Do you have clear and measurable goals?
The first thing to figure out is what your company can contribute to the marketplace and how you might generate revenue from your offering. This is where your business model and business plan come in. They’ll help you determine whether your idea has potential by establishing what you need to succeed and highlighting potential weaknesses before they become liabilities.
Next, you’ll want to determine your short-, medium- and long-term goals. Doing this will help you remain focused, allow you to keep track of your progress and compel you to modify your strategies as required. Once you’ve determined your project’s purpose and objectives, you need to identify your clientele, the key resources you’ll be working with – including employees, facilities and physical materials – and how you’ll generate and maintain revenue. These are the big-picture details that an investor, a loved one, a government body or a bank will want to review before committing to your business in the form of an investment, a monetary gift, a subsidy or a loan.
Do you understand consumer behaviour?
As you’re building your business plan, make sure you conduct a thorough analysis of the market and its clientele. A number of variables have disrupted the Canadian commercial landscape in recent years. More consumers are shopping online than ever before, making a digital presence a non-negotiable for companies. Additionally, there’s a growing interest in buying locally and supporting sustainable and ethical business practices. If you’ve done your research and are plugged into consumer trends, you’ll be better able to ensure that your business offers products and services that people are looking for.
Have you identified a unique opportunity in the market?
Each generation has its boom sectors. Pinpointing current growth industries – such as tech, healthcare or e-commerce, for example – is just the first step. Finding a niche within those sectors, then figuring out how to meet consumer needs, is key. At the same time, if there’s a gap in the market, it’s likely that at least one other person has noticed it. Some competition is healthy, but too much makes it harder to stand out.
Some questions to ask yourself to address potential obstacles:
- Does the need I’m trying to address have a one-time fix or will it persist?
- Is my solution a stop-gap measure or one that can adapt to the demands of a changing market?
Learn more
It’s
always best to make sure you have all the necessary information
before you get started. Use these resources to dig deeper into
financing, legal requirements and more:
→
How to Start a Business in Canada: Complete Guide for
Entrepreneurs
→
11 Elements Essential to a Business Plan
Can you handle an economic slowdown?
Before you set up your business, it’s crucial to consider the possible repercussions of an economic slowdown. If interest rates skyrocket, for example, how would that affect your business? The ways in which you handle these questions and work to identify the tools and tactics that could help you weather financial hardship – including government subsidies, personal savings and smart, safe investments – play an important role in your business’s viability. The more prepared and confident you are, the more your investors will trust that you can withstand the uncertainties of the market. And rather than worrying about what-if disaster scenarios, you’ll be able to focus on what’s in front of you.
It’s equally important to remember, however, that you don’t control the market. All you can do is build a business that’s as resilient as possible. Uncertainty and fear of failure are inescapable in entrepreneurship and carry their own valuable lessons. Remembering what set you on this road in the first place – a desire to build something meaningful, pride in your vision and a sense of ambition – will help propel you forward through the more challenging moments.
Do you have a safety net?
Periods of economic uncertainty evolve very quickly. This makes them difficult to predict, regardless of how much preparation you’ve done and the contingency plans you’ve put in place. Creating a safety net, however, will help stack the odds in your favour. This can include setting aside emergency savings, having an income stream that isn’t tied to your business, such as part-time work or freelancing, and capping the number of recurring financial commitments, at least initially. Launching a business always carries an element of risk, no matter when, where or how you start out. Simply put: there’s no guaranteed perfect time to take the leap. But if you’ve done everything you can to set yourself up for success and are excited to embark on a new challenge, the moment may just be now.
Do you feel ready to start a business? If you’d like to discuss your ideas and benefit from our advice, we’re here to help.