If you’re a small business owner, you know what it’s like to work hard to make the most profitable business possible.

Here are 10 financial tips that can help Canadian Small business Owners get off to the right start or make more profit:

1.Start small.

Think and start your small business just that, small. Don’t rent premises if you can work somewhere else and don’t hire employees until you can keep them busy. You can always hire temps or independent contractors in the meantime. Those who start their businesses cheap, often in a den or other small place, create their first goods or services with more sweat than cash. There is also room for more mistakes since they will be on a small scale, and your early screw ups won’t bury you in debt.

2.Save up before starting.

If you’re brand new to the small business department or are thinking about opening your own save up as much money as possible before starting. Too often, people go into business without any savings. They expect to be able to pay back loans right away with their profits, but that’s not the case. Making a profit can take months or years.

3.Protect your personal assets.

If you will be running up big debts, consider forming a corporation or limited liability company (LLC). You will usually be liable for all judgments and debts that the business incurs, so if you don’t protect yourself, a creditor can go after your personal assets.

4.Make a business plan.

Creating a business plan, long or short, allows you to determine what your projected start-up costs are (how much money you’ll need to save) and what your marketing strategies are. If you can’t make the numbers work on paper, then it won’t work in real life.

5.Pay your bills and taxes early or on time.

You gain trust, build a positive credit profile, and have a built-in safety net if things go badly. These benefits outweigh any interest you might earn by holding onto your money until the last minute.

6.Save money by ordering business cheques online.

Did you know that you can buy business cheques cheaper online than at a bank? You can order cheques that are compliant with Canadian Payment Association standards with the same security features as bank cheques.

7.Know where you can get money.

Small business grants are very hard to get in Canada. See The Truth About Small Business Grants in Canada. The main sources of funding are banks and credit unions. Your own bank is a great place to start for funding. Also, The Canada Small Business Financing Program is delivered locally.

8.You are your business from a financial point of view.

If you start a small business, your financial history will be carefully scrutinized by any potential lender you approach. And, if you have any flaws in your personal financial history, such as bad credit, it may knock you out of the running for small business funding entirely.

9.There is funding, especially for women.

Lately there has been more funding for women staring up a small business than ever before. If you are a woman looking to start a business or expand an existing small business, there are loans available in Canada. For instance try the Paro Centre for Women’s Enterprise.

10.Study and attend seminars.

One of the best things you can do is educate yourself. Get help from accounting books or subscribe to accounting magazines. You also can attend courses or seminars to better understand what a balance sheet and profit & loss statement looks like and means for your business.

Understanding finances as it pertains to your small businesses is a must. These are just a few ways you will be better suited to succeed as a Canadian small business owner.

Author Bio: Scott Wilkins is a small business finance expert. For inexpensive and fast ordering of custom