{"id":2397,"date":"2018-12-18T10:09:56","date_gmt":"2018-12-18T17:09:56","guid":{"rendered":"https:\/\/lendingarch.ca\/?p=2397"},"modified":"2021-07-16T01:01:12","modified_gmt":"2021-07-16T01:01:12","slug":"steps-for-starting-your-own-business","status":"publish","type":"post","link":"https:\/\/bestlendersfor.ca\/steps-for-starting-your-own-business\/","title":{"rendered":"8 Steps to Starting Your Own Business"},"content":{"rendered":"

You have a great idea and are interested in starting your own business. What\u2019s holding you back? You\u2019re not sure how to get your business off the ground.<\/p>\n

Well, you\u2019re in luck. We’ve taken some of the guesswork out of starting a small business in Canada with this handy dandy guide. Take a look at these 8 steps to starting your own business<\/a>.<\/p>\n

1. Vet your business idea<\/h2>\n

You\u2019ve already come up with a great idea for a business<\/a> – well, at least you (and maybe your mom) think it\u2019s a great idea. But, before you start your company, it\u2019s imperative that your idea either fills a void in a particular industry or improves upon what\u2019s already out there.<\/p>\n

If you\u2019re planning to start a service-related business, like an accounting firm or a graphic design agency, it\u2019s equally important that you have experience in this field and have a plan in place to attract clients.<\/p>\n

So, how do you determine whether your idea is viable? Besides understanding who your prospective customers are, it\u2019s equally important (if not more) to test your idea. How do you this?<\/p>\n

Perhaps send a survey to 10-20 people asking what they think about your business and whether they would buy your products or enlist your services. If you are considering manufacturing a product, you can even make a prototype and send it to a small group of prospective customers to get feedback.<\/p>\n

But perhaps this is the most important takeaway: before you invest heavily in your new company, determine whether there is enough demand for your business idea, says Karen Cahn, CEO of iFundWomen<\/a>, a global crowdfunding platform for women-led startups.<\/p>\n

In addition to its crowdfunding platform, iFundWomen helps entrepreneurs achieve success through expert coaching services, access to pitch competitions with investors, a private community to collaborate, and more.<\/p>\n

Unlike what you may have heard about supply and demand business principles, iFundWomen encourages its entrepreneurs to test out their ideas and generate demand before investing in supply<\/a>. This is one of the best ways for early-stage entrepreneurs to gauge interest in a new business concept, says Cahn.<\/p>\n

2. Come up with a plan<\/h2>\n

Once you feel confident you\u2019ve got a winning business idea, it\u2019s time to put pen to paper – or fingers to the keyboard – and create a business plan<\/a>.<\/p>\n

Whereas this isn\u2019t always necessary, a roadmap can help you understand your startup costs, marketing budget, growth expenses, and future financing needs. With this in mind, if you should decide to apply for a business loan, lenders may want to see your business plan as part of your application process.<\/p>\n

Be prepared to make changes to your business plan after you launch your company and begin to generate revenue.<\/p>\n

3. Pick a business name (and make sure it\u2019s not taken already)<\/h2>\n

This step goes hand-in-hand with steps #1 and #2. In fact, you may want to tackle these three steps together.<\/p>\n

Your business name should be catchy and memorable. It also should be legally structured properly<\/a>.<\/p>\n

The four main types of businesses in Canada are:<\/p>\n