Being in business for yourself is hard work. Some of the top business leaders around the world have admitted that if they had to start over again, they’re not sure how they would succeed. Now imagine starting your first small business — no knowledge, no experience… where do you even begin?
As a startup business, there are certain things you must do if you want to be successful.
Beginners Guide: Starting Your First Small Business
When you are starting your first small business in Canada, you should understand a few key things:
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- Your business plan is the most important tool you will have.
- The Canadian government offers funding for first-time small business owners.
- You can get expert help.
Whether you are a beginner or an experienced entrepreneur, following the right steps will help ensure your success. The first step is always your business plan.
Your First Business Plan
When starting your first small business, your business plan is what will help ensure you are on the right path.
A properly developed business plan can be created in several ways. You can hire a professional, but this can cost up to $5,000 depending on your industry—and as a first-time startup, you probably want to keep your startup costs low. Writing it yourself is another option, but this can be overwhelming and confusing.
The ideal solution is the Business Plan Builder Tool. It’s rated as the number one user-friendly business planning tool, helping you develop your business plan step by step, at a fraction of the cost of hiring a professional. Best of all—you still get professional guidance, support, and plan reviews.
Components of a Startup Business Plan
While most business plans follow a similar structure, they can differ depending on your business model and industry.
It’s important to know the purpose of your business plan. Are you looking for a partner? Applying for funding? Evaluating whether the business idea is viable? Your goal affects how the plan should be written.
As a first-time business owner, be sure to include the following components:
- Executive summary
- Company description
- Market analysis
- The team / management structure
- Products and services
- Marketing and sales strategy
- Funding requirements
- Financial projections
If you need further explanation of any section or want help, call our business plan experts at 1-800-288-9691.
Once your business plan is complete, you will have a clear understanding of what financing you need. This will help with the next major step—using the Canadian government to find funding for your new small business.
Finding Funding for Your Small Business
The Canadian government is well known for supporting small business growth—it’s what strengthens the economy. Because of this, federal, provincial, and local funding agencies actively support new small businesses.
If you are starting your first small business in Canada, you need to take advantage of the available funding.
Types of Funding Available from the Government:
Government Grants
- Non-repayable government grants
- Partial contributions
- Conditionally repayable grants
Government Loans
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No-interest loans
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Low-interest loans
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Government-guaranteed loans
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Tax breaks and tax credits
To learn more about government funding for new small businesses, use the Funding Calculator Tool. It helps determine which programs you may qualify for.
Government funding is available for many different business needs, and first-time business owners often receive extra support. Take action now and search for available programs using the Funding Database (or get help with your plan first if needed).
Get Expert Help
Starting your first small business shouldn’t make you want to pull out your hair before you even get started.
There is a ton of support available for new business owners—take advantage of it.
For example, Canada Startups’ Small Business Startup Portal can save you weeks of work. Here’s how:
- You get expert guidance tailored to new entrepreneurs.
- You get access to the Business Plan Builder Tool if you’re stuck on your plan.
- The funding search, which normally takes 3–4 weeks on your own, becomes much faster with the Funding Database and expert support.
If you get stuck, have questions, or need more guidance, our experts are here to help.
A great option for starting your new small business with confidence.