Before you start .... How to start a successful business in Canada

In this post we discuss how to start a successful business in Canada and to avoid the pit falls which prevents a business from sustaining and be successful ? I have put together a road may and six important steps to consider before starting the process of establishing your business.

All of us, at some point, have come across a thought of starting a business. It appears to be rewarding, satisfying and independent than a job. When you work for a company or for someone else, it always appears that we are never properly rewarded how much effort you put into your job or there is no creativity and satisfaction on something or the other.

Is starting a business a right thing for you?

Starting a business is a wonderful idea. Being your own boss is even better.  However, starting and running a business is not for everyone. Do your due diligence before jumping into a new venture. It needs a lot more commitment and hardworking than a job. Your work is not limited to 9 to 5, but it is twenty four hours with no vacation or personal time off. You may not get enough time for your family and would even strain personal relationships. You suddenly become, and should be willing to think and act like, a business owner and an employee in one.

A small business sounds attractive, but it demands significant behind-the-scenes work. Business owners invest hours of time working out all minor details before their business idea even gets off the ground. You need to consider stakeholders, risks, cash flow, financing, technology, and more.

Once you have considered the pros and cons of starting your business and decided to go for it, then it is fun and exciting. It is time to think about the bright side of it and about the pit falls. More than 90% of the businesses start as small business. In Canada, there are more than a million small business owners successfully running their company proving that it is not only possible but also a great way to make a living.

6 Steps & tasks to start a business

Step 1. Evaluate your idea: Is your idea feasible and can be a successful business to make money?

Step 2. Market Research: Is your business is viable? Once you’ve decided on an idea for your business, you need to take the time do some market research. This step is important to determining whether or not your idea has a chance of developing into a successful business. Study the market, competitors and how to become successful in the market. Do you something different or better to offer to your potential customers which gives an edge in the market. Find out how saturated the market is with the product or service you’re offering -  is there a real need for what you have to offer?

Step 3. Write a business plan: This is one of the most important tool for a successful business. A business plan is the blueprint of your success.  Without a business plan many businesses have failed or took a long time to establish. It should be designed to include things, such as your overall goals and business strategy. A well written business plan is required to secure financing from banks and investors.

Some of the key elements to include in your business plan are:

Estimate of start-up costs and working capital in the initial stages.

Market analysis and marketing strategies.

Operation plan and Management.

Financial planning.

Step 4. Arranging finance for the startup: How will you finance your business? Banks and other lenders can a source for business loans. Family and friends can provide financial support. If your business idea is attractive to investors, it can be viable source as well.

Step 5. Decide a business structure: In Canada, a business can be registered as a Sole proprietorship, a partnership or a Corporation. Most small businesses start as a Sole proprietorship which is ideal for a single owner. If you plan to start with the support and involvement of your family or friends, then a Corporation is a good way to go.

Step 6. Register your business: Provincial or Federal Government of Canada offers registration services for all type of business structures. It is possible to do a business registration from the Government websites but many people choose to avail the services of thirty party service providers for a seamless process.

For more information on Government support and possible financials assistance programs, you may visit this link: https://www.canada.ca/en/services/business/start/support-financing.html