Starting Your Own Business
It’s easier than ever now to start a new business in Canada. Aspiring entrepreneurs have government support and funding opportunities that business people could only dream of a decade ago. However, because of this ease, the marketplace has also gotten a lot more competitive than before. Regardless, there are plenty of ways and avenues that will make your dream of owning a business a reality soon.
Brainstorm for Ideas
Traditionally, businesses began with an idea and a source of funding. This is still how launching a new business works basically. You will need a great business idea first. For example, you might be thinking about launching your own tech start-up or a city branch for your parents’ local store. These are not bad idea. But they are a bit too generic.
In the competitive market, it’s not enough to just have an idea for business. You need to have a creative idea. That means your business idea should have consumer demand and market disruption ability. Also, you should have the necessary skills to make your business idea possible. If you are a history major with zero tech experience, then you probably won’t be able to successfully run a tech firm focusing on AI.
Back up Your Idea with Solid Evidence
Once you have a niche business idea, you need to back it up with hard evidence. You may think that selling soap shaped like superheroes is a great idea. But you have to prove that there’s a viable market for your idea somewhere. So, you need to do your research and gather market statistics relating to superhero merchandising, soaps, and superhero soaps. You need data for consumer demand, possible target audiences, and also the competition.
Write a Business Plan
Once you have researched your business idea, you need to write a business plan. It’s a comprehensive guide for potential investors showing that your business idea is viable, profitable and would potentially have a solid customer base. Your business plan should be detailed with necessary statistical data. Remember that the business plan is not a sales pitch. It’s should contain information, not exaggerated claims.
Run a Pilot Test
The best way to make sure your business idea is a good one is to run a pilot test. This would require funding. You can use your own money if possible. If you don’t have savings, you can use a credit card to pay for the expenses. Pilot tests do not last long. So, you can combine your current income with the resources you get from a credit card to finance pilot tests. The results will show any flaws in your business plan.
Apply for Funding
Once you have your business plan written down, it’s time to apply for funding. You can use your savings or borrow money from friends and family. The most typical way to finance a business idea is with a business loan provided by a bank. In Canada, you may qualify for business grants provided by the government. You should also show your business plan to potential investors. If none of the above works, crowd source your funding online.
You can apply for a Canadian business license at the same time you are looking for funding. Having the right legal documents will indicate to investors that you are serious about this venture.
As the funding pours in, you can go about creating a name, brand, and a logo for your company. Also launch a website. You don’t need to sell a product right away. The website can build anticipation for your product. You may also be able to sell beta products and receive customer feedback.
The above are the basic steps for starting your own business. Remember that not everything will always go according to plan. Remain resilient and your business dream will come true.
Sources:
https://www.smartborrowing.ca/pros-and-cons-of-debit-cards/
https://www.smartborrowing.ca/refresh-financial-improve-your-credit-score-with-secured-credit-card/
Creativity Techniques
Creativity is an innate quality that most people can recognize but often find it quite difficult to define. Generally, however, creativity is considered to be a novel way of thinking and the ability to produce innovative ideas. While it is most commonly perceived in fields involving art and literature, creative talent can surface in all fields including science, business, and even politics. In essence, an original piece of work, a solution, or a new perspective can be considered creativity.
One of the most common questions related to creativity is whether it is something that you are born with or whether it is something that is developed. Certain individuals seem to have the ability to be innovative all the time, while others require particular circumstances to jolt this part of their brain. While everyone might not be equally original, here are some ways that you can nurture this capability within yourself:
Creativity Techniques
When coming up with a novel way of doing things, it can often feel as though you are hindered by your own thought processes. If this is something that you find yourself battling with on a regular basis, there are several ways that you can overcome this. This is by trying out some of the creative techniques that other people have tried and tested.
Self-monitoring is one of the reasons that innovation can seem to come to a sudden halt. This is because people tend to dismiss unorthodox ideas before they even properly form. To take this mental barrier away, you should try free writing. This means putting pen to paper (or fingers to keyboard) and just writing whatever springs to mind. You do not have to focus on grammar, spelling, or any other sentence structure. Just write down the ideas as they flow into your mind.
Another thing that you can do is stop focusing on the results and instead take a look at your method. The process that you are using might be what is preventing your creative thoughts from taking hold. So try a new and different thought or execution procedure and you may notice a difference. Finally, force yourself to come up with a certain number of alternate suggestions within a particular period of time. By forcing yourself to think of other ways of handling a situation, you will come up with new ideas.
Creativity Exercises
The part of your brain that is responsible for creativity is much like any other muscle. You are going to have to exercise it if you want it to function well and to develop. This is why you cannot wait for an opportunity or a problem to present itself. You will need to constantly push your own boundaries in order to be more original.
One of the ways that you can do this is by looking at an object or tool and trying to find a different use for it. For instance, it can be as simple as trying to figure out what else you can do with a hammer. Think of a way to create with a hammer rather than destroy.
There is a reason that at one point or another, creative individuals have been considered a little crazy. This is because they tend to reject more normal circumstances and instead view the world in a more non-traditional perspective. If you want to be more innovative, you too need to begin accepting the weird and unusual.
Last but not least, you are going to need to be curious. Both intelligent and innovative individuals have one thing in common – they are incredibly inquisitive. They are constantly questioning how and why. Through this curiosity, they experiment, trying to find different ways of doing things.
Creativity in Canada
Canada as a nation is an incredibly creative country. Globally, it has been ranked the fourth most creative country in the world. This, by itself, is quite a feat, although not very surprising. For generations now, Canada has been producing famous musicians, artists, writers, entertainers, and numerous other innovative individuals. While the talent pouring forth from Canada does tend to be overshadowed by the successes of America, it is difficult to deny that Canada is certainly a creative country.
In particular, it has been discovered that urban areas are most innovative. This has largely been associated with the level of tolerance that Canadians have towards others. The acceptance and amalgamation of cultures has led to an outpouring of talent and originality. As the polls show, creativity has been rising over the past few years and will continue to do so.
Canada is an innovative and artistic nation that shows no signs of slowing down. With the aid of the techniques and exercises provided in this article, hopefully another generation of creative individuals will emerge.