Starting a business can be a daunting process for some. These steps will help you take make your idea a reality. All you need is an idea and motivation. Now dive in!
- Review your business idea and see what problem it solves. You want to ensure that it is a business that is not saturated in your market. If there are an abundance of businesses of your type, you need to address how you will market your business so that it stands out from others in your business plan. That brings us to our next step – the Business Plan.
- Make a Business Plan: I usually get a lot of flack for this because a lot of potential entrepreneurs do not see the value in preparing a business plan. Your business plan doesn’t have to be 20 pages long, a simple 2 page plan can be just as effective. You essentially need to have your business goal, marketing plan, and your financial plan in order and the rest will come into play.
- Register your business:
- Determine your business type. This is a good place to consult with your accountant or your tax advisor. They can help you determine with pros and cons for each business type and how it will affect you and your finances.
- Business Name: your business name is VERY important. The worst thing to me is having a business that does not tell your potential clients anything about your business. Don’t get me wrong, if you have a very large marketing budget and you have a plan type that solves a huge industry problem, people will get to know who you are. Choose a name that will help your business propel
- Logo: Not essential, but it does help with your branding
- Online presence: ensure that your name or handle is available on all platforms. Try to understand the importance of online presence, Google ranking and SEO.
- Website Domain
- Licenses and Permits: If this applies
- Set your launch date and start planning getting the buzz going
- Find partners who have similar target audiences and develop strategies that can benefit both your business’
- Business Development Plan: most small businesses forget this stage. Having a successful business requires constant development. As a business owner, you must figure out ways that can keep your business relevant. A part of your development should involve polling your audience to see what their needs are and figuring out how to satisfy those needs.
Have start-up questions? As us.
Dwania is the Founder and Executive Director of Canadian Small Business Women Contact Canadian Small Business Women: