Running your business can be an exciting and rewarding career choice. It offers you the chance to be your own boss while creating something of lasting value for yourself, your family, and your community. Here’s a guide on how to begin a business in Canada.
However, beginning a business isn’t easy. This is why this guide is here to help. It will lead you through how to get your company up and running. As your business/ company takes shape, your confidence will increase, and you will develop the skills to take it further. So, without further ado, let us begin!
The Business Idea
Before you begin spending money to set up your company, it is vital to ensure your business idea has the potential to be successful. Therefore, taking some time to research your idea will pay huge dividends. Ask yourself:
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How will the company stand out from the crowd?
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Who are your target consumers?
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How much money will you need and where will you get it?
Begin With The Market Research
To find a profitable niche, you must do some initial market research to know your target consumers and understand their desires and needs. You must also get familiar with the competition and pinpoint market gaps your company can fill.
Remember that your goal is to find the product-market fit – the spot wherein you are attracting consumers and transitioning them into loyal advocates for your company.
Think About Financing and Look For Mentors
This is also the time to begin thinking about where you are going to get the money to begin and run your business in Canada. Here, there are more possibilities than ever before, but you have to ensure that the one you pick fits your ambitions.
To help with such tasks and others on the road to launching your company, finding a mentor with deep business experience is a good idea.
Choose A Business Name
Selecting a business name is not a task to be taken lightly. In fact, it might prove to be more difficult than you expect. Your name must be accurate, unique, catchy, and available. Remember that your name will create the first impression of your company on clients, so choose it with care.
Ask yourself:
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Does the name reflect my business and what I sell?
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Is it unique and distinctive?
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Can it be easily remembered?
By law, your business name in Canada cannot be the same as the existing corporate name or trademark. Therefore, it is vital to do thorough research on existing business names before selecting one.
Put Together A Business Plan
With the steps you have already taken, you are well on your way to setting up a business. Now, it’s time to write a business plan. Well, a business plan is a document where you describe your vision for the business and highlight how you will accomplish it in detail. Here’s what to include in the plan:
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Executive Summary
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Business Overview
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Sales and Marketing Plan
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Operations Plan
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Human Resources Plan
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Action Plan
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Financial Plan
Bringing this data together in one document will help you offer a roadmap for building your businesses and provide investors and lenders with the information they need to decide whether to finance your company.
Prepare An Elevator Pitch
Apart from the business plan, you must also prepare an elevator pitch. This is a short and compelling description of your business that can be delivered in 60 – 90 seconds.
The idea is that not everyone has the time or interest to read your business plan. This is why you need to be able to pitch potential investors, lenders, partners, and consumers on your business in the time it takes for an elevator to go up a building.
Choose A Commercial Space
When it’s time to set up a business in Canada in a commercial space, you will need to make some crucial decisions. Location will definitely be a key consideration for some types of companies, like retailers. For others, like tech start-ups, it will be less important.
In addition, other significant factors in your choice of premises include access to the property for employees and suppliers and whether you will need to make improvements to the property to run your business.
If you rent space, you will probably have to sign a commercial lease. It is important to consult your lawyer in order to understand all the clauses in the lease before signing it. Whether renting/ buying your premises, you need insurance to protect your assets.
Hire Employees
As your company grows, you will need to hire employees. This could be one of the most challenging tasks as an entrepreneur, specifically at a time of labor shortages in many parts of the country.
It’s Time To Grow Your Business!
Getting your business in Canada up and running is only the beginning of your business journey. Your initial year will be one of the most challenging. It is when many businesses fail.
You will have to keep your eye on your day-to-day operations and planning of your company’s future growth. Also, the difference between the two is described as working in the business v/s working on business.
Thus, by using the above key pointers, you can set up a successful business in Canada. So, begin your entrepreneurial journey today!