The Finer Options for the perfect Business You Need

The entrepreneur who slept in you woke up and you are now thinking of starting your business. But is your project mature enough to allow you to make the leap? Take stock with the recommendations of the team of experts at the Info entrepreneurs resource center.

Your product or service

It’s the starting point. You have an idea that materializes in a product or service. This is usually the result of an observed problem (for example, a difficulty in communicating between a store and its customers) to which you propose to provide a solution. The first step is to ask yourself about the added value of your offer compared to what already exists on the market. To do this, you must be familiar with the industry in which you embark and think about building your business model accordingly.

Your clientele

Who would be likely to buy your product or service? To answer this question, it is important to establish the typical profile of the clientele you are targeting. With this search, you can even geolocate it and determine the best location to install your office or business to effectively reach your customers. This research will also allow you to anticipate the reasons why these customers would buy from you and not from your competitors. In the small business forum you will get all the answers

Your business plan

A business plan is essential to turn your ideas and capital into a profitable business. It is a valuable tool that gives you a clear vision of your future: assessment of your financial resources, strengths and weaknesses of your project, opportunities and threats that threaten you (such as the competitive environment, the poor valuation of revenues anticipated or working capital requirements, etc.). It is also this document that you will present to lenders and investors for funding.

If, from one project to another, the structure of the business plan can change, here are the elements that should always be included:

  • Business Strategy
  • Marketing strategy
  • Operational plan
  • Financial forecast
  • Market analysis

To find statistical data, lists of companies as potential customers and information about your competitors, consult our specialists in business information.

The legal form of your company

How to choose the most appropriate legal structure for your project? Some elements will naturally influence your decision, such as starting alone or with associates; costs related to the creation and operation of the company (the corporation is, for example, generally more expensive); risks, financial or business-related; liability, especially in the event of bankruptcy (in a sole proprietorship, you are personally liable for both profits and debts); the complexity of bookkeeping; the tax rate; the protection of the business name; etc.

The various basic records

Business Numbers – You will need to register with government authorities, who will provide you with your business numbers, provincially with the NEQ (Quebec Enterprise Number), and at the federal, with the BN (Business Number) . Why go through these steps?

Permits, Licenses and Regulations – You will have to determine from the start, according to the regulatory requirements related to your industry, which permits or licenses you need. Contact our experts to find out more.

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