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Many in this world dream of starting a business. However, establishing a business requires an entrepreneur’s character and resilience. An entrepreneur is driven by a dream and does whatever it takes to make his vision come true. At times, it may require long days and nights of work. There may be instances where one will face failures but learns from them. Other times it will require the ability to handle different types of personalities. And definitely, it expects a character that can handle success with grace.

A Guide to Starting a Business in Canada

While talking to people, I find it common to meet individuals that love to start their own business but do not really know where to start from. Some people begin with writing a business plan, but I personally favour a different approach. And I always recommend for my clients to start by finding their business dream.

Have You Found Your Business Dream?

We can start a business based on numbers lacking the passion that drives the business, but that will only be a project with a short lifespan. Or we may start a business with big dreams and a great passion to accomplish the work, but lacking structure, budget, and projections for profits and gains. And that is also a project with a short lifespan. Finding the business dream can be a good start as one will go into the business with enthusiasm and passion to accomplish the work. However, the structure has to be identified and defined as part of the process.

Yes… A business dream is a major element in starting a successful business and cannot be underappreciated as it is the driving force of business development.

Find your business dream

An Inspiring Vision

Once we find what our business dream is, then it’s time to think it through carefully and turn the dream into a vision. A vision is more defined and allows us to see what the final destination is like as we dive into our business journey.

See how the bigger picture is clear?

We have the dream, and we have the vision. Yes, it is time to move on and identify the product or service that will be offered to clients. In Addition, a decision has to be made in regards to the type and name of the business.

Structure and Finances

At this stage, it is a good time to write a business plan. It doesn’t have to be too complex and long, but it has to be measurable with a clear action plan and timeframes. A 1-year, 3-year, and 5-year plan is recommended as guidelines to help the business reach its important milestones. And as part of the planning process, we need to carefully think about the financial status of the business. Now is the time to reflect on whether we will be needing a bank loan or not. What type of Bank accounts will we need to operate the business? Will there be a need to rent an office or rent equipment? All these decisions may have financial ramifications in the future, and that is why it may require some planning before we move into the execution phase.

Get The Business Registered

Running a business requires an official status that we cannot neglect. If the business is planning to operate across Canada then it has to get registered with the Federal government. On the other hand, if the plan is to operate inside one specific Canadian province, then there is no need to register it at the Federal level, but we definitely will need to get it registered with the provincial government.

End the Startup phase

We still need to complete the financial structure and open the bank accounts or get the loans that we need to run the business. I also recommend short-term planning as the final step to starting a business. Set short-term measurable goals one or two weeks at a time and make sure to work hard to achieve them.

Notice how we started with the bigger picture and once we understood and mastered that part, we then moved on to a short-term action plan. That’s when the Startup process is complete and it’s time to move on to the execution phase.

A guide to starting a business in Canada

BizReflections

Grace Nasralla is the founder and senior business blogger at BizReflections. She is a Co-Owner at HUDDLESPACE which provides small business owners with offices for rent. This year (2024), Grace launched a loose leaf tea brand and named it Brew & Scone.

www.bizreflections.ca

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In business life, the inception of a new idea can potentially turn into a vision. However, a vision does not bring growth to a business except if the business owner gets busy equipping their business for growth. A vision may direct a business, lead the path, and be the foundation for objectives and goals, but it will require some equipping along the way to bring growth. Here are a few steps that will equip a small business for growth:

Register a business to give it an identity and status
Organize the business idea by writing a business plan. Even if it was a short 2 pages plan, the purpose is to help detail the idea, eliminate chaos that may result in delays, and bring it into existence.
Write the vision and mission statements to define a purpose for the business.
Detail the product/service. Give it a name, a price, and a description.
Package products/services to facilitate the sales process and provide a value-added bundle for the client.
Prepare a presentation highlighting your products and services to display when meeting with clients.
Prioritize marketing the business and treat it as an integral part of the budget. One of the main purposes of marketing is to increase your brand’s visibility and cause people to talk about it.
Marketing attracts leads and fans to your brand (and/or product/service), and these leads will spread the word about your business.
Stay up-to-date with the latest trends.
Make an effort to stay abreast of technology.
Be ready to answer questions about your business.
Meet with clients in a professional environment. Find an office rental provider that will equip the business for growth by providing quality services and benefits.

Concepts that contribute to business growth

Give first, and that will open doors for others to give back. Do not be afraid to provide free services. Identify a service that may turn into a hit and offer it for free at the start. Take Facebook, Twitter, and LinkedIn as examples; the platforms have been offered free since their inception, and once they became popular, the owners started finding ways to monetize them.
A business does not grow without an investment. Whether it be a time investment or a money investment, it has to be substantial. A business grows gradually, but the time will come when a business has to run from a physical space that will allow it to grow. Looking for an office to rent becomes a must, and by weighing the pros and cons, the small business owner gets to choose the office solution that works best for their business. Beware, as the benefits that come with an office will definitely determine how much the business gets equipped for growth.

Tag: vision

Starting A Business: The Under-Appreciated Element