Starting a Business in Canada
Step 1: Make Sure You Are Your Ready for Entrepreneurship
It is easy to come up with an idea to start a business, but not so easy to actually launch and build a profitable business. Eighty per cent of businesses fail in the first five years. Before you take the risk of starting a business, make sure:
Step 2: Evaluate Your Options
When starting a business, there are important differences between starting from scratch, buying a privately owned business and buying a franchise. To know what steps you need to take be sure to read these articles:
- Ten Steps to Your Own Business - for starting from scratch.
- Canadian Franchise Guide - if you are buying a franchise in Canada.
- Comprehensive Guide to Buying a Business in Canada - if you are buying a business (franchise or independently owned).
Step 3: Prepare a Business Plan
You should not skip this important step ... even if it means that you just jot your ideas down on scraps of paper or a napkin! Be sure to read:
- Business Plan Workshop - a practical guide written by the creator of CandaOne's award-winning business plan!
- Business Planning for Non-Planners - great advice if you find that you have "business plan block".
Step 4: Register Your Business -select a province/territory
Things to consider when starting or buying a business:
Now that You're Registered ... What's Next?
Be sure to read this great overview on getting your business up and running. This twelve-step series is a good introduction to what you need to know to develop a successful business.
It is also time to get organized - which makes this a must-read article.
Leveraging Social Media: Help with Twitter, Facebook, LInked In, Blogging & More!
Dramatically increase the response rates from you Facebook ads using this advice from Marty Weintraub, author of Killer Facebook Ads.
With over 400,000,000 active users worldwide, Facebook is a marketing channel like few others. These tips will help you understand how to put the power of Facebook's user base to work for your business.
Tara Hunt of Buyosphere gave out some tips on how to use blogging as a tool to interact, engage with and increase your customer base.
With over 85,000 Twitter followers and a book that hit the bestseller list as it came off the presses, you will want to hear what Scott Stratten has to say about how small businesses can use social media and unmarketing.
Increasingly, businesses are hopping on the group-buying bandwagon. Before you offer deep discounts online, consider what your business has to gain—and lose.
Marketing & PR
Use this checklist to plan, track, and evaluate your marketing efforts.
This article looks at how you can power drive your sales and marketing by understanding what makes your business unique.
If you had the ear of a leading marketing guru, what questions who you ask? We were recently fortunate enough to have this opportunity, as we interviewed Jay Levinson, the noted author of Guerrilla Marketing.
Marketing/advertising that will help you get your new business up & running.
Success through sales — how a plan of action can help you turn business leads into new business.
This online workshop teaches you how to write and distribute a press release - go directly to step 4 to build your own press release online.
(review) Are you tongue-tied when it comes to writing promotions? This book is a valuable resource for professionals with writer's block.
Our events calendar contains information on upcoming business events across Canada.
A basic primer for small businesses.
Do I/don't I? skills for good interpersonal networking.
Step in to your customers shoes and consider how you can improve your business with this simple exercise.
Looking for Canadian tradeshows? Be sure to check out these online resources.
Before starting your search for capital, be prepared; this article lists the things you should do before going to the bank.
Use our financial glossary to discover the meaning of terms such as working capital, liquidity, and fixed assets.
A good overview of what factors affect consumer credit ratings.
If owners equity calculations send your head spinning, read on for a clear understanding of balance sheet basics for small business owners.
This article briefly explains the balance sheet and income statement, two financial statements are used by financial institutions to evaluate a company's loan application.
A look at the ratios most commonly used by the bank to assess your credit application.
Need to secure debt financing? This multi-part article explains how you can improve the odds of securing credit from a bank.
The federal government's rules for tax deductions for businesses are not always clear-cut. Here, we help you navigate around some of the stickier ones.
If you are reluctant - uncomfortable - collecting debts, consider this advice.
Other Financing Channels When your financing channels are limited, consider these options.
The day to day expenses of running a business can quickly add up. This list of cost cutting ideas can save you money without losing face with your customers.
You've decided to run a credit check on a potential client to ensure that you'll get paid for your services. Once the report arrives what are you really looking at and how can you use the information to make the best decision? This article can help.
Vision and goals may seem like the "soft-stuff" of business, but as seasoned business owners know, these intangible elements play a very important role in the success—or failure—of a business.
What do some entrepreneurs do differently that enables them to achieve almost mythical business success? This month we look at the characteristics that separate successful entrepreneurs from their peers.
You need urgency to be an entrepreneur. If you hire someone who doesn't have it, it could sap your resources and ruin your business.
Do you ever find yourself wondering if you are the leader your employees need? Or perhaps their actions don't seem to line up with your expectations. Paul Adams shows you how you can become a smart leader with these simple steps.
Leadership skills are critical to the success of a new venture. Do you have them? Whether or not you think you're a gifted leader, you should consider putting management theories aside and focus on common sense as you build your business.
Do you want to improve your leadership skills? Here are ten easy steps that will help you awaken the leader in you and rekindle your passion for greatness.
The failure of a business doesn't happen overnight, it is often the product of neglect, and overlooked details. Learn to spot the warning signs before your business becomes a statistic.
As a leader your are required to make decisions like it or not. Dr. Paul Adams offers advice that will help you make difficult decisions.Lessons in Leadership: Rewarding Extra Effort
Making heroes of employees is common practice with many well-managed progressive companies. In this article Dr. Paul Adams looks at the advantages - as well as the possible pitfalls - of using rewards to motivate your employees.
How many of us work harder, when we should really work smarter? This article looks at how you can use strategy to accomplish more .. with less!
Other Great Articles
Successful entrepreneurs are driven by goals, which are integral to their success. Here's how you can define goals that will get you moving.
Reg Pirie offers some excellent answers to the question many business people ask - How do I get organized?
A piece of paper and a pencil are all the strategy you need to save time.
Do you find yourself waiting to the last minute to tackle projects? This article can help you cure your procrastination habit.
Follow these 3 P's and you will be on the right track to successfully compete in your home-based business.
An outstanding benefits plan can help you grab great employees out of the reach of competitors and keep them happy at your company.
Things you need to know before negotiating a business lease.
Are you tired of hectic deadlines and having too much to do? Here's a tip that will help you reduce the time you spend on repetitive tasks.
Want to start your own business? Reg Pirie offers excellent advice that can help you avoid business failure!
A sounding board, a trusted resource. Someone who can listen - and challenge you to new levels. Mentors offer untold value to new entrepreneurs; in this article Reg Pirie explains why you need them, and how to find them.
Stomp that #2 fear and gain the skills to knock their socks off the next time you represent your company in front of a live audience.
Learn how to reduce stress and frustration with these tips for uncluttering your business space.
There is more than meets the eye to these people then jetting around the world. We get the goods on what it really takes to make it in this business.