant warning. If you know what the warning signs look like and what to look for, you will always be able to spot problems before they get too bad or worse. This knowledge will also help you remedy the problem before it gets out of hand.

Rule number one: It’s not enough to simply have a good idea to start a business. Successful entrepreneurs must first look at the market, plan realistically, and mobilize their troops to achieve their objectives.

In practice, vision is only one part of the equation; it is just as important to know how to deal with concrete problems and to be able to market yourself in a competitive environment.

Here are just some of the basics:

1. Pinpoint the right market

Ideally, you should introduce your products or services to a young and fast-growing market. In more mature sectors, you will need a competitive advantage in order to distinguish yourself, i.e. product or service innovation, great customer service, or the right price point.

That means you should use a specialized research company to help you first gather as much information as you can to define your potential market, such as your competitors’ strengths and weaknesses and the development time required to get your product off the ground. Keep in mind that during this time, you will not be making any sales.

2. Put the right people on your side

People on your management team should have skills that complement one another. The best leaders ensure that they recruit the top experts for each area of operations. You should not be afraid to hire people who have, in their respective fields, more expertise than you do.

You should also look at your outside resources as a part of your team. From a practical point of view, you will need technicians, sales people and managers, a lawyer, an accounting firm, as well as marketing or public relations help.

If you don’t have the resources to set up a board of directors, you can also opt for a strategy committee and invite an expert to act as a sounding board for your business decisions. In advanced technology, there are more and more incubators that offer a wide range of assistance for increasing your chances of success.

In the end, the true test is the market. To reach customers quickly and efficiently, you should think about hiring marketing specialists at the outset. Marketing, while often neglected, is critical to the success of any business.

3. Think about the road ahead

Avoid fire-fighting and losing sight of your long-term objectives. Make a list of all the factors you have to consider in the immediate and medium term, especially if you foresee rapid growth. To help you manage that growth, you need to examine all available options, such as purchasing or leasing premises, furniture and equipment. You might also consider outsourcing different operations, such as human resources, rather than handling it internally.

Down the road, you will have to consider growth factors, such as energy and resources, raw materials, salaries, financing and technological needs. If you have carefully assessed your growth potential, it’s acceptable to think big. For example, if you are positioned in a niche market, you may not be profitable unless you start exporting. To get a better idea of your exporting potential, check with national, provincial, and regional export support services such as those offered by Canadian trade commissions in other countries.

4. Get your financing in shape

Start-ups are often financed by the savings of their founders (as well as the savings of families and friends). In many cases, it may be necessary to look for outside capital such as Angels (private investors), venture capital funds, assistance funds, or social economy funding agencies.

Be sure you do your homework and know what investors expect from you. A businessperson who invests in companies once said, “If you knock on a door prematurely, you run the risk of it being closed to you later, particularly at the time when you are really ready to enter it.”

Talk to BDC about your start-up financing needs. The bank offers customized solutions for businesses with high growth potential.

5. Use your time well

Most companies take time to get established, which means there will be periods when business is slower. The key is to make good use of that down time by networking, for example. Three networking strategies that may be appropriate, depending on your situation, are:

• Entering a business plan contest for young entrepreneurs;
• Participating in trade shows or exhibitions;
• Tapping into the business community by joining a business organization (Canadian Federation of Independent Business, Chamber of Commerce, etc.) or professional association.

6. Iron out the technicalities

There are many rules, some very technical, which are absolute requirements for your company’s continued existence. For instance, you must decide what legal form your business will take, design an accounting system, and comply with regulations covering labour practices, occupational health and safety, and training.

In business and industry, you can start a company in your own name. A group can form a registered partnership or an incorporated company with a different set of rules, privileges and responsibilities. If you have several partners, you should draw up a shareholders’ agreement to define a mutual code of conduct. Or you could decide to form a cooperative or not-for-profit organization.

Be sure to patent your ideas, or at least ensure that they are protected by a copyright, registered trademark, or trade secret. There is the possibility you might be infringing on the rights of another company in this regard. To find out, contact the Canadian Intellectual Property Office.

7. Deliver a plan that means business

Be sure that your business plan incorporates all of the above. Your plan must be concise, specific, and describe your business project accurately. Write it yourself, as it is your vision. And expect to do several rewrites before you achieve your final plan. Don’t be afraid to get assistance if you need it. Show it to experts, such as accountants and lawyers or to other experienced entrepreneurs. Keep in mind that a business plan is more than an accounting document; it must sell your idea to a potential financial institution.

Running your own business offers many perks. Here are ten reasons to start your own business today!

Deciding to start your own business is a leap of faith. It requires pushing out of your comfort zone and trying something new. If that idea excites you, why wait around? You’re ready to take the leap and be the CEO of your OWN COMPANY. It’s a lot of work and there are some risks, but the potential for rewards is huge. If you’re not convinced yet, here are 10 of the best reasons for starting your own business.

1. Each day at the office will be motivating.

When you’re working for someone else, it can be tough to find the motivation to do the best possible work. No matter how much work you put in, the owners of the company will get the ultimate rewards.

When you’re your own boss, you’ll find motivation at work every day. Following your dreams is exciting, and you’re in control of your own success. The day-to-day vitality of your business depends on you, so you’ll be driven to make each day as productive as you can. You’ll know that your own hard work and drive will help you reap the rewards, and that’ll keep the fire burning in your belly to make each day count.

2. You’ll be following your passions.

Many entrepreneurs start their own business to follow their dreams and fulfill their passion. Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.

3. You can pursue social justice or support non-profits.

One of the most fulfilling parts of becoming an entrepreneur is setting up your company for social gain. You can opt to support non-profits, charities, or community efforts with your profits. Or you can set up your business to solve a problem in your community or in the world at large – whatever your passion may be.

For example, consider Snowday, a company started by teach-turned-entrepreneur Jordyn Lexton. It’s a food truck, but it’s doing more than just filling the hungry bellies of passersby. Snowday employs young people that have been incarcerated (which makes it harder for them to find work) and helps them gain valuable skills and experience on the job. Starting your own business gives you a unique opportunity to make the world a better place.

4. You can achieve financial independence.

Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence. With determination and hard work, there’s no cap on how lucrative your own business can be. If you aspire to build wealth, there’s no reason why you can’t achieve that goal.

Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more. You may decide to sell it or you may hold on to it and pass it down to your heirs. Either way, it’s valuable.

5. You can control your lifestyle and your schedule.

Perhaps you’ve spent years in the corporate world and you feel ready to turn over a new leaf after years of reporting to a superior. Starting your own business can give you a more flexible lifestyle and schedule so you don’t feel like you’re running in circles on that corporate hamster wheel. You can opt to schedule meetings around your family schedule or you can opt to work from home – the sky’s the limit when you’re the boss. You still have to get the work done, but nobody’s looking over your shoulder making sure you do it their way on their time.

Starting a business is hard work, and that flexible schedule may not happen right away. Even if you’re working long hours, however, you know that you’re doing it for yourself and your family and not for a distant boss or shareholder.

6. You can start from scratch.

This is your business! You make the rules. You’re not restricted by the standards and procedures of your boss or corporate culture. You can offer a product or a service that fits your vision. You can also build your company according to your own ideas. Maybe you’ve thought of a way to make processes more efficient. Maybe you want to make sure your employees get fair wages and family leave time. Whatever problems you’ve encountered in the working world, you have a chance to do something different with your own business.

Many entrepreneurs say that once they’ve sampled the freedom of being their own boss and calling the shots at running their own company, they’d never want to work for someone else again.

7. You’ll get tax benefits.

Starting your own business takes funding and it may take some time to turn a profit, but you can start taking advantage of some substantial tax breaks right off the bat. Government programs support small business entrepreneurship and seek to reward these endeavors with impressive tax incentives. You’ll want to work with a financial planner or an accountant to make sure you’re setting up your business in a way that will allow you to get the benefit of these government programs.

Note that there are also a variety of programs aimed specifically at business started by women and minorities, so you may be able to get grant funding and other benefits to get your business off the ground.

8. You’ll have true job security.

The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may be handed a pink slip – these life-altering decisions are in someone else’s hands and beyond your control. When you start your own company, you know you’re investing in your future and in your own job security. Moreover, should you choose to start a family business, you could be providing jobs for other members of your family, as well. Your destiny is in your own hands – no more layoffs in your future.

9. You’ll become an expert at a broad range of skills.

Part of running your own business is learning to wear a lot of different hats, especially early on. You’ll have to pick up a lot of new skills, from HR decisions to inventory management to customer service. You’ll soon become a pro in your own industry, as well as a pro at a variety of new skills you’ll learn on the job. As your business develops, you’ll continue to pick up new knowledge and abilities. You’ll know how every tiny aspect of your operation works. You can’t get that kind of experience anywhere else.

As your business grows, you may opt to continue manning the helm for those tasks you enjoy – whether that’s graphic design or accounting – but you can outsource those tasks that you dread. You can also turn those skills to new tasks. Who knows? You may even want to start another business!

10. You can be creative.

It’s up to you to decide what your business will produce, sell, or which services it will offer – that’s exciting! Rather than following the formula of those who came before you, you’re looking at a chance to develop a concept or an idea that nobody else ever has. Even if you stay mainstream with your product or service, each day as an entrepreneur allows you to find new, outside-the-book ways to problem solve. Innovation and creativity are necessary traits for a successful entrepreneur, and you’ll hone those skills daily.

Knowing that each day brings new challenges, exciting opportunities, and a chance to engage your passion is reason enough to start your own business. Knowing that you’ve decided to take control of your own future is empowering. What are you waiting for? The time is now!