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Starting a Business
The Idea
Most people dream of running their own business and being their own boss, but few people take the initiative to follow their dreams. Many successful entrepreneurs began their business venture by doing something they enjoyed such as a hobby, something they were very good at such as a service, or by doing something they were committed to such as children, recycling, the environment, and so forth. Every business begins with an idea. Browse our Business Ideas list for; well... ideas.
Are you an Entrepreneur
Most people do not know how to answer this question unless they are already an entrepreneur. Look at the Entrepreneur Traits to see if you have the characteristics of a successful entrepreneur. If you do, take the Entrepreneur Test to see how you score.
Business Structures
So now you have an idea of what you want to do, and you scored pretty good on the entrepreneur test. You should now decide what kind of business formation you will be best for your venture. Will you be the sole business owner? Will your best friend be in business with you? Do you want your business to be a separate legal entity and to have shareholders? The Business Structures page has information on the main business formations in Canada.
Business Plan
Business planning is the most important step in starting a business. Planning begins with a dynamic document called a business plan. This document is the blue print for your business. Your business plan is meant to be updated as influences on your business change, for example new competition may dictate a change to your business plan to remain profitable. Your business plan may contain market surveys, reference letters, marketing and distribution plans and projected cashflows. A complete business plan will show your business growth and projected finances for at least one year. This will allow you to simulate your business and minimize risks before embarking on your venture. There are many sources of information on business planning, but begin your journey by browsing our Business Plan pages.
