Starting a business
Want to be your own boss? The idea of starting a business in Canada is appealing to a lot of people and can be very rewarding. This series of articles from RiverForest Connections Canada – https://riverforestgroup.com/investor-immigration will help you plan for a successful start to your entrepreneurship journey.
Before starting your business
You want to start your own business in Canada, but have you done your homework? Think about what kind of a business you want, and whether you want to partner with someone. Will you buy an existing business, or build one from the ground up? Do you have a sound business idea and data to back it up? Get ready to take the plunge by doing solid research and the necessary planning.
- Is entrepreneurship for you?
Find out if you have the entrepreneurial spirit, and learn about the benefits of being your own boss. Take our Psychometric Test that provides you feedback on your Business Acumen
Being your own boss can be very rewarding, but it’s not for everyone. Before you take the first step, take some time to find out if you have what it takes to be an entrepreneur, to understand the benefits of entrepreneurship, and to learn about your chances of success.
- Why consider entrepreneurship?
There are substantive benefits of starting a business and being your own boss in Canada.
Becoming a successful entrepreneur requires business planning, innovation and risk-taking. It is a lot of work, but there are also many benefits to be your own boss.
Put your own ideas to work
Being your own boss can allow you the freedom and independence to use your own ideas. As an entrepreneur, your time and energy can be spent creatively by putting these ideas to work for you and the future success of your business.
Decide what type of business you want
Your business should complement your experience, interest and knowledge. Before you put too much work into planning your business, make sure that the industry you choose is the right one for you. You may want to consider what hobbies or interests you have, as well as what experience and skills you could apply to a new venture.
Make the decisions for your business
Starting your own business can be risky; however, desire, persistence, and innovative thinking can work in your favor. Believing in yourself and basing your decisions on knowledge and experience can lead to the success of your business. However, knowing the limits of your own abilities and not being afraid to ask for help from others will help you make informed business decisions.
You have the ability to establish the policies for your business and to set the tone for its culture. You can build a business that meshes well with your own personal values, rather than working for someone else whose policies or values may differ from your own.
Choose the location for your business
You can choose a location for your business that suits your needs, whether that means working from home, working close to home, or taking the opportunity to travel and see different places. You might choose a trendy downtown office, or a place outside the city to avoid traffic or a long commute. While you have a lot of flexibility in choosing a location, you should take into account access to customers, employees and suppliers.
Have the potential to earn more
As an entrepreneur, you have the luxury of working your own hours and stretching your earning potential. Usually, this success comes with real hard work and long hours. If your business is successful, you could potentially make more money than you would working as an employee. However, the downside is that there is no guaranteed pay cheque and your hard work can cut into time for personal and family obligations.
Have the freedom to work less
While some people go into business to make more money, some people go into business for themselves in order to work less. When you are your own boss, you have the flexibility to decide how much vacation time you want, to delegate responsibility to others and to work part-time, if you wish. Of course, you need to ensure that you are making enough money to support yourself; there may be times when you will need to invest more time and effort into your business, particularly in the beginning. However, in general, being self-employed gives you more flexibility to set your own schedule.
Be involved in the total operation of your business
Running your own business can provide you with a tremendous source of satisfaction and pride. You will be able to see your business grow from the ground up.
However, you will also be responsible for the initial capital that will be required for your business and the costs involved with the day-to-day operations. There are tasks involved that you may not be trained for, such as purchasing, inventory management, or accounting. It never hurts to get professional help with the running of your business. Focus on the areas where you can provide the most value.
Turn the business into a family asset
Owning your own business sometimes means providing your children and other family members with a place to work, and a way to finance their future. It is an opportunity to teach them valuable skills and spend more time together. Depending on your children’s career aspirations, you may be able to pass the business on to them when you are ready to retire.
- Small business survival
What are your odds of success? Learn more about survival tips to keep your business afloat.
Now that you are thinking about starting your own business, have you considered your chances of survival? Before you get started, you should be aware of the statistics on small business survival and failure.
Odds of Success
When you start your own business, you may have to wear many “hats”. You may have some great ideas, but how are you at handling business operations like administrative or managerial tasks? You need to know your strengths and weaknesses. Lack of management experience can lead to small business failure. Do not be shy about seeking out the advice of experts, networking with other entrepreneurs and hiring employees to help you run the business.
Passion, persistence, and innovative thinking can improve your odds of success. Do you know what you want to achieve? Having determination, setting goals, paying attention to detail and motivating others are all key elements to achieving success and business growth.
On the other hand, desire and persistence alone will not make you successful. For example, a lot of people love to cook and are talented chefs. Some may even dream of starting a restaurant. However, there are many restaurants in the marketplace; the profit margins are slim and customers have lots of choice. To be successful in that market, you need to truly be offering something new or unique. In short, you need to be sure that there is a big enough market for what you plan to offer and that the competition isn’t already too strong.
Follow these tips to avoid some of the pitfalls that can lead to small business failure.
- Develop a good marketing and business plan that takes into account customer needs, competition, pricing and promotional strategies.
- Have a good working knowledge of business law or hire a lawyer.
- Understand your business finances, such as cash flow and handling credit.
- Keep a good inventory of your products or services and your existing customers.
- Supervise, train and motivate your employees.
- Make sure you have the experience, expertise and talent to run your business.
- Plan every part of your business from start to finish.
- Know your market and define how much of it you will be able to capture.
- Make sure you are offering a product that is unique and competitive or at a lower cost than that of your competitors.
- Don’t under-estimate your expenses and over-estimate your revenue.
- Make sure you have some cash reserves or a line of credit to help you get through slow periods.
Find site selection tools that can help you decide where to establish or grow your business. These tools provide information such as:
- Demographics on the local workforce and client base
- Industrial parks in the area
- Availability of commercial and industrial real estate
- Region-specific wage data
- Business costs
Immigrating to or investing in Canada to start a business
Discover the advantages of investing in Canada and how you can establish a business here. Do you want to invest in Canada, or expand your foreign operations into Canada? Learn how! Are you a foreigner thinking about investing in Canada, or expanding your business operations into Canada? This website offers information on our industries and regions and what you need to do to start a business in Canada. You will find guidance on incentives, regulations and taxation. If you need more information contact@RforC.com and Canada Business Network.Posted by ZuzukiSX4 Posted on 11 Oct
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