Starting a new business is very exciting. It’s also a lot of work. Tell you something you don’t know, right? If you’re an entrepreneur looking to launch a new business, you’ve undoubtedly gone through many hoops already. Then again, perhaps you’re someone with an entrepreneurial spirit who is yet to take his/her first step towards becoming a business owner.
Let’s start at square one. What are the most important steps to take in order to launch a new business in Canada? Here are three:
1. Come up with a sound business plan.
It may sound obvious, or even a little silly, but write everything down. At some point, you’re going to need to compose a detailed business plan anyway. Begin with your ideas about what type of business you’d like to own. As Susan Ward notes on TheBalanceSMB.com, this will allow you to thoroughly examine everything about the industry, products and market for your business.
“It will also give you something to present to investors and lenders—the ultimate testing ground for your business idea,” she writes, “Before you launch your business, you should have a thorough, complete business plan to guide you. Early in the process, though, it’s possible to put together a quick-start plan that will show you whether your business idea is viable.”
2. Secure a strong team of business professionals.
When starting a business, you have many different aspects to consider. Will you require a team of employees? Who will handle your finances? What type of advertising campaigns do you plan to launch? Answering those three questions alone will require the assistance of experienced HR reps, accountants and marketing gurus. The Business Development Bank of Canada recommends that new business owners build a network of professionals including bankers, lawyers and consultants.
“Many people looking to launch a new venture may lack basic skills such as how to do a proper cash flow projection or handling accounts receivable,” says their website, “As a general rule, if you can’t do or learn it yourself, find somebody who can.”
3. Team up with other companies.
It’s wise to get other business owners on board with your new venture. Reaching out to non-competitors in order to grow support for your new brand can offer a number of benefits. The BDC advises entrepreneurs to create strategic alliances in order to diminish their vulnerability when they first start businesses.
As their website offers, “business owners can consider teaming up with other companies that can help them enter new markets with new products and services, get better prices through bulk purchasing or accelerate research and development by sharing costs and resources. Focus on what you do best and rely on other companies to offer complementary services. For example, a furniture design company could partner with a manufacturer for the production of its designs.”
Are you starting a business but are concerned about the costs that are involved?
Contact Synergy Merchants to find out how our unique merchant cash advance program can help you. Call us at 1-877-718-2026 or email us at email@example.com. You can also apply online for a free, no obligation quote!