Small Business Toolkit – 8 Steps to Small Business Success in Canada
Many newcomers to Canada discover that finding a job in Canada after arrival is a real challenge. An option for some is to start their own business. This can be a great alternative to going through extensive interview processes and making sure that you have a Canadian Style Resume. We’ve compiled a checklist of everything you need to know and do to start a small business in Canada below. One of the most important things that you can do is to stay positive and keep your dream alive. Many immigrants have found that starting a business of their own or buying a franchise to be very profitable.
1. Understand The Market
Ask yourself if there is a need for your small business in your community? What is your target market? Is the industry in demand? Knowing this information is essential to understanding if there is a need for your business at all. Doing your research now will make a huge difference to how accurate your business forecasts are in the short and long term. Learn more
2. Plan Effectively
A business plan is an essential document in launching a small business in Canada. Do you understand Canadian business plan standards? You will need to have a business plan in place and know exactly where you want your business goals to be. This can make all of the difference between having a successful business and one that fails within the first few years Learn more about getting started
3. Obtain Funding or Financing
Most small businesses take time to start earning a profit. Do you have financing in place to not only start your business, but keep it afloat? If you are looking for funding or financing for your business you will need to have a business plan prepared. This can take time and effort to do correctly. Extra effort here can ensure that you get the funding that you need to ensure success. Learn more about obtaining financing
4. Sales and Marketing for Small Business
Do you know how to handle sales and marketing in your business in today’s media-savvy climate? For example, social networking is a prime source of promotions today, do you have a strategy for this? There are some best practices to follow but you should also make sure to use your imagination and lean on the research you did on the market and the local community.
5. Employee Relations
Hiring and retaining staff can be one of the most costly, frustrating parts of owning a small business. There are many laws that you will have to adhere to in order to protect your business. By implementing the correct growth strategies for your small business you will be making sure that you only hire people that you trust.
6. Get Organized
From accounting to paying taxes, a successful business is organized and maintains its records. Keeping meticulous records of your accounting and bookkeeping of your small business can make filing your taxes much easier and will also protect you if your business is audited.
7. Leverage Technology
Utilizing the right technology for your small business, from back-end software to a great web presence, will help you succeed in your business. This may take some research and a bit of a learning curve but with the right attitude, you can make some very big strides.
8. Get The Help You Need
Do you have the skills and leadership to keep your business running? It’s a question few business owners ask themselves. Finding a mentor can help. Learn more about mentoring