As you get into small business ownership, knowing everything you need beforehand is always a smart move.
The video above, titled “What you need to start a small business in Canada”, prepares you for the unexpected and helps you run a successful business.
This video is part of the small business video series, where you can learn more about starting up, building a business plan, finding funding, and more.
What You Need to Start a Small Business in Canada
Starting a small business is never easy. There are many components that contribute to success, and understanding them before you begin is essential.
In this video, we cover the 3 key components needed to successfully start a small business in Canada.
1. Your Business Idea
What is your idea based on?
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Experience
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Education
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A personal insight
Your idea plays a major role in your success.
If you already have one, the next step is planning.
Ask yourself:
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Do you have a business plan?
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Do you understand the risks?
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Do you know your financial situation?
If not, now is the time to figure it out.
No Idea Yet?
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Consider your skills and experience
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Explore turning your career into a business
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Look into franchises (proven systems, but higher cost)
2. Business Plan & Projections
A business plan is essential to thinking through your entire operation.
It helps you evaluate:
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Your product or service
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Your target customers
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The market
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Your competition
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Marketing strategies
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Potential risks
Financial Planning Includes:
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Revenue potential
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Startup and ongoing costs
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Capital required
By creating:
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Balance sheets
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Cash flow projections
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Profit & loss statements
…you build a roadmap for success and improve your chances of securing funding.
3. Do You Have the Needed Capital?
Many small businesses can start with as little as $5,000, but this varies.
Factors include:
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Type of business (online vs physical)
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Equipment needs
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Staffing requirements
The more capital you have, the smoother your launch.
Funding Options:
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Banks
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Private investors
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Government programs
Canada offers various support options, including:
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Grants
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Government loans
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Tax incentives
These can help cover:
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Rent
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Utilities
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Equipment
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Marketing
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Wages
Final Thoughts
To start a business in Canada:
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Choose a strong business idea
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Build a detailed business plan
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Understand your financial needs
Planning ahead helps you prepare for challenges and increases your chances of success.
If you need guidance, working with a Canada Startups expert can help you:
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Refine your idea
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Build your plan
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Find funding
If you found this helpful, explore more in the series: