10 Things A Small Business In Canada Must Do In 2017
Category: Business Advice
Tags: small business in canada
2017 is here and you know what that means?
There are things that you, as a small business in Canada must do in 2017 in order to accomplish your goals and launch a successful business.
So let’s get right to it!
Top 10 Things A Small Business In Canada Must Do In 2017
#1. Get Your Small Business Idea In Order
Sure you thought about starting a small business many times in 2013, 2014, 2015 and last year 2016. But you haven’t done much with that idea.
If you are like most people, you are probably nervous of the consequences of going out on your own, being jobless with no income to support you while you create your small business…right?
But 2017 needs to be different. You don’t need to quit your job and have no income coming in. Instead, take your business idea and turn it into a part time hobby until you are ready to take it up a notch to a full time business which pays you. How? Get a little help from CanadaStartups and the Small Business Startup Portal. It is an online platform dedicated to helping small business startups take their “idea” to the next level.
The first step is to take your business idea from just an idea and turn it into a real business. In order to do that, you need to want to make it a real business and start by doing some research and figuring out whether you think this business will really work and if you have thought of all of the components to make it work.
#2. Figure Out How Much Money You Have
Starting a small business isn’t for everyone, but those that do have it in them to be their own boss are only 50% there. The next step to launching your small business in 2017 is to figure out how much money you have in order to start a small business. Note that this is different then how much money you need to start a business.
Knowing how much money you have (available to you), in order to get your idea of the ground and turn it into a business could tell you a lot about the path ahead.
If you have $0 to your name and want to start a business – it is pretty difficult and most likely will not work.
If however you are able to look at the long term picture and you feel comfortable in your business idea and are able to use your savings, borrow from family, friends or use your credit cards to start your small business – that is a different idea.
Knowing how much you have will determine the road ahead as mentioned because being able to pay for certain things will save you time, and allow you to focus on other things important to your launch and the success of your startup.
#3. Create Your First Rough Business Plan
The next step is to create your first rough copy business plan. Most people don’t know what to include in a business plan, or how to write one. Using our resources in the Business Plan section of our website, you are able to find a lot of articles and helpful topics on creating a business plan. Be sure to look it up.
The first copy of your business plan doesn’t have to be perfect, or fancy, or have all of the components. It is really a tool for you as a business owner to get all of the “business ideas” out of your head and onto paper. This is where it becomes real.
Take the time to answer as many questions that you have, that your potential customers may have. Be sure to place yourself in the shoes of your potential customers and see your business from their point of view.
#4. Take It Out Of The Office
Who better to help you understand your business and where it could go but your competitors and businesses with similar or relevant products/services.
Be sure to take a break from writing your first copy of the business plan and take it to the street to get some questions answered, and you never know – your competitors may be doing certain things the way you are (maybe better, maybe worse). You have a lot to learn.
#5. Create Your Real Business Plan
Now that you have most of your details figured out from your rough business plan and you spent some time talking and learning from other businesses in your area (hopefully some competitors), you will be ready to take the next step and get your real business plan written.
This is the difficult part since this business plan needs to be the good one.
There are a few options you have as a startup entrepreneur when it comes to writing your business plan.
- You can pay for the service and have a professional write the plan for you. However this typically can cost anywhere from $2,000 to $5,000+
- You can write the full detailed plan yourself. However this is time consuming and are you really a business plan writer?
- You can use tools to help you create your business plan in no time. Consider using the Business Plan Builder Tool right here.
The real business plan will be used numerous times in your business startup process so be sure to have it completed and with you at all times. It sure does come in handy when searching for funding, when you are stuck on a idea or a though and it also keeps you on track.
#6. Analyse Your Business Plan
The next step to launching your small business in 2017 is to ensure that you read your own business plan and figure out exactly how much money you need to startup and to operate your business once it is launched. Remember in step 2 we talked about figuring out how much money you had? Well in this step, you figure out how much money you need.
The calculation is simple. Take all of the cost you figured out in your business plan, and those are your business startup costs and expenses. The next step is to take the money you have and figure out if you have enough to manage. If you run into a negative, you need more money. This is where you go to the next step!
#7. Search For Funding Part 1
Figuring out that you need money is one part of the problem many first time business owners don’t think of, which causes a lot of headaches once the business is launched (if even launched).
So if you are on step 7 our of the 10 things to do for your small business in 2017, you are on the right track!
The search for funding is split into 2 steps with the first being the search for funding from your family, friends, banks and potential business partners.
This is typically the first method of funding your small business that most entrepreneurs turn to when they realize they need funding.
Why? Because it is easy.
Once you presented your business plan to the above mentioned potential funding sources, if you are lucky you were able to obtain enough money to keep going. However if you are still in need of funding, the next step is your next best bet.
#8. Search For Funding Part 2
The second part of searching for more funding for your small business so that you may be able to launch in 2017 is to contact private investors and government agencies.
Government grants, loans, tax breaks and consulting programs may be available for your small business. And there is no better way to figure out how much money you can get from the government, or which funding sources may be available but to use the Funding Database provided through CanadaStartups.
The Funding Database currently has over 1,500 sources of both government funding programs and private investors for you to search through. Remember, having all of the sources in one place saves you a lot of time researching so that way you can find out what the programs are, if you are eligible and apply and actually be able to focus on the next step of launching your business.
#9. Your Website and Social Media
While you wait for the right time to launch your small business, be sure to have your website ready. Since 2017 will be your year, your website plays a very important part in your marketing plan. Which means that you need a website and at the same time you need to be on social media. Be sure to consider registering your business URL as soon as possible, and join popular social media networks such as Twitter, Facebook, LinkedIn and YouTube with your business identity.
#10. Go Back To the Top of Step #1
Step number ten is one of the most simplest ways to get step 1 to 9 completed. Consider becoming a member of CanadaStartups and using the Small Business Startup Portal.
Our Portal is a one time fee of $297, and it gives you access to the tools and resources that will make your small business startup as smooth as possible by guiding you though every step of the way, to creating your business plan and to assisting you with your funding search.
Be sure to register for the Small Business Startup Portal right here.
SEARCHES RELATED TO SMALL BUSINESS IN CANADA
I WANT START A BUSINESS IN...
IS THERE HELP IN MY INDUSTRY?
- Expansion Capital
- Funding For Equipment
- Business Acquisition Funding
- Consulting Services
- Hiring & Training Staff
- Management Support Services
- Manufacturing
- Mining
- Professional and IT Services
- Transportation and Warehousing
- Accommodation and Food Services
- Agriculture
- Construction
- Culture and Recreation
- Finance and Real Estate
- Forestry, Hunting and Fishing
- Health and Social Assistance