Video: Types of small businesses to start in Canada
Category: Business Planning, Videos
Tags: business ideas, small business ideas, small businesses in canada
As you get into small business ownership and start thinking of the decision as to what business to start with, be sure to first start with the video above, discussing the different types of small businesses to start in Canada.
The video above, titled “Types of small businesses to start in Canada”, will take you through various options to help you make the best decision.
This video is part of the small business video series, which you can access here to learn more about starting up, building a business plan, finding funding, and more.
Types of Small Businesses to Start in Canada
The good thing is that Canada is home to thousands of entrepreneurs, with a lot of potential and government support to grow the small business ecosystem.
After helping over 10,000 small businesses over the years, Canada Startups has some of the best business ideas that are available to help you get involved and launch a business of your own.
Before you decide on the type of business you want to get into, it is so important to answer some of the questions displayed here.
What do you like to do?
Generally, the best ideas are often the ones as a result of your experience in the field, educational background, or understanding of the market.
Do you have enough time?
Business ownership is demanding; often as a owner, you will work longer hours, have tougher decisions, and have no punch-out clock.
Do you have enough money?
Starting a business requires some funds. While not always crucial, the more you have, the easier your path to success will be.
These questions will help determine if you are ready for a part-time business, a full-time business, a side hustle, or some monster-sized business that will endlessly grow.
Your interests, the amount of time you have, and access to funding will help determine how far you can go.
In the video above, we will be going over the different types of businesses that you can get into in accordance with your needs.
Will it be a startup business that you are starting from scratch, or maybe a part time one, a side hustle, or a fill fledge business you have to carefully plan out?
Or, will it be something you buy into – like an existing business, or a franchise?
But not only that, we will also give you a bit of insight into the top business ideas that worked well this past year.
Starting a small business from scratch
When starting a business from scratch, everything is new.
While you may have some insight into the industry, perhaps based on your education or work experience, the majority of this will be new.
Research is often a crucial component that will determine if what you want to get into will be fruitful.
As this is your first business, you want to carefully give it some thought as to what you want to do.
Most startups get into a business that they have some sort of understanding of. This usually means that you may have knowledge of the industry which you plan on getting into. Perhaps due to your work experience, or your educational background, or maybe you just have interest in a specific thing that you can turn into a business.
Passion is helpful as it can be a motivational factor that keeps you going.
But remember, whatever you opt to do as your business idea, the first step should always be to create a business plan.
A business plan, while it may be difficult to sit down and put together, it will be quite rewarding at the end. It can also mean the difference between the success and failure of your business, especially if you don’t consider many points that make up your business – or the unexpected situations that may arise from starting fresh.
Once you have your business plan in place, it is like having a little roadmap or blueprint to your success. While no business plan is perfect and it’s never like the real thing – it will at least prepare you to understand what you should do to launch and operate successfully – or at the very least, help you plan for your financial requirements to cover the needed startup costs, operating expenses and if you need to apply for some funding support.
Buying an existing small business
If starting a business from scratch seems like a lot of work – it is. It is also a risk!
But, buying an existing business, or getting into a franchise, especially if you have some money to throw down, you may be in a better position to see quicker success.
Risk is always there with an existing business or a fresh new one, but the benefit of buying into an existing business or franchise is that in most cases, the seller has already been through the startup challenges, and proven to be successful.
So really, what you are buying is a proven system.
Starting fresh may seem harder, but if you go through the steps, overcome the challenges, you may be better off – especially if you can save on the acquisition cost.
But, an existing business or franchise is a turnkey model in most cases. As you spend the money and take over the business, you instantly become a business owner with hopefully money rolling in.
If you do decide to buy a business, due diligence is always crucial. It is important to work with the seller to determine the ins and outs, to figure out any concerns and iron it all out before you become the new owner.
Be very familiar with the model and the day to day, to ensure you don’t quickly go downhill as the new owner.
Business Ideas to Kick Start
Over the last few years, the members at Canada Startups have shared thousands of business ideas with us.
Some ideas are fantastic – some, not so much.
The same can be said about the success of these businesses. Some generate millions, while some, only end up costing the owner money.
Business is never a sure thing – but if you have the time and dedication, you may be in a better position.
Some of the top business ideas that we have seen over the years that have seen quite a bit of success revolve around the following:
– Starting a web-based business; like selling products online; freelance writing, designing or offering your services that you are skilled at on the web.
Another idea would be;
-a Thrift store and garage sale reseller; you’d be surprised how many people are bringing in hundreds of thousands of dollars off of other peoples junk!
Many of our members have become tutors.
The education game is changing and many parents are looking to educate their little ones further outside of school hours. Becoming a tutor in pretty much anything pays off. Especially if you have a skillset
Other ideas include:
– Starting a photography business
– opening your own cleaning business
– starting a home daycare
– offering lawn care, or snow removal services
You can also see some of the examples in the video above, along with averages that these businesses can earn!
These are simple ideas that turn out quite successful; many with low startup costs.
Now, you may have something else in mind, and whatever that may be, try it.- but be sure to develop your plan to carefully navigate through the waters of becoming an entrepreneur.
As we are getting to the end here, we hope you’ve figured out the type of business you want to get into.
If not, not to worry – it’s not something you need to decide after a 5 minute video – but do think about it.
Once you get an idea in mind, remember that the business plan should be the first step.
A business plan will always help you determine what you lack, so that you can improve and be able to make a better decision.
Your business plan also is a crucial part in helping you get funded, be it with a bank loan, a line of credit, or some sort of government funding.
If you are ready to get into your business, the experts at Canada Startups are always here to help.
If you have found the above video helpful, review the other small business startup videos in the series as we will be discussing various things related to small business ownership. From determining if you are ready to be a business owner to a few ideas that you can consider, uncovering some of the costs to start up or to run the business, and seeing all that you will need to be successful; be sure to check each video start to finish and share your comments with the experts at Canada Startups if you have any further questions.
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