10 Steps to Starting a Small Business

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CHOOSE A
BUSINESS IDEA.

Many people think that all you need to start a business is one good idea. While that can sometimes be true, the best foundation for business success is to have several possibilities for creating profits. It is a worthwhile exercise to explore additional products, services, procedures and processes that may enhance your initial idea. The best and most successful businesses are often the ones that are unique or innovative.

Questions to consider before choosing a business idea:

  1. Be Original: Is my product or service original?
    • Are there any competitors offering the same product or service to my target market?
  2. Limitations: Are there limitations to this business?
    • Consider situations similar to COVID-19 and be prepared to pivot if needed.
  3. Marketable: Are people willing to pay for a product or service?
    • Do your research and get opinions on whether people would pay for your product or service.
  4. Government or Industry Restrictions: Are there any government or industry restrictions?
    • Do your research and ensure there are no barriers to entry. (e.g. Cooking in your house and selling food)

FREQUENTLY ASKED QUESTIONS (FAQs)

We have identified and answered the most commonly asked questions about this topic:

Many entrepreneurs take a planned approach by starting a detailed search for business opportunities, such as:

  • Supply shortages
  • Market gaps
  • Business ideas that have been successful elsewhere
  • Ways of selling special, unique or rare personal skills and abilities
  • Products or services that will make life easier for people

Before you start your business, here are some questions to consider:

  • Am I ready to be an entrepreneur?
  • Is your idea original?
  • Will people be willing to pay for your products / services?
  • Is your product / service able to compete in the marketplace?
  • Do you have a product or idea that requires intellectual properties protection?
  • Are you manufacturing your product or importing your product?
  • What resources do you need to do your business?
  • Is there a way to evaluate your idea?

Before you start your business, here are some questions to consider:

  • Am I ready to be an entrepreneur?
  • Is your idea original?
  • Will people be willing to pay for your products / services?
  • Is your product / service able to compete in the marketplace?
  • Do you have a product or idea that requires intellectual properties protection?
  • Are you manufacturing your product or importing your product?
  • What resources do you need to do your business?
  • Is there a way to evaluate your idea?

RESOURCES

We have identified the following resources to assist you in this topic:

Developing your Business Ideas

www.canadabusiness.ca

Before Starting your Business

www.canadabusiness.ca

STARTS HERE.

IDEA MISSISSAUGA.

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