Your Guide to Small Business
"It's a bit of a misconception that there is so much to go through to start a business as far as government regulations go. We live in an incredible place in Ontario, in Canada, where it's actually very easy to start a small business. The challenging part is the amount of market research and planning needed to be viable. Many people think success will come quickly without much effort or without the finances to carry them through."
Jane Phillips,
Manager
Business Enterprise Centre Owen Sound
Every year, thousands of Ontarians take the leap. With high hopes and unbridled enthusiasm, they launch their own businesses and enter the challenging - and potentially rewarding - world of entrepreneurship. Small businesses represent a hugely important segment of our economy. In fact, 98% of businesses in Ontario have fewer than 100 employees and employ close to 2.9 million Ontarians, according to StatCan. They operate across all sectors, from home-based services to cutting-edge biotechs and everything in between.
Some start-ups thrive, but many fail, unfortunately. Most often it's because they weren't well prepared and didn't know what they needed to know. Your Guide to Small Business is designed to give entrepreneurs the tools needed to succeed. It will help identify the things you need to do before, during and after launching a business and serves as a jumping off point to a host of other resources.
Part 1 begins with the all-important question: Do you have what it takes to be an entrepreneur?, covering some of the biggest myths surrounding entrepreneurship, how to find business ideas and the importance of work/life balance.
From there, the Guide takes you step by step through the start-up process. In Part 2: Preparing to Start Your Business, it covers everything from the importance of doing your research, through to determining your business option and legal structure and preparing a business plan.
Part 3: Starting Your Business takes everything you learned in Part 2 to the point of opening your doors: from where to get financing, accessing expert help, how to incorporate and complying with regulations, through to choosing premises, hiring employees, and marketing your business.
In Part 4: Up and Running, the guide will help you assess your progress and hone management skills It also covers how to retain and motivate employees, expand your marketing efforts, develop sales and manage your business finances after your business is off the ground.
Is expansion right for you? Part 5 looks at expansion options and where to get more help if you are ready to take your business to the next level.
Part 6 delivers valuable contacts and resources for entrepreneurs. Be sure to check out the 10 must-visit websites.
You will find downloadable checklists, worksheets and tips throughout, including Top 5 Questions to Ask Yourself before Starting a Business, a Buying a Business worksheet, Employee Incentives: Quick Tips and many more. Plus there's plenty of expert advice from Small Business Enterprise Centre (SBEC) managers.
And be sure to check out the inspiring and informative success stories, chockfull of practical tips and advice from successful entrepreneurs. You'll learn how to avoid the pitfalls and seize the opportunities...without reinventing the wheel.
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Ontario's Small Business Enterprise Centres are here to help. Visit one near you. |
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Glossary of Business Terms |
