Updated: Nov 18, 2021
Nothing beats being your own boss and bringing your vision to life with a robust business. This is why start-ups are booming. But how do you get started? Not to worry—here is a start-up checklist to start your business right away.
Conduct Market Research
The first step is to understand the market—you must figure out if there’s an opportunity for your idea to turn into a successful business. With market research, you can find potential customers and competitors in your area. You can use this research to prepare a business plan that gives you a competitive advantage in your industry.
Prepare a Business Plan
The next step is to prepare a business plan—the foundation to start your business. The business plan acts as a roadmap of how your business will be structured, run, and grow in the coming years. It is also useful to convince investors on why your company is an intelligent choice.
Fund your Business
Starting a business is not cheap, and sometimes, you need to look for investors. So, the next step is to figure out how much money you will need to start your business and if you need to look for investors or loans.
Pick a Business Location
Many start-up checklists don’t include this, but this step is crucial. Location is one of the most important aspects of starting a business and you need to ensure you pick the right one. Whether you set up a brick and mortar business or an online business, you must ensure your business is easily accessible to your target customer. You can even use mobility tracking to figure out the best spot for your business.
Prepare a Brand Image
You may have everything figured out, but your brand needs to stand out. Your customers must feel a connection to your brand, and to do so, you need to create a brand identity. Start by choosing a business name that reflects your products and services and captures your spirit. You then need to start working on a brand tone—sassy, serious, or formal—that suits your brand. This tone must be consistent across all channels like your blog, social media, ads, etc.
Register your Business
Now, it’s time to make it legal and trademark your brand. You must register your business, its name, ideas, and products with the government and copyright it so that no one else can steal your ideas. After registering your business, you must get a bank account and then get tax IDs to start paying taxes right away.
Apply for Licenses and Permits
Most businesses in Canada require some forms of licenses and permits to operate. So, to stay legally compliant and sell your products and services without attracting any convictions or fines, you must start applying for the right licenses and permits.
This is the start-up checklist to start your business, and if you do it the right way, you can set the foundation of success for your business. Soon enough, you will have made an impact in the industry and built long-term customer relationships. But that’s not all. There’s a lot more to starting a business, so get in touch with Four Tree Coaching. We can help you pave your way to long-term success. Book a free consultation now.