Starting your own small business in Ontario is no easy task. But it is very doable and can be very rewarding if done right.
When starting your small business you probably will do quite a bit of research. There’s a lot of information on the web to guide you in the right direction of starting your own business.
Some things that you read might be helpful, some might be confusing, and some might be useless.
But what advice and what guidance do you follow.
As Ontario is one of the most popular provinces in Canada, it does give small business owners lots of potentials to succeed. It is a rich province both financially speaking and in resources. The main resource is its population. So knowing how to take advantage is the key to your success.
Here are the 5 tips for starting your own small business in Ontario.
Tip #1 Pre plan your business.
If you already decided that you wanna start a business, your first step should be to pre-plan your small.
Make sure you actually do this and start by creating a business plan.
The best advice anybody can give you when starting your own small business is to first start with the proper business plan.
Your business plan, if done right will outline your business model and explain how the business will operate before you even get a chance to launch.
A business plan is actually a blueprint to your success. Once your plan is completed correctly it will outline all the necessary details that you will need to grow and to succeed. It will be a road map to follow each step on the way.
While business plans can be quite expensive to get professionally completed, you have a number of ways around it.
You can create your own business plan from scratch, or use tools and templates that are available to get this done.
You can also use the business plan builder tool available through Ontario Startups as part of our platform which will also allow you to get your business plan completed and reviewed by a professional expert to ensure that your plan is up to par with what is expected.
Tip #2 Figure out how much you have to start with
Starting a business with no money is never a good idea. While it can be done it does make your start a process a lot more difficult.
Think about it, everything costs money.
Your website, Your business cards, Is your inventory, supplies, marketing…. Everything comes with a cost
So, while you can go through the business with spending very minimal amounts of money, Everything that you don’t spend money on that would be required, will delay the process.
Figuring out how much you have available will help you achieve your success a lot faster.
The amount of capital that you’re starting with will determine what you can and can’t spend on, what tools and resources you might be able to use to speed up the process, and how far you can go with your own expenses.
If you don’t have any funds of your own, borrowing from family, friends, business partners, or even using your credit cards or personal loans can sometimes help kickstart the business.
If you borrow money, be sure to borrow smart.
Tip #3 Determine your start up costs
If you have completed your business plan from step one, the startup cost process will be easy to determine.
Your startup costs determine the outcome of your business initially.
Do you have the capital that you need to successfully lunch, or do you need to cut back?
Remember that you have 2 types of expenses. The expenses that “would be nice to have” and the ones that you consider as “must-haves”.
Your top priority will be the crucial expenses that you can’t move forward without.
These expenses are initially your startup costs. It is often the one-time costs to help you set up, purchase the needed tools and equipment, get your website created, invest in the initial inventory if needed, cover your initial rent, and so on.
From there you have your ongoing expenses. The expenses may be monthly or at the very least annually covered, which are a must in order to operate successfully.
Things like paying your rent, your phone bill, internet, utilities, your wages, staffs wages, and so on.
Determining your startup costs and operating expenses will help you in the long run.
Tip #4 Find government funding
If you have taken some time to determine your startup costs and have completed this step, tip #4 will be the next step in the process.
The Ontario government along with various local governments and the federal government have numerous government funding programs to help small business owners across Ontario.
What this means for you is that you might be eligible for funding to cover some of your small business expenses.
The funding comes in the form of government grants, government loans, tax breaks, and credits. They are all ultimately created to help you succeed.
To find available government funding programs for your Ontario small business consider working with an expert at Ontario Startups, and utilizing the funding database which currently contains over 1500 different government funding programs.
Tip #5 working with an expert
While not everybody can afford to work with a business expert or mentor, if you can manage it, it’s very much recommended.
Experts and mentors who have gone through the startup process in Ontario are much more likely to have the needed guidance is supported to provide you so you can succeed with avoiding the common pitfalls.
As the web is full of guidance and support, knowing what to listen to and what guidance to follow is a bit tricky. So following a local expert or somebody who understands business in Ontario and across Canada. This will be your best bet for success.
Experts at Ontario Startups have years of experience, in starting, funding, and launching small businesses across Ontario.
As part of the small business start up platform that Ontario Startups provides its members, expert guidance, and the step-by-step handholding is provided to all members.
Registered today to benefit from the step-by-step guidance.
The above are the 5 tips that help you start your small business and Ontario. Remember that your business plan is the key. Once you have your business plan, it will determine your costs, will help you find 3rd party funding such as that from the government of Ontario, and will help you get on track with a successful launch of your business.