3 Essentials for Starting a Business

What you need to do before you launch your own enterprise

©istockphoto.com/andresr
©istockphoto.com/andresr

Thinking of starting your own business? You’re not alone. According to a June 2016 report by Innovation, Science and Economic Development Canada, our country is home to 1.14 million small businesses.

Being your own boss, whether as a consultant or to bring a new product or service to market, comes with its own rewards. Yet actually starting a business can seem like a daunting task. With so many things to consider – from target markets to sourcing suppliers to operating costs – it’s hard to know where to begin. Here are three key steps to help you identify what your new business needs.

1. Do Your Research

Research will help you learn what’s required to start your business and decide which type of business structure will work best for you. Don’t limit your efforts to Google searches – attend trade shows, explore your financing options and speak to people whose opinions you value. Being thorough will also help you determine the viability of your product or service, who your competitors are and what will help set your business apart.

2. Develop a Business Plan

A business plan is an essential tool that describes who you are, what your business does and demonstrates how your business will become profitable. It explains to potential investors, lenders and stakeholders why your business is a worthwhile investment.

A well-prepared business plan should include such items as a thorough market analysis, a description of your company’s structure, your plans, detailed financial data and more. Write your executive summary after you’ve completed the rest of the document; that’ll make it easier to put together.

3. Determine Your Budget

Ideally, this step should be completed at the same time as your business plan since there are some items that will be used for both documents. Your budget should identify your startup costs, your ongoing costs – such as rent, utilities and communications services – and your expected revenue.

Feeling like your to-do list is about to explode? Rest assured – Rogers has you covered. Understanding the needs of new small-business owners, Rogers has developed a set of Small Business Tools to help you prepare to launch your business. The set features 12 tools, including:

  • The Rogers Startup Checklist, which will help guide you through the steps involved in starting your business
  • The Rogers Business Plan Template, which will help you build an effective tool for presenting your business to investors and...
  • The Rogers Startup Costs Calculator, which will help you estimate all the costs associated with launching your business.

The best part? You can access all three of these Rogers tools for starting a business by clicking here.