6 Major Steps to
Start a New Business
Dreaming of being your own boss?
Starting a new business and building your own company can be an exciting and rewarding venture, but it is important to take the necessary steps to turn an idea into a real business. With these steps in place, you'll be well on your way to starting a successful business in Canada.
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1. Create a Business Plan
Apart from having an inspirational idea, you will also need to have a concrete business plan that outlines your objectives and goals, target market, market competition, and cash flow planning and budgeting.
2. Make a Financial Plan
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A viable cash flow and budget plan can be your business's roadmap for financial success. It can help you understand the financial requirements of starting and running a business, such as startup costs and cash flow management. A feasible financial plan is essential when you are going to raise funds for your business from investors or lenders.
3. Name Your Business
Selecting the right business name is an important part in the planning process. A well-chosen business name not only gives a nice first impression to the public, but it also helps your company stand out from the crowd. It is worth noting that you should not pick a name that is already trademarked or in use by another business to avoid potential legal disputes.
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4. Register Your Business
Registering your business in Canada provides legal recognition of your business. It can help protect your business name and brand so that others cannot use them without your consent. Registering your business can also establish credibility with customers, suppliers and other business partners.
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5. Apply for Permits and Licences
In addition to ensuring a safe and legal business operation, permits and licences will be required for a variety of reasons, depending on the nature and location of your business and the activities you plan to undertake. It is important to check with the appropriate government agencies in your jurisdiction to determine which types of permits and licences are required for your business.
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6. Market Your Business
Effective marketing strategies can help you promote your business to a wider audience in order to increase sales and revenue. A strong brand identity and positive reputation can also help you survive the highly competitive business environment in Canada by standing out from others in your industry.
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