Daily Q&A: What is the first step of starting a small business in Canada?
Today’s question of the day is: What is the first step of starting a small business in Canada?
This is another one of those questions that we get asked all of the time, but what is the right answer? For this we turn to our small business startup experts here at CanadaStartups, who have started hundreds of small businesses and have been through the ups and downs, and are here to help you figure out how starting a small business in Canada can be easy for you too.
Starting a small business in Canada is hard. It’s time consuming. It’s confusing and it’s one of those things that if you give up too soon, you simply have failed. However those who push a little extra and are able to pass those “impossible” hurdles that stand in the way, often find success. So what is the first step of starting a small business here in Canada?
The answer to that is pretty simple actually. A business plan.
The fact is that out of every 10 stories that we hear of small business owners failing nearly all have one thing in common. No business plan to fall back on, or to initially follow.
Why is a business plan important?
A business plan is everything when you are starting out with your small business. It paints the picture of how your business will start, how you will operate, what you will need, who will do what, will answer the unknowns and the what if’s, and it will also tell you how much money you need or have in order to be successful.
Your business plan is your CEO, CTO and CFO when it comes to your small business. The reason why you write a business plan is to test your business on paper before you actually start to invest your money. Think about it, if your business plan shows that you will be losing money in the first year, second year, third year, fourth year and fifth year, does it make sense to continue? What if you did your business plan and conduct research and find that the best location for your business is in a spot where you would have never thought? This could save you a lot of head ache? What if your business plan can tell you that you need an extra $50k to start up, and you only had $25k, wouldn’t it be nice to know that in advance, versus at the last minute?
As you can see, the first step to starting a small business in Canada is to ensure that you have a business plan written. It doesn’t have to be a professionally written plan that you pay thousands of dollars for (unless you need it), it doesn’t have to be a 30 page document, however it does have to answer the critical components of a business plan.
Hopefully this answered your question about the first steps to starting a small business in Canada? Tune in tomorrow for another daily Q&A.
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