Are you a go-getter with an entrepreneurial spirit? Do you dream of owning your own business? Making this dream a reality could be easier than you think.
If you’re thinking of starting a business in Canada, the process is actually pretty straightforward. Canada is a country that has plenty of provisions in place for hopeful small business owners. This is evidenced by the fact that each year, over 20,000 new businesses come into existence.
This guide will let you in on all of the business essentials you need to know to start a successful enterprise. Read on to learn the ins and out of how to start a business in Canada.
1. Create a Business Plan
No matter where in the world you are, every great business will start with a solid business plan. You’ll need this both for your own reference and to be able to show to potential partners, money lenders, and any other stakeholders. So, what should your business plan entail?
Your business plan should be a comprehensive look at your business, including what it does, its aims, and objectives. You’ll want to include details about your plans for sales and marketing, hiring, logistics, and finances. It should be as in-depth and exhaustive as possible.
2. Register Your Business With the Government
Once you’ve got a clear plan for your business, your next step will be to officially register it with the Canadian government. To do this you’ll need to know certain details. This includes your business address, name, and areas of operation.
You’ll also need to note what type of business you want to open: corporation, sole proprietorship or partnership, or cooperative. The process for registering your business is pretty straightforward. If you’re in need of any help or extra support, there are plenty of resources available to you!
3. Getting the Necessary Permits
In order to operate your business, there are certain licenses and permits you’ll need. These will vary depending on what territory you’re opening your business in, and what type of business you’re opening.
Because these permits and licenses are so individualized, you’ll need to research to find out which ones you need. You can use this website to determine what’s required in your specific situation.
4. Finding Financing
Finding financing for your business will be a huge step on your entrepreneurial journey. Again, the government has many supports and initiatives in place, so you should research to see if any of these may be applicable to you and your business. Your business plan will come into play here as you look for investors and business loans from various lending institutions.
5. Marketing Your Business
Once you’ve dealt with all of the red tape and admin involved with opening a business, you can think about building up a strong consumer base. Whether you’ve got a brick-and-mortar store or you’re completely online, the internet is one of the easiest places to start when it comes to marketing.
You’ll need to have a professional business website, a strong social media presence, and a digital marketing plan including a strategy for SEO. You can see this site for more on SEO.
Starting a Business in Canada: An Achievable Dream
Starting a business in Canada is a great adventure full of exciting challenges and a great community of support. If this is a goal you have, be sure to take advantage of all of the resources in place to help you. For more business advice, check out the rest of our site now.