Update: This guide on starting a small business has been updated to reflect accuracy for 2021.
Out with the old (2020) and in with the new (2021) often means that it’s time to get busy. Get those resolutions off on the right foot, meaning starting a small business in 2020.
Without hesitation, as an entrepreneur you know that you need to get down to business, so what’s holding you back?
In 2018, those who didn’t startup have a lot of regret. So don’t let another year pass by without taking the simple steps to starting a small business in Canada this year.
So what is needed to startup your small business in 2021 here in Canada?
In this article we will break it down to 3 major points, are you ready?
Starting a Small Business in 2021
When starting a small business in Canada, don’t think of yourself as special. You are just one individual starting a business among millions who have already done it. So truth be told, you are behind.
Answer this question – how long have you wanted to start a small business for?
A few years? Months? Weeks? Days?
The problem is that most people always put starting a small business off, until a later date and time.
It’s complicated, requires a lot of work, maybe some money, somebody else is doing it better, I can’t be the best..etc
These are some excuses.
Yes, every single day there are new businesses starting up and making a killing.
Creating your business plan
No matter who you are, starting a small business in 2021 can’t be done without creating a business plan first.
If you already have one, great.
But don’t assume you have the best business plan in the world just because you paid somebody to do it.
If you have a business plan already; get it proof read, get it reviewed by an expert and ensure it’s up to date for 2021.
However if you’re new to starting a small business, creating a business plan will be the first step.
A business plan is one of those critical tools that will determine how effective your startup will be, if you have all of your bases covered and if you have the finances that you need.
Professional business plans can cost a few thousand dollars so you probably want to write it on your own (unless you can just spend the money). Alternatively, we do have one of the best Business Plan Builder Tools out on the web and in the Canadian market space. It does come included along with our Small Business Startup Portal – so give it a try and learn more about creating your very own business plan.
Once your business plan is done, it’s time for the second step – finding and getting the proper funding for your startup business.
Getting your small business funded for 2021
Starting a small business in 2021 here in Canada can get pretty expensive. No matter what kinda business you have, funding is often needed.
So what are the options?
Family and friends?
Bank loans, lines of credit, credit card?
Each option works very well, but based on your needs you may want to try the government funding angle.
Your business plan is the document you need to help you determine how much funding you need, what you need the funds for and by when you need it by.
Be sure to compete your business plan before you do anything else!
Once you’ve got that figured out, professional help is the way to go to ensure it all gets done right.
Get professional help to start your small business
Think of it like this; when you car breaks down you probably think, maybe I can figure out whats wrong with it. You end up trying, and then waste some time, probably get hurt and eventually take your car to a mechanic to get it done right.
You might want to start a website, you try; fail miserably in designing it and then you hire a developer and web designer.
Maybe you get hungry, you see some of those really nice meals on Instagram or on those cooking channels and you want to do it yourself – we’ve all tried it.
You end up spending $200 on the ingredients to try to make it work and be honest – it tastes like crap; and looks even worse. Would it have been easier to go to a restaurant and eat a proper meal?
The same applies to starting a small business in 2021.
You can try and write your business plan on your own; but maybe it’s easier to get some help?
When searching for funding, you can spend weeks doing it and not find the proper funding programs, so what good is it?
You can think that starting a small business, you can and you should wear all the hats – you shouldn’t!
When you look at all of those rich, successful and super powerful business tycoons; what are they all good at?
Delegating and getting help so they don’t have to do it.
Get the help you need – that’s why CanadaStartups.org has the experts available 24/7 to help you!
The year might have just started, but what you do in the first few weeks of the New Year actually determine the future of your business – and your resolutions.
So do you have what it takes starting a small business in 2021?
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