Being in business for yourself is hard work. Some of the top business people around the world have said that if they had to do it again they don’t know how they would succeed. Now imagine starting your first small business. No knowledge, no experience, where do you start?
As a startup business there are certain things that you must do if you want to be successful.
Beginners Guide: Starting your first small business
When you are starting your first small business in Canada you should get to know a few things first:
- Your business plan is the most important
- The Canadian government offers funding for first time small business owners
- You can get expert help
No matter if you are a beginner in business or an experienced entrepreneur, following certain steps will ensure your success. The first step, your business plan.
Your First Business Plan
When it comes to starting your first small business, your first business plan will help you ensure you are on the path to success.
A properly developed business plan can be done several ways. You can pay a professional to get it done for you, but this can cost up to $5,000 depending on the industry. And being a first time business startup you probably want to keep your startup costs low. An alternative is to write your business plan on your own, but this can just be a headache.
So your solution to getting your first business plan done is the Business Plan Builder Tool. It’s been rated as the number one user friendly business plan tool and this is great for you as it will help you step by step to develop your first business plan without any concerns and a fraction of the cost of hiring a professional. Best of all, you have a professional help you, guide you and review the plan!
Components of a startup business plan
While most business plans are typically the same in terms of the components, depending on the business model and the industry each business plan may be different.
When writing your own business plan it is important to keep your goal of the business plan in mind. Are you looking for a partner, looking for funding, trying to figure out the viability of the business? As each purpose can have a slight modification to the plan, it is important to know the reason why you’re creating your business plan.
As a individual starting your first small business be sure to include the following components into your business plan:
- Executive summary
- Company description
- Market analysis
- The team/management
- Products and services
- Marketing and sales
- The funding
- Financial projections
If you need further explanation on any of these components or simply want help give our business plan experts a call 1-800-288-9691.
After you’ve had a chance to put together your business plan, you should have a better understanding of what is needed in terms of financing. This will greatly help you with the next section, utilizing the Canadian government to find funding for you new small business.
Finding Funding For Your Small Business
The Canadian government is very well known for supporting small business growth. It’;s what make the economy strong. With that in mind, the Canadian government and various local and provincial funding agencies love to provide funding to new small businesses.
If you are starting your first small business in Canada you need to take advt age of the available funding.
Types of funding available from the government:
- Government grants
- Non repayable government grants
- Partial contribution
- Conditionally repayable grants
- Government loans
- No interest loans
- Low interest loans
- Guaranteed government loans
- Tax breaks and tax credits
To learn more about available government funding for new small businesses in Canada use the Funding Calculator Tool. A great tool to help you determine which funding programs you may be eligible for.
Government funding is available for various funding needs which small business owners can take advantage of. In fact, starting your first small business gives you certain advantages to be able to benefit from the available funding. Take action now and find the available funding using the Funding Database available here, as long as you’ve done your business plan (or get help with your plan first).
Get Expert Help
Starting your first small business shouldn’t cause you to pull our all of your hair before you even start.
There is a ton of help available to help new small business owners. Take advantage of the help.
For instance; using Canada Startups’s Small Business Startup Portal can take weeks off the startup process. Here is how!
When you are starting a new business you are probably a bit lost. The experts here provide you with the guidance you need to succeed.
If a business plan is your concern, the Business Plan Builder Tool is available for you to take advantage of.
The funding is next. A funding search can take 3-4 weeks if you do it on your own. Who has that much time to spend especially if you’re trying to start a business! Using the Funding Database and getting help from real funding experts is your best bet.
If you get stuck in any way, have questions, need help and more guidance – the help is available by the experts at Canada Startups.
A great option to starting your new small business.
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