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| More Money - start your own business |
| The Wake Up Blog | |||
| Monday, 20 February 2012 00:00 | |||
 This week on More Money we look at starting your own business. Here are some tips...
mbenny@ckpg.comQ: At this very moment, 2.8 million Canadians are doing this, and 3.2 million Canadians want to be doing it? A: Own and operate a business. Whether you want to earn extra money in your basement, open a daycare or go all out and open that restaurant you've always dream of, here are few tips to get you started. The federal government has a handy Business Start-up Checklist here. Creating a solid business plan is vital to your success - before you start writing your plan though, you'll need to decide a few things.. 1. Naming your business Choose the right name for your business. Your business name should be unique and easy to remember, and should describe the products and services you provide. If your business will involve an internet component, you'll want to be sure that the name translates well to email and web (for example make sure your name can be easily spelled in a web address and avoid numbers or letter that may make if difficult for people to find you on the web). ---- 2. Choosing and setting up a location Is location important to your business? You may need to be located in a certain area of town or near like businesses. Try to decide where to locate your business or how to arrange a location. If you will be making a lot of deliveries or if you want people to come to you, you'll want a central location. If your location is less important, you may safe money by not being centrally located. ---- 3. Business structures Find out which type of business structure is right for your business. Sole proprietorship, Partnership or Corporation. You probably will want to engage some professional help at this point. It might be a good idea to contact others involved in your field or contact a certified business professional. (http://www.canadabusiness.ca/eng/checklist/5479/). ---- 4. Regulations Find out how your industry sector is regulated and what some of the key business obligations are. Check with others in your industry and make sure you're aware of the different rules and regulations that govern your business. ---- 5. Market Research and Statistics Do market research. Are your services required? Are others already providing this service? How will your service differ? If there are already two or three businesses doing what you do already, the market may not be able to support another. You can usually find useful statistics about from your trade associations or from Stats Canada (http://www.statcan.gc.ca/start-debut-eng.html).
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