How to start a new business
Starting a new business is exciting and also a little complicated. Here are some steps and resources to help you navigate the process.
1. Develop your business idea
Confirm that you want to be an entrepreneur. We all have strengths, weaknesses and skills that help create a diverse workforce. The Business Bank of Canada has developed a entrepreneurial self-assessment tool to help you evaluate your entrepreneurial traits.
Critically think about your business idea to determine:
- What is your goal and/or passion that makes you interested in this business?
- What is your core values that might lead into the business or the direction the business goes?
- Who will be your customer? (markets, demographics, buyer characteristics/values)
- What need is your business going to fill in each target market? Why would people buy the service or products?
- What makes this business different from similar competitor businesses?
- Think about costs:
- Cost structure and revenue streams
- What will you need to get going? (Basic start-up costs)
- What will be on-going operating costs?
- Costs associated with product or service delivery to market?
- Any key partners or resources for this business idea?
- What is your elevator pitch? How would you describe your business idea in less only a couple minutes?
2. Create a business plan
Now that you have formed a clear and concise business idea, it is time to develop that into a formal business plan. A well-structured business plan will help formalize the business, how it will run, what you will be doing, and provide a necessary document for applying for financing.
3. Find required financing
If you require financing to start your business:
- Check with your existing financial institution and/or a broker to find the best fit for you and your business.
- Find a grant through Pocketed - a grant matching platform for business. For priority access use Chamber code: FortNelsonX
- Check with these business organizations for currently available funding programs: Community Futures, Canada Small Business Financing Program and Business Development Bank of Canada.
4. Determine business structure and complete applicable registrations
The OneStop Business Registry is a website that helps simplify the business registry process. Alternatively, you could use the individual processes below.
5. Permit and licensing
Bizpal offers a search platform to help you identify what permits and licenses you may be required to have when starting and/or operating your business.
For additional building and development permits within the Northern Rockies visit the Build and Development webpage.