How To Seriously Start Up Your Small Business
Category: Business Planning
Every single business has started with an idea. That is probably what you have right now: an idea that you think would be a great business and that would be successful. However, an idea is useless without implementation and if you don’t act on the idea, it will never benefit you. In order to start your business, you must be serious about it and commit to starting it. Today we will be diving into how you can seriously start your small business, so you can know the next steps you need to take.
The planning stage is the most crucial for any business. The first thing you need to do is take a large chunk of time, and sit and plan out exactly what your business is going to be and what you are going to be selling. Answer the who, what, why, and how about your business! The moment your idea is down on paper is the moment you are one step closer to creating what you are setting out to do.
It is going to help you a lot if you begin brainstorming a name for your company. Think of a strong name that you think works with what you are offering and get it registered right away with the Government. Think about whether you want it registered to one province or territory in particular or federally. Remember, your business name cannot already be taken, so you will have to pay for a search done nationwide. If you are playing around with names, do a quick Google search and just see if there are other companies with that name.
Once you have your name, it is now time to add to your business plan and budget out the year. You need to know exactly what you will be spending money on and how much capital the business needs to even get up off the ground. This will help you apply for funding, which is the next step in starting your small business. In order to apply for funding or financing (through a bank, the Government, or a private investing agency) you need a strong business plan. This goes back to the point earlier. So make sure you finesse your plan and that it has everything you need before applying for funding.
Once you have your plan in place, a solid registered name, and the amount of capital you need, your business has begun! We offer plenty of tools to help out small businesses in Canada so you don’t miss a step. Be sure to look at all the tools we offer such as our Funding Database tool and our professional Business Plan Builder. These will help you in all of the steps to seriously start up your small business.
The key to starting up your small business is to make sure you keep going even when times get tough. All the strongest entrepreneurs stay positive during difficult times because they believe in what they have to offer to the country.
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