The Simple Guide To Starting a Small Business
Category: Business Advice, Business Planning
Starting a small business in Canada is a multi step process and we here at CanadaStartups.org are going to break it down into 10 easy steps for you to follow. Business startup can be very overwhelming, especially if you are on your own and lack the experience and the know-how on starting up a new business. But no matter if you are just starting out and doing your preliminary research, getting your business plan ready, looking for funding, the tools and resources available through CanadaStartups.org will help you launch your business in no time. If you think you have what it takes, get your access to the Small Business Startup Database and get started now.
As we said, we will break the business startup tasks into 10 easy manageable steps.
– Finding the Business Idea
– Selecting the Type of Business
– The Research
– Testing Your Idea
– The Business Plan
– Your Image
– Making it Legit
– Getting Funded
– Marketing and Launching
– Optimizing
Finding the Business Idea
One key factor that you have to remember here is that when you are looking for the perfect business idea, be sure to look at more than just “profit capabilities”. It is highly recommended hat you find a business idea that is a good fit for you and your personality, a good for the target market you want to aim your idea towards and of course your location. If all goes well, your business will be a success – so be sure that you are doing what you love.
Selecting the Type of Business
When somebody talks about the type of business it doesn’t necessarily mean the industry you are going to be in, but instead its the business structure. A traditional business may not be for everyone. Starting from scratch is very hard. If you are thinking of hitting the ground running, you may want to get into a possible franchise opportunity. If you are thinking of getting into business for the money, but at the same time want to be helpful, maybe a non-profit is for you. It really all depends on the idea that you are thinking and what is available to get into.
The Research
Research early on is often the reason why many small businesses succeed. But it can also be the reason why many businesses fail instantly upon launch (if they don’t do the research early on). Early research can give you the opportunity to test out the market. Simply talk to people (your potential customers), talk to other businesses in the area and figure out if what you are planning on doing will have an impact.
Testing Your Idea
Take the research you’ve picked up on in the step earlier and now go give it a try. Test your idea by again speaking to potential customers in the area of your target, provide free samples, provide demonstrations and offer the service. Get the data you’ve collected and test against it. Be sure you have a double positive before you invest all of your time and money into the business.
The Business Plan
While a business plan is not required, it is often a critical step in getting your business towards the path to success. A well constructed business plan shows you the way, and ensures you don’t wonder off the right business path. At the same time, if you are looking for potential partners and investors a business plan usually is a must. Government agencies which provide funding to small businesses in Canada do require a well developed business plan in order to move forward. The banks and private investors require the same thing. A business plan does not need to be 50 pages, but it does have to give the potential investors an insight into your business and their investment.
Your Image
Now that you have your business on the way by having the idea down on paper, a business plan in order and you know your target audience the next step is to brand yourself. What is your name, how will you be seen? What is your brand message? This is the stage of business startup that helps you determine how your potential customers will see and remember you.
Making it Legit
Before you open your doors, your next step is making sure you are doing everything by the books. Be sure to check all of the necessary boxes which you need in terms of business registration, business licensing, permits..etc Remember that each business is different and each industry, market and location of business is different.
Getting Funded
Most business failures occur due to a lack of funding. Some business owners over spend in the early stages, some don’t spend enough – but either way, funding your small business in Canada is the next critical step to ensuring you are successful. You can use the business plan you’ve developed earlier to seek funding from banks, private investors and the government of Canada. Be sure to consider all types of funding options and view all the funding sources that may help your small business.
Marketing and Launching
The fun part is the marketing. Now you are finally here, and hopefully you were able to obtain some funding to help you with that. Marketing is the most fun, but at the same time highly critical and expensive. You can over run your budget in no time and have to shut your doors before you even begin. Be sure that you use your business plan, the marketing plan and target the correct audience, the market and do it on a small affordable scale before going all out.
Optimizing
As a small business owner you will realize that the work never ends. Once you’ve gone through all of the steps, go back to the beginning pretty much and start fresh. Improve your business idea, seek more ways to attract attention, market better, get more funding and keep doing the same over and over again. At the time you stop you most likely will fail.
These are the top 10 steps to starting your own small business. You can use it to your advantage and follow them, or figure out the steps on your own. Consider getting access to the Small Business Startup Database and get the tools and resources you need to plan, fund and launch your small business. (see the features here)
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