At CanadaStartups, we want your business to flourish and succeed in all aspects. This is why we have created so many tools available to you, especially if your small business is just starting out. Below we have listed some important things you need to know even before you start your business. They will help you avoid any mistakes and heartache.
The Difference Between Funding and Financing
Gathering funding for your business is integral to your success. However there is a difference between funding and financing. Banks tend to help with financing your business with loans that require you to pay interest on them. This can lead to a lot of additional costs. Try to look instead for funding through grants, such as through the Government of Canada, as you will not have to pay these back.
How To Write A Business Plan
You need to write a business plan in order to apply for funding or financing of any kind and to make your business run smoothly. At CanadaStartups we have a fantastic Business Plan Maker Tool to help you create a professional business plan, even with no prior experience.
While this will be part of your business plan with us, it is so integral to know what your goals are before you start your business. By writing down your goals they will be that much closer to becoming a reality. If all of your employees can work together towards a common goal, it will make decisions a lot easier for you.
Your Target Market
Again, this will be a part of your business plan but you need to know it. Who are you selling your product or service to? This will influence your marketing and your branding, and where you will be located. If you don’t know who you are selling to, you won’t sell at all.
Your Business Name and How To Register It
This may be obvious but it is so important. You can’t have a business without a name, and you need to have a name that is not taken throughout Canada. Find a name that is unique and catchy so people will remember it. It will also have to be registered with the Government in order to be legal.
Your Competition: How Do You Fair?
This will be in your business plan as well. You need to know the arena you are entering into. Who are your biggest competitors and how will you be different from them? How is your business going to offer something new to the current market? These are all answers you need to know.
Who You Hire Is Important
This can often be overlooked by entrepreneurs. The people you surround yourself with are so integral to the success of your business, even from the employee with the lowest paying job. Make sure you are hiring positive people who also want to see your business succeed.
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