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Start-Up & Grow: Top Tips for New Small Businesses in 2024

Start-Up & Grow: Top Tips for New Small Businesses in 2024

Small businesses are a bigger industry than you may realize. Despite a dip in the early 2020s, 2024 is set to be a big year for Canadian small business growth.

More than one million businesses in Canada are considered small to medium-sized businesses, and most have less than 100 employees. These businesses are essential to the economy, with 52% of the nation’s gross domestic product coming from small businesses. 

Joining the ranks of the many Canadians already on their entrepreneurial plight might sound like a challenging journey, but it’s one you won’t be alone on. If you’re ready to launch your start-up or small business in 2024, here are some essential small business tips you need to know.

Understanding the 2024 market

The plan to start a small business in the coming years is certainly not without its challenges, but it's also filled with positive and promising opportunities. For entrepreneurs in Canada, a confluence of factors opens doors to potential success.

The country’s robust economy and supportive government policies with financial initiatives make Canada one of the best places to launch a new start-up. Though economic growth may slow in the coming fiscal year, a neutral economy can be just as promising for new small businesses. 

Furthermore, the increasing emphasis on digitization and automation is opening new avenues for innovative ventures. At the same time, tech-savvy consumers are producing a broader market, fostering prosperity for all types of businesses. With the market for new ideas and endeavours, 2024 presents a great moment to embark on your small business journey in Canada.

Leveraging technology: HP products for small businesses 

For small businesses and start-ups, it’s essential to establish an online presence. One of your first goals as a start-up should be to broaden brand awareness and visibility for advertising and customer engagement. Soon after, you'll be able to create a seamless process for managing e-commerce. 

These goals and more are facilitated by investing in the proper tech and ensuring all necessary technology and digital tools are up to date. To prosper, your business needs theright tech for your needs.

Along with virtual productivity tools, such as project management platforms, small businesses rely on the right physical technology. As they say, build it, and they will come. Luckily, you don’t have to build a PC. That’s where HP comes in.

From the best laptops to other business tools such as docks and keyboards, HP has you covered. Your start-up can thrive in 2024 with these essential tech tools:

HP ProBook 455 15.6" G10 Notebook PC Wolf Pro Security Edition

The HP ProBook 455 15.6-inch G10 Notebook PC Wolf Pro Security Edition stands out as an excellent choice for small businesses, seamlessly merging cutting-edge features and enhanced security. 

HP ProBook 455

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This PC boasts a 15.6-inch display that offers optimal viewing, while the powerful hardware ensures smooth multitasking. The Wolf Pro Security Edition integrates robust security measures to safeguard sensitive business data. 

With HP's commitment to reliability and durability, this notebook withstands the demands of daily business use. The inclusion of productivity tools enhances efficiency, making it an ideal companion for small businesses seeking a reliable, secure, and high-performance computing solution to meet their operational needs.

HP EliteBook 840 14" G10 Notebook PC Wolf Pro Security Edition

The HP EliteBook 840 14-inch G10 Notebook PC Wolf Pro Security Edition is another great choice for small businesses, combining sleek design with advanced functionality. 

HP EliteBook 840

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This EliteBook’s 14-inch display offers a compact yet vibrant viewing experience, while the powerful hardware ensures seamless performance for business tasks. The Wolf Pro Security Edition has impressive cybersecurity, providing a fortified defence against potential threats. 

This notebook's portability and durability make it an ideal companion for on-the-go entrepreneurs. With enhanced productivity features and reliable performance, the EliteBook 840 caters to the dynamic needs of small businesses, offering a secure, efficient, and versatile solution.

HP Thunderbolt 120W G4 Dock

Beyond your PC of choice, your business will also need a dock to serve as a central hub to connect various devices. The HP Thunderbolt 120W G4 Dock proves indispensable for small businesses seeking enhanced connectivity and streamlined productivity. 

HP Thunderbolt 120W G4 Dock

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Its 120W power delivery ensures rapid charging for compatible laptops, reducing downtime. With multiple USB ports, display options, and audio connectivity, the Thunderbolt dock simplifies daily operations, helping you achieve a clutter-free workspace. Its compact design promotes flexibility, making it an ideal solution for businesses with limited space. 

The HP Thunderbolt 120W G4 Dock is a reliable tool that optimizes efficiency and supports seamless collaboration, essential for the evolving demands of small business environments.

HP E24q G5 QHD Monitor

Small businesses needing a heightened visual experience might also add a larger monitor. The HP E24q G5 QHD Monitor stands out as an excellent choice for small businesses.

HP E24q G5 QHD Monitor

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Its Quad HD resolution and 24-inch display delivers crisp, vibrant images, enhancing the clarity of intricate details. The near-borderless design optimizes screen real estate, promoting a more immersive workspace. This monitor's ergonomic features, including adjustable tilt and swivel, cater to individual preferences, ensuring comfortable and customizable viewing. 

Its energy-efficient design aligns with sustainability goals, while the versatility and affordability make the HP E24q G5 an optimal investment for small businesses prioritizing both performance and budget considerations.

HP Wired Desktop 320K Keyboard

Your small business tech stack isn’t complete without the best keyboard to use with your PC and monitor.  The HP Wired Desktop 320K Keyboard is an ideal choice for small businesses prioritizing reliable and efficient input devices. 

HP Wired Desktop 320K Keyboard

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Its durable construction and responsive keys ensure a comfortable and accurate typing experience, essential for daily office tasks. The spill-resistant design adds an extra layer of protection against accidental liquid spills, enhancing the keyboard's longevity. Its compact layout and quiet keystrokes make it suitable for shared workspaces, fostering a conducive and distraction-free environment. 

The HP Wired Desktop 320K Keyboard's affordability, durability, and practical features make it a valuable asset for small businesses aiming to optimize functionality without compromising budget constraints.

Tips for small businesses in 2024

Once you’ve secured the right tech setup for your start-up, you’re ready to hit the ground running. With promising prospects in 2024, here are a few more things to keep in mind and tips for small businesses. 

Effective financial management

Prioritize essentials in the budget - When budgeting for a new business, focus on essential expenditures, such as product development, marketing, and operational costs. Distinguish between necessary investments and discretionary spending to allocate resources efficiently, ensuring your budget aligns with your business's immediate needs and long-term goals.

Establish emergency funds - In financial planning, allocate a portion of your budget to establish an emergency fund. Unforeseen expenses can arise, and having a financial cushion can prevent disruptions to your operations. Aim to set aside at least three to six months' worth of essential operating expenses to safeguard your business against unexpected challenges.

Marketing and brand building

Content marketing excellence - Craft valuable and relevant content across platforms to build brand authority. Utilizing blogs, videos, and social media to engage your audience can be useful. Consistent, quality content establishes trust, positions your brand as an industry expert, and fosters lasting connections with your target audience.

Influencer collaborations - Leverage influencers aligned with your brand to amplify reach and provide social proof. Partner with influencers who resonate with your target demographic, allowing them to authentically promote your products or services. 

Networking and collaboration

Networking - Networking cultivates valuable relationships that can open doors to opportunities, insights, and collaborations. Actively participate in industry events, online forums, and local meetups. 

Partnerships - Forge strategic partnerships to leverage complementary strengths. Collaborating with businesses sharing similar values or serving overlapping demographics can expand your reach and resources. 

Community engagement - Actively engage with your community to build brand loyalty and trust. Sponsor local events, participate in charitable initiatives, and listen to your community's needs. Genuine community involvement enhances your brand's reputation and creates a loyal customer base.

Adapting to change and challenges

Embrace continuous learning - Stay informed about industry trends and emerging technologies. A commitment to learning fosters adaptability, enabling you to proactively respond to challenges and integrate new strategies effectively.

Agile decision-making - Cultivate a culture of agile decision-making within your team. Encourage open communication, quick assessments of changing situations, and flexibility in adjusting strategies. Rapid decision-making enhances adaptability and resilience in dynamic business environments.

Top tips for small businesses and startups in 2024

The landscape for small businesses in Canada is thriving, with over a million small to medium-sized businesses playing a crucial role in the nation's economy. Overall, 2024 presents a promising year for growth. 

With the right mindset and tips in mind, entrepreneurs can navigate the dynamic market, leverage technology, and choose HP products strategically to enhance productivity. Combine this with effective financial management, strategic marketing, networking, partnerships, and adaptability, and your small business is poised for success in 2024.

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