Building a business can be one of the most rewarding yet terrifying experiences an individual might go through. In order to have that business succeed, there are various steps that must be completed. Today we will consider 4 crucial steps to building a strong, successful business.
1. The Business plan
The business plan is a huge element of the business-building procedure – it is the selling point that will help your idea stand out to investors. The most important reason to write a detailed business plan is so that you can decide if your idea is one that will prove to be successful or not. Writing a detailed plan pushes you to do thorough research and gather pertinent information that will be key to the success of your business as well as narrowing your chances for failure. A well-constructed plan will entice investors to aid in the building of your business.
2. Register your business
Business registration, with the exception of some sole proprietorships, is a legal requirement within Canada and cannot be avoided. The first step in registering is to choose what form of business you will be pursuing. Your choices are a sole proprietorship, a partnership, or a corporation. The next step is to choose a strong and simple name that will embody your company’s characteristics and values. Registering a business can be as simple as making a phone call or filling out online forms and paying the applicable fees. Your business is now registered!
The first step you can take when garnering information about financing your start-up business is look at the different loans available to you. The Canada Small Business Financing (CSBF) Loan may be your best bet when making the final decision. This is a federal government guaranteed loanthat will help you get your business started by helping with purchases, renovations, equipment, etc. The CSBF can provide you with up to $500,000 to put towards purchasing land, buildings, and the like. Any applications for the CSBF must be turned in with a concise business plan that includes both your financial statements and future projections. 90% of startup costs can be covered by the CSBF.
4. The Details
There are many fine points to consider when building a business from the ground up. If you are not knowledgeable enough about accounting or bookkeeping, you must find someone to fill those positions. You also must consider if you are going to have employees or not. Hiring employees completely changes the game, so make sure you do full research on that before committing or hiring. Another point to consider is taxes – what do you need to pay and collect? These are just a few elements to deliberate when constructing your business. Look up what resources are available in your home Province as different areas offer different forms of assistance. The Service Canada website is a good place to begin as it is packed with useful information. Once you have completed these 4 steps, you will be well on your way to having your idea become reality. Building a business is all about taking a chance and making smart decisions along the way. By thoroughly researching and learning all the necessary elements, you could take your business all the way.