Thinking about starting your own business in Saskatchewan? That’s great! That’s the first stage in the exciting journey of becoming an entrepreneur. Although starting a business may seem difficult, simply following these six steps will help get you on the right path to becoming your own boss!
1. Finalize your business idea
What is your competitive advantage and what makes your business unique? If you decide to start a new business, you will need to spend some time fine-tuning your idea and model. Make sure you gather information to make sure your idea is worth investing your time and money into.
2. Research, research, research!
Figure out what’s happening in the market, the industry and with your competition. The more information you can gather about the potential demand for your product or service, about your competitors and the needs of potential clients, the more successful you are likely to be. Small businesses use market research insights to help make strategic business decisions.
3. Write a business plan
How will you finance your small business, what will your business structure be and what is your plan for marketing strategy and operations strategy? These are questions that will need to be answered when you write a business plan. Need some help? Contact us for a business plan sample or template to help get you started. You can also attend one of our Business Planning Seminars to learn the ins and outs of creating a business plan.
4. Develop your business skills
This is more of an important tip, rather than a mandatory step, but you should definitely prepare yourself by analyzing market research, attending networking events and taking part in learning opportunities. Understanding the process of starting and maintaining a business in Saskatchewan is very important and something you should invest some time into before opening up your own business.
5. Register your business and apply for applicable licenses and permits
Before opening your business, you will need to pick a name and register your business. You will need to register your business through the ISC Corporate Registry, but only after you conduct a business name search to make sure that name is available. Most small businesses in Canada need licenses and permits in order to function. A good place to start when figuring out which licenses and permits you will need is called BizPal.
6. Launch and market your small business
Once your small business is up and running, you will need to roll out your marketing plan and begin attracting customers. How well you market your business and interact with your customers is entirely up to you and it can impact how successful your business is. Remember, finding new customers is a huge piece of being an entrepreneur.
The hard work has just begun and you’re off to the right start! Square One offers many free services, market research reports and tools for entrepreneurs who are looking to start up a new business or grow their small business. Contact our office or book an appointment online to meet with one of our Business Advisors today!