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Starting a business
Let's get started!
Every business starts with an idea, but not every idea turns into a successful business. Turning your idea into a success story takes dedicated planning and research – who are your customers going to be? Are you going to have a storefront or sell online only? What are your costs? There are a lot of questions to answer before you can even open your doors. Our business advisors have the knowledge and skills you can rely on for help in making your business dream a reality.
Steps to consider:
Research and validate your business idea
Determine where there’s opportunity to turn your idea into a successful business
Gather information about potential customers, competition, and economic conditions in the area you plan on launching your business
Will you be different from what’s already out there? What's your competitive advantage? How will you stand out?
Write a business plan
This is your roadmap to success. It’s the document that allows you to outline your structure as well as your operational, marketing, and growth plans
Highlight your strengths, weaknesses, opportunities, and threats (SWOT)
Determine start-up costs and working capital
Start-up costs are one-time costs such as security, utility deposits, licenses, permits, and equipment
Working capital is money needed to keep your business running and manage fluctuations in cash flow
Explore funding options. There are investor groups and other sources of loans to start a business
Include business location in your costs – whether you’re in a physical location or online there will be associated costs to consider
Canadian Small Business Financing Loans
The Canadian Small Business Financing Program is a collaboration between the Government of Canada and financial institutions
Helps new businesses get started
Allows established firms to make improvements and expand
Ideal for purchasing, installing or modernizing business equipment and other fixed assets
Cost-effective loans that can support your business growth plans
Decide on a pricing strategy
Determine the specific pricing strategy you will need to use to cultivate success
Consider what your total costs are and what your customers are willing to pay
Start your business right
Our business advisors can help with several aspects of starting a business. From securing start up costs to managing the day-to-day finances, we have the know-how you need to build a business from the ground up.