Are you interested in starting your own business? There are many benefits of being your own boss which include setting your own responsibilities, enjoying more time with family and getting the maximum returns from the company. However there are some steps that need to be taken before you can call yourself a business owner. Listed below are some of the stages you have to go through before you can launch a business in Canada.
Ask Yourself If You Are Sure About Starting a Business
Coming up with an idea for a business is the easy part but actually following through may not be such a smooth journey. You will have a long way to go before your business can become profitable and there is risk factor involved too. More than 80% businesses fail during the first 5 years so make sure you jump into this knowing all the risks and with eyes wide open.
Evaluate Your Options
Take a look at all the options you have available when you are making capital investments such as the office space, technical equipment and hiring personnel. You should start by trying to minimize running costs and maximizing profits. Remember Paris was not built in a day.
Write Down a Business Plan
This is the most important step when you are starting a business. Everyone needs a business plan which includes the goals, objectives, mission and vision of the company. You should outline at least a 5-year plan by highlighting all the annual targets, intended audience and the scope of the organization.
Register the Business with Your Province
You should register the business and complete all the necessary paperwork and documentation before you start running the business. This includes getting the licenses and permits required to begin trading which not only helps build a customer-retailer trust but also helps avoids any problems in the future.
Marketing and Advertising
You need to get the word about your business out there before you launch the business so people have an idea of what it is about and will turn to you when they require your product or business. You should start by advertising in your own local community because it is cheaper and that is where most of your target market lies. The marketing can be done online as well which has a wider reach than regular paper-based advertising.