Table of contents
What is a business plan?
Securing financing
Choosing a business structure
Choosing a business name
Choosing a location
What is a business plan?
A business plan is a written document that describes your business objectives and strategies, your financial forecasts and the market you are targeting. It will help you set realistic and timely goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will help you focus on how to operate your new business and give it the best chance for success.
Securing financial assistance to start your new business is directly related to the strength of your business plan. To be considered for funding from financial institutions or investors, you must demonstrate that you understand every aspect of your business, and its ability to generate profit.
A business plan is more than just a document that you present to lenders and investors; it also helps you plan for the growth and progress of your business. Proper planning can help your business succeed.
Read online:
Business plan guide
Securing financing
Grants, contributions, subsidies and loan guarantees are available from various government sources. Use Government of Canada’s online search tool to look for programs and services that may apply to your business.
Search online:
Business Benefits Finder
Choosing a business structure
When starting your business, choose the business structure that best suits your needs. The three most common business structures are:
- Sole proprietorship
- General partnership
- Incorporation
To learn more about different forms of business organization, read the following:
Business structure: Which one is right for you?
Choosing a business name
Before registering your business, you should decide what you want your business name to be. The right name can be an effective advertising tool that can help your customers understand what your business does and which market you are targeting.
Some points to consider when naming your business:
- Short names are easier to remember
- Descriptive names can help people understand what your company sells
- Professional names can fit the image you want to project
- Unique names ensure that the name is not already in use
Your business name is an important part of your business identity. Choose a name that will fit your needs and suit your business image.
Read online:
Choosing a business name
Choosing a location
For most businesses, choosing an appropriate location is critical, and the address is often needed for registrations, licences and permits. Your ideal location will depend on your business needs, zoning restrictions and where your customers and competitors are. Taxes, noise and the local business environment are also important factors to consider when reviewing your options.
If you are considering setting up your business in your home, make sure you know what regulations and restrictions will apply to your home-based business before you start.
Read online:
How to choose the right location for your business