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.