Starting a business can be an exciting and rewarding career choice. It gives you the chance to be your own boss while building something of lasting value for yourself, your family, and your community. However, starting a business is not easy. Close to 40% of new businesses with one-to-four employees dont make it to their fifth birthday. Beating those odds will call on you to be hardworking, well-prepared, and constantly creative. It may seem scary at times, but just remember millions of Canadians have already done it and, with planning, determination, and ingenuity, you can too.
Here’s a step-by-step roadmap to help you get your company up and running:
1. Research your business idea: Ensure your business idea has the potential to be successful by researching your target customers, competition, and market gaps.
2. Find financing and mentors: Explore financing options and consider finding a mentor with deep business experience.
3. Choose a business structure: Select a structure for your new company. In Canada, there are three common types of business structures: sole proprietorship, partnership, and corporation.
4. Create a business plan: A business plan is a recognized management tool that outlines exactly what your company will do and how it plans to succeed. It should include a business overview, sales and marketing plan, operating plan, human resources plan, action plan, executive summary, and financial appendix?.
5. Execute your plan: As your business takes shape, your confidence will grow, and you will develop the skills to take it further.
To help you get started, you can download a free business plan template from the Business Development Bank of Canada (BDC)?. The template provides a concise, structured, and well-documented plan to guide you through the process?.
Remember, starting a business requires dedication and perseverance. With the right planning and support, you can turn your business idea into a reality. Best of luck on your entrepreneurial journey! ??