700+ Reviews [Verified]
Canada Small Business Startups and Funding Canada Small Business Startups and Funding
  • Home
  • Assessment Tool
    • Funding Calculator Tool
  • Startup Portal
    • Startup Portal
    • Startup Guide and Timeline
    • Business Plan Builder
    • Funding Database
    • Investor PitchDeck
    • The Extra Services
    • Get Access Now!
  • Resources
    • Business Advice
    • Business Planning
    • Funding & Financing
    • Tools & Resources
    • Q&A’s
    • Walkthough
    • Centres
      • Alberta
      • British Columbia
      • Manitoba
      • New Brunswick
      • Newfoundland
      • Northwest Territories
      • Nova Scotia
      • Nunavut
      • Ontario
      • PEI
      • Quebec
      • Saskatchewan
      • Yukon
  • Membership
  • Get Access 🔑
  • Home
  • Assessment Tool
    • Funding Calculator Tool
  • Startup Portal
    • Startup Portal
    • Startup Guide and Timeline
    • Business Plan Builder
    • Funding Database
    • Investor PitchDeck
    • The Extra Services
    • Get Access Now!
  • Resources
    • Business Advice
    • Business Planning
    • Funding & Financing
    • Tools & Resources
    • Q&A’s
    • Walkthough
    • Centres
      • Alberta
      • British Columbia
      • Manitoba
      • New Brunswick
      • Newfoundland
      • Northwest Territories
      • Nova Scotia
      • Nunavut
      • Ontario
      • PEI
      • Quebec
      • Saskatchewan
      • Yukon
  • Membership
  • Get Access 🔑
Register Login

Join the Startup Portal

  • Home
  • Business Planning
  • Is Your Small Business Idea Viable?

Is Your Small Business Idea Viable?




404

SHARES

Written by David Loretta

Category: Business Planning

Tags: Is Your Small Business Idea Viable?, is your small business viable, small business startup

Recommended Next: Easy Businesses to Start in Canada: A Guide for Aspiring Entrepreneurs

Is your small business idea viable?

Starting a small business in Canada is a dream come true for many Canadians. But is your small business idea viable?

Who doesn’t want the opportunity to be their own boss, to set their own schedule to make as much money as you’d like and most importantly to do what you love?

But starting a business isn’t always easy as just deciding to get into business.

    Request More Information

    Need funding for your small business?

    Learn how you can get funding for your small business in Canada. It takes 30 seconds.

    Request More Information

    In fact, one of the hardest parts of starting a business is figuring our what the business really is.

    While everyone wants to start a business that makes a million dollars right of the bat, it’s not likely that this will happen. It could, but it’s not likely based on the statistics.

    So instead you as an entrepreneur have to figure out what it is that you want to do.

    How it will work, how you will do it, how you will make money and do you have what it takes?

    Most people, when deciding on a business often turn to what they have experience in. This could mean doing something similar to what you do in your career, or something that you have as a hobby. Some will switch it up entirely and do something completely opposite of what they are accustomed to.

    Whatever the business is that you want to do, the idea has to be explained.

    The best way to explain your business idea is to create a business plan.

    Creating a business plan, being one of the first steps to get you going in the right direction of starting up your own business, it will prepare you for what is to come and of course prepare you and determine how viable your business idea really is.

    One of the main reasons why a business plan is started so early on is to use it as a business viability tool.

    Does your business work on paper? What are the outcomes?

    A perfect way to determine the good, the bad and your short falls in order to turn your business into a successful business.

    So is your business idea a viable business idea?

    Here are the factors we will be looking at in helping you determine that:

    • Is your business unique?
    • Do you have the proper funding?
    • Do you know your customer?
    • How well do you know the market?
    • Does the economy have an effect on your business?
    • Is the timing right?
    • What’s your marketing like?
    • Do you need help?

    Once you have the above sections covered and only then will you be able to accurately determine if your business has to potential to be a viable business.

    While there are factors that can always interfere with your business and goals, preparing the above and having an understanding of your business idea in detail will only help you prepare a more secure position as a business owner.

    Quick Search Guide hide
    1 Is your small business idea unique?
    2 Do you have the proper funding?
    3 Who is your customer?
    4 Do you know your market?
    5 Does the economy impact your small business?
    6 Is the timing right for your business?
    7 Are you a marketing expert?
    8 Do you need help?

    Is your small business idea unique?

    Unique Business Idea

    Nowadays, every regular Joe has a business idea.

    But is it really an idea?

    Creating a social network where people get together to talk about something isn’t really a unique idea is it? Neither is selling books online?

    When deciding on a business, while it does not have to be 100% as in re-inventing the wheel don’t assume that just because somebody else did it that it will work or be the same for you.

    Some of the top CEO around the world when asked if they could do it again, said “no chance”.

    Sometimes starting a business and having it take off is all about timing, having good luck and being the first. But sometimes it’s not!

    When you are deciding on your very own business be sure that you have a unique twist on what it is you want to do.  Think about answering the question such as:

    What makes you stand out from the rest?

    It doesn’t have to mean that you have to be entirely unique and re-invent the wheel as mentioned but it is highly recommended to try and set yourself apart from the competition.

    Be sure to break down your business idea into simple, very clear and easy to understand portions:

    • Who are you?
    • What do you want to do?
    • Why do you want to do it?
    • Who will benefit?
    • How will they benefit?
    • How will you make money?
    • What does the future hold?
    • What are the risks involved?
    • Why you over somebody else?
    • What makes you special?

    Answering questions such as the ones above will help you understand your business and your vision and guide you into making a better, stronger business.

    Do you have the proper funding?

    Do you have the funds

    What is one thing that every small business needs in order to startup?

    MONEY!!!

    If you have it, do you know how to use it?

    If you don’t have it, how will you get it?

    Planning with a properly developed business plan is what will prepare you for your startup and the financial situation.

    Starting a small business, especially in Canada costs money.

    While some businesses could be started for under a few hundred dollars and a bit of luck; an average business depending on it’s situation (brick and mortar, online, both..) could cost upwards of $50,000 to get started.

    Most people thing getting into business is just quick. While it can be, it is only for those who don’t plan properly.

    Since money is something that is required to startup, you have to consider all of the costs of starting and running a business. These costs can be very easily seen and thought of, but keep in mind that there are always hidden costs that most people just don’t think about when planning a small business.

    What are the typical costs you ask?

    • Cost to register the business and get licenses
    • Registering and creating a website
    • Paying yourself and employees
    • Paying rent and associated bills
    • Purchasing tools, supplies, inventory and equipment
    • Marketing and advertising costs
    • …etc

    Remember that the paper you write on, the pen that you use, the gas you use to get and from a business meeting is a cost associated with your business and something you should probably plan on.

    As a rule of business, when discussing business startup and operational costs, it is always recommended to have 10% of your startup costs saved on the side or readily available for any unexpected emergencies.

    The last thing you want is to spend all of your money and you have a problem that hurts you and you can’t afford to cover it, which can cause the closure of the business just like that.

    So do you have the funds?

    If yes, do you know how to use the properly?

    If you need additional funding, certain sources exist that can help you obtain the funds needed but you have to be proactive and make the necessary moves to get the funding needed before you actually need it.

    Who is your customer?

    Who is your customer

    Who is your customer?

    As part of figuring out if your business is viable or not, knowing who your customer is will play a major role. The fact is that not everyone is your customer; not everyone will have the interest in what you have to offer. So you as the business owner have to know where to focus your energy and your hard earned money and how you intend on obtaining that perfect customer.

    Are your customers going to be professionals, or stay at home moms, students, kids, retirees?

    Defining who your customers are will help you understand your business greatly and will actually help you make better decisions starting up and down the road.

    For example if you own a pizza shop and your prefer customer is a student between the ages of 16 and 25; you probably want to be in an area close to schools versus being close to retirement homes?

    Determining your customer will help you with the demographics aspect of your business.

    Millions of dollars every single day are wasted by business owners targeting randomly and placing ads anywhere and everywhere. Think about it. How many times have you been on YouTube watching a video when an ad pops up and interrupts your video with something that is not one bit relevant to what you want to do? Money wasted.

    You as a startup may not have the luxury of spending money on “branding” or trying to figure out who your customers are – you will need to know the target customer before you start spending the money.

    Knowing your customer will also help you determine the rest of your business and the approach you take in making it a successful one.

    Do you know your market?

    do you know your market

    Just as knowing your intended customer and it being a critical part of your business, knowing your market, the industry and your competition is the next most important thing.

    Why?

    Well the market and the competition is often what determines the success of your business.

    Unless you are luck enough to find a market that is entirely missing what it is you want to do, your business will have competition. Competition does not have to be considered direct competition but can be indirect as in taking up the space within the same market.

    Be sure to know the market, study it and understand it. Your competition is very important to your own success, so be sure to know who they are in detail.

    Your competitors can be a great resource to you as you start your business; you can see how much they charge, what marketing strategy they use, you can see their location, what their customers are like and best of all you can even try out their products or services.

    When looking at the market as a factor within your own small business be sure to ask yourself; how can I do better than the competition?

    Does the economy impact your small business?

    Canadian economy

    While most people starting a business don’t really think about the economy and how it may impact your business.  But the truth is the economy has a huge impact on how you startup, how you operate your business as well as your customer and the market.

    For example: Think about starting a home renovation business in the middle of a housing crisis or in the Canadians housing market with the mortgage interest rates going up?

    Increase in minimum wages for employees has a big impact on small business ownership recently, but so do certain political aspects of the economy, the relationship of Canada with other countries, interest rates as well as employment rates.

    Knowing and understanding the impact the Canadian economy has on your business is critical.

    This point about knowing the economy also goes hand in hand with the next point which is about starting a business and the timing aspect of it.

    Is the timing right for your business?

    is it the right time to start a business

    The timing of getting into business is crucial, especially for a startup.

    Opening an ice cream shop mid-winter in January is just a bad idea but opening the business a month prior to summer time can make it the place to be for the entire summer.

    Is your business seasonal? If so, be sure to time your opening right before the strongest consumer demand. Simply launching your startup then, you are papering to open the gates with a flood of new customers and potential customer who will come back for more.

    If your small business idea is not seasonal and you expect to be operational year round, considering the factors placed by the economy as mentioned above, the market and the intended customer could help you plan better.

    Are you a marketing expert?

    are you a marketing expert

    Everybody seems to be online today. Do you have a website? Will you have a website? Do you have social media presence, you know: Twitter, Facebook, YouTube…etc?

    If you don’t, well what are you waiting for?

    Customers nowadays seem to be doing everything online; brick and mortar stores are getting less and less traffic. In fact, many store, even grocery stores are letting it’s customers order groceries straight from home and have them be “picked up” or “delivered”.

    People became lazy, to a point. But it’s all for convenience.

    But if you have some knowledge of how the web works, you may be at an advantage.

    Your customers may be seeking you online, be sure to give them what they want. Be it that their can see your location, your hours, services or customer reviews – being present online is critical to the success of small businesses these days.

    If your competition is there but they don’t have a website, get out there – create a website, get marketing going, promote like a pro. This is the way to grow your business.

    Do you need help?

    There is no shame to getting help with your small business.

    If it means success versus failure of a business, wouldn’t you be happy to get expert help?

    While hiring a business consultant can sometimes cost thousands of dollars, you probably don’t want do that, especially when your money can be better used towards making your business a success another way. But at the end of the day, if it’s what’s needed to get you to the next level, maybe it’s the only option?

    Alternatively, we here at CanadaStartups.org provide our members with the extra. That extra is step by step guidance starting up, building a business plan, getting funding and more.

    So take action now; give us a call at 1-800-288-9691 to speak to a small business expert, a funding counselor and somebody who can guide you and tell you about the viability of your small business.

    You may also like

    • Start a Snow Removal Business in Canada
      Starting a Snow Removal Business in Canada
      25 November, 2024
    • Small Business Insurance Types
      10 types of small business insurance in Canada
      19 November, 2024
    • Exploring COJG: A Path to Enhanced Workforce Skills
      23 May, 2024

    SEARCHES RELATED TO IS YOUR SMALL BUSINESS IDEA VIABLE?

    Is Your Small Business Idea Viable?
    is your small business viable
    small business startup

    Ask Experts

    I WANT START A BUSINESS IN...

    • Alberta
    • New Brunswick
    • Quebec
    • Newfoundland and Labrador
    • Manitoba
    • British Columbia
    • Northwest Territories
    • PEI
    • Saskatchewan
    • Yukon
    • Nova Scotia
    • Nunavut
    • Ontario

    I WANT TO

    • Expansion Capital
    • Funding For Equipment
    • Business Acquisition Funding
    • Consulting Services
    • Hiring & Training Staff

    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

    Try the Startup Assessment now and find out what your business needs to succeed.


      Request Information Need funding for your business?
      Learn how you can get funding for your small business in Canada. It takes 30 seconds.

        Recommended

        Fishing For Funds: A Startup Funding Checklist
        07Jun2017

        What do we want? FUNDING! When do we want...

        Most Popular

        The Must Have Small Business Startup Tool Kit
        12Feb2017
        Business Model Canvas
        The 20-Minute Business Plan – Free Business Plan Canvas
        06Sep2018
        100 Small Business Startup Tools
        11Feb2016
        How to Start Your Own Small Business In Ontario
        Want to start a business but don’t know where to start?
        29Sep2020
        250 + small business tools
        250+ Small Business Startup Tools and Resources
        11Feb2017

        Need more help?

        Get help from a Canada Startups expert with your small business.

          Testimonials

          Hiring grant for cleaning company
          $27,900 Government Grant To Hire Staff
          Hamilton, Ontario
          "Take advantage of the government grants for hiring and hire the staff to help. You pay into takes each year so take advantage and benefit from the funding available" - Read my story
          government funding for painting company
          $19,500 Government Funding for a Painting Company in Ontario
          Oakville, ON
          "Get your business plan done as the first step. Be sure that your plan clearly outlines your funding needs and your plan for success. Then apply for funding." - Read my story
          startup gets funding
          $17,300 Government Loan To Help Business Startup
          Ottawa, ON
          "Funding is available but you have to know where to look, you have to have a business plan and if you have a proven model this is your best tool to use to get you the funding." - Read my story
          construction company gets funding
          $92,300 in Government Funding for Construction Company
          Hamilton, ON
          "Well all I can say is if you need funding, look for it. Be active and proactive about it. Don't just sit on the idea that you need it but go and do it." - Read my story
          Daycare gets funding
          $24,500 Government Funding For Daycare Facility
          Edmonton, AB
          "Having knowledge in your industry is what will keep you motivated, and having expert guidance along the way doesn't hurt one bit. We benefited from government funding greatly and it's all thanks to CanadaStartups.org." - Read my story
          junk removal company
          $76,750 Government Funding For Junk Removal Company
          Saskatoon, SK
          "Your business plan is very important to the success of your business. Everyone looks at this! Be sure to have your idea on paper and to show how you will make money." - Read my story
          2018 government funding barter system business
          2018 Government Funding Success Story Interview
          Vancouver, BC
          "A business plan is the key to a successful business as well as the way to get government funding." - Read my story
          Tech Company From Toronto Ontario Gets Government Grant
          Interview with a $75,485 Government Grant Recipient
          Toronto, ON
          "Perfect your business plan as it's in my option the number one thing small businesses need in order to attract and impress a funding agency." - Read my story
          cleaning company monitoring technology
          $17,500 Small Business Loan for Toronto Startup
          Toronto, ON
          "If you have a business idea, get a business plan made, don't waste time and start your funding search sooner rather then later." - Read my story
          Cleaning Business Hamilton, Ontario Success Story
          $32,750 Government Grant Helped Me Start My Business
          Hamilton, Ontario
          "Giving up is easy. Anybody can do it. If you need funding for your business do what it takes to get it. Banks can say no, but the government can be an option. It was for us" - Read my story
          Earth Friendly Soap Business Story
          Oakville, ON Small Business Starts Up With $76,300 Government Grant
          Oakville, ON
          "Just focus on what you are good at, don't waste your time researching, get help from experts who have already done the work, such as CanadaStartups" - Read my story
          government grant
          Interview with a $138,000 Government Grant Recipient from Milton, Ontario
          Milton, ON
          "Have a support team with you and always start with a business plan as it will be the guide for your business. A business plan will take you on the path of success" - Read my story
          Toronto Retailer Gets Government Loan
          $472,930 Low Interest Government Loan For Toronto Retailer
          Toronto, ON
          "Banks said no to due to my poor credit and business inexperience, but the government funding program had a different reaction to my well developed business plan" - Read my story
          doggy day care
          $21,315 Government Provided Loan For Doggy Day Care Business
          Oakville, ON
          "No matter your situation, if your plan is to start a small business - don't give up. Use tools and resources that are available all around you and don't be scare of a small investment" - Read my story
          Home Renovation Company Gets Funded
          $83,588 In Government Funding and Training Support For Home Reno Company
          Toronto, ON
          "Remember, funding programs have deadlines so be sure to apply on time and follow the requirements as outlined by each funding program. They act as a guide to applying successfully." - Read my story
          Toronto eCommerce Business Gets $78,932 in Government Funding Support
          Toronto eCommerce Business Gets $78,932 in Government Funding Support
          Toronto, ON
          "Don't give up. If you have an idea, go and do it. Create your business plan, go present you idea to investors/government agencies and get what you want." - Read my story
          Vancouver Software Developer Gets $12,390 in Private and Government Funding Support
          Vancouver Software Developer Gets $12,390 in Private and Government Funding Support
          Vancouver, BC
          "The first step when you are looking for funding is to make sure you have a business plan. Because if you don't, every single funding program will refuse you" - Read my story

          Latest

          Start a Snow Removal Business in Canada
          Starting a Snow Removal Business in Canada
          25Nov2024
          Small Business Insurance Types
          10 types of small business insurance in Canada
          19Nov2024
          Exploring COJG: A Path to Enhanced Workforce Skills
          23May2024

          Search Articles

          Categories

          • Accommodation and Food Services
          • Agriculture, Forestry, Fishing and Hunting
          • Alberta
          • Arts & Entertainment
          • Ask an Expert
          • Blog
          • British Columbia
          • Business Advice
          • Business Planning
          • Business Planning
          • Business Type
          • Career/Business Assistance Services
          • Centre
          • Construction/Professional Trades
          • Coronavirus
          • David's Corner
          • Education
          • Food & Beverage
          • Free Downloads
          • Funding
          • Funding & Financing
          • Government Funding
          • Guide
          • Health Care, Well Being and Social Assistance
          • Help
          • industries
          • Industry
          • Infographics
          • Locations
          • Manitoba
          • Manufacturing, Mining and Energy
          • New Brunswick
          • Newfoundland and Labrador
          • News
          • Northwest Territories
          • Nova Scotia
          • Nunavut
          • Online/Internet/e-commerce
          • Ontario
          • Prince Edward Island
          • Professional, Scientific and Technical Services
          • Q&A's
          • Quebec
          • Recommended Reads
          • Recreational/Adventure Tourism
          • Retail Trade/Services
          • Saskatchewan
          • Starting a Business
          • Success Stories
          • Tools & Resources
          • Uncategorized
          • Videos
          • Walkthough
          • Yukon

          Our Proud Partnerships

          Ownr logo"
          Ontario Business Central"
          Logo3

          1-800-288-9691(All calls are toll free)

          Contact Us

          CanadaStartups.org

          • About Canada Startups
          • Why Choose Us?
          • Customer Reviews
          • Success Stories
          • Helpful FAQ’s
          • Register Now
          • Shop 🛒

          Business Resources

          • Startup Assessment Tool
          • Entrepreneur Test
          • Business Resources
          • Startup Portal
          • Funding Calculator Tool
          • Small Business Video Series

          Startup Database

          • Database Walkthrough
          • Startup Guide and Timeline
          • Business Plan Builder
          • Investor PitchDeck
          • Funding Database

          Contact Us

          • Contact Us
          • FAQs
          • Members Login
          • Our Centres
          • Ontario Startups
          • Satisfaction Guarantee

          © 2024 - CanadaStartups.org - Helping small business owners and entrepreneurs startup. Terms and Conditions

          EARLY ACCESS for Grants and Funding Access for JUNE

          Access all government grant options for JUNE.  Including access to the $10,000 grant for everyone! (Takes 30 seconds).

           

          Request government funding info now – or give us a call at 1-800-288-9691