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What’s the first thing you should do when starting a business?

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Janis Galloway, founder of Dress Me Dearly (dressmedearly.com), says that knowing what your company is about is a crucial first step. “Clearly define the values and philosophies that will guide your business, and strive to never compromise them.”

PHOTO BY AARON PEDERSEN (AARONPEDERSEN.CO)

“Find out if anyone wants to buy what you plan to sell.”— Justin Archer, managing director of Berlin Ad/PR — brln.ca

“I believe it’s critical to have an action plan and goals, as well as metrics to evaluate both. The plan should include short-term and long-term goals, and financial and non-financial measurements that allow you to evaluate the progress of the business. The plan must be flexible enough to embrace and create change, and keep the company moving forward in a positive direction. Further, I believe you must separate yourself from the day-to-day operations and look at the big picture.”— Julie Lilienskold, vice-president of VR Business Sales — vralta.com

“Ensure you’ve confirmed there’s a market for whatever you’re selling. Conduct market research, and talk to lots of potential customers, investors, partners and competitors first. Put on your thick skin and take all the feedback. After analyzing all the data, along with a revised business plan that’s realistic, talk to trusted advisors and see if it’s really something you should get into. Starting a business is highly risky, but you can reduce those risks with proper analysis.”— Ashif Mawji, CEO of NPO Zero — npozero.com

“Find a mentor, coach or trusted advisor to help guide you. You’ll also want to connect with other business people and entrepreneurs — starting and running your own business can be lonely, and it’s wonderful to have people who can commiserate with you and advise you.”— Lauren Sergy, owner of Up Front Communication — laurensergy.com

“A contingency plan. Starting a new business is by definition venturing into the unknown, and by doing so, there are inherent risks and unforeseeable challenges. You will make assumptions that are at best slightly off and at worst completely wrong. Having a Plan B, Plan C or even Plan D for various parts of your business will ensure you are agile and ready for those unexpected challenges.”— Illarion Shulakewych, founder of High Stick Vodka — highstickvodka.com

“Simple — tell everyone you know that you started a business! Better yet, ask if they know anyone you should connect with.”— Bryan Smith, president of Bluetrain Inc. — bluetrain.ca

“First, promise yourself that you’ll always focus on understanding the challenges and questions of the customer, then only provide relevant goods and services to help them overcome challenges, resolve questions or provide whatever it is that they value. Many companies get started because someone thinks they have a great product or service, even though there may not be an underlying market need or latent desire for that product or service.”— Chris Vilcsak, president of Solution 105 — solution105.com

“Hire a business coach. A good coach will guide you through all aspects of setting up your new business, from licensing to writing a business plan. Most of us start our businesses doing what we love; a business coach helps you through the not-so-fun stuff, and helps to keep you focused on the bottom line. When things don’t go the way you planned, and they rarely do, a business coach is there to guide you over the hurdle or just be an impartial sounding board.”— Maureen Wright, owner of MoJo Design Inc. — mojodesigninc.com

“Figure out how much capital you need to last at least a year with no income, then double it. Make sure you have that amount free, clear and available before starting your business. Everything you do will take twice as long and cost twice as much as you initially thought, and your income will be less than half of what you thought.”— Larry Yakiwczuk, founder of Buckaru Auctions & Buckaru Investments — buckaruauctions.com“Research the market and demographics to

confirm that there is a demand for the service or product you will be supplying. Ensuring you have a solid business plan is essential for moving forward.”— Keltie Brisson, owner of Rehab and Retreat — rehabandretreat.com

“Have a plan, first and foremost. It doesn’t need to be a 50-page plan; a few pages, if done right, are sufficient for planning your first year. Make sure you structure your business correctly; are you incorporating, creating a partnership, or operating as a sole proprietor? Review your options with your legal representative or accountant and make informed decisions about your corporate structure, as it may save you money and prevent a restructure.”— Andrew Bryson, president of Quercus Solutions — quercussolutions.com

“Study the marketplace and potential competitors to find ways to differentiate yourself. This will also help you build your business plan and convert your startup into a more viable business.”— Christophe Delmotte, CEO of Kore Solution Inc. — koresolution.com

“Market research is one of the most valuable things you can do when first starting your business. Find out if there’s actually a market for your product or service, how much you can expect to sell, who your competitors are, who your customers will be, and what is going to make your business unique … Do everything you can to explore your market!”— Stacey Hogbin, owner of Wevive Fitness — wevivefitness.com

“Get a strong support network in place — including legal, accounting, banking, mentors and cheerleaders — and keep your feet on the ground. Starting a business is hard work, and a good support network will keep you on track and help prevent expensive missteps.”— Christina Ignacio-Deines, partner, designer and artist at I-D BOHEMIA — idbohemia.com

“Seek tax and legal advice on how your business should be structured and function. The trusted advice of an accountant and lawyer in the early stages of your business can help prevent unwanted headaches down the road as your business grows.”— Kris Kasawski, principal at Park Power — parkpower.ca

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Recognizing and celebrat-ing hard work can be integral to keeping your employees happy, but how that happens varies from business owner to business owner. That’s why Wellington Holbrook, exec-utive vice-president of ATB Business, is curious to hear from you.

How do you reward your employees?You can answer the question in two ways:• Open today’s Capital Ideas email if you’re a member, or• Visit capitalideasedmonton.comWe’ll publish the best answers, along with your

business name and website address, on Dec. 17. For great information on businesses in Alberta, visit atb.com/businessbeat.

CAPITAL QUESTION: How do you reward your employees?