3 things to keep in mind when starting your own business

From News Canada

Whether it’s a small restaurant, an ethnic clothing store or a hardware store, many newcomers dream of starting their own small business. But there are many important things to consider before you dive in.

Here are the top three:

Finances. You’ll need money to start your business, so it’s important to think about how much of it you’ll need and where it might come from. This can take a long time, so don’t wait to think about it, even if you’ve only just had your idea.

Customers. It’s understandable to be excited about the product or service your business will provide, but never lose sight of the customer. Who are they and why are they your customer? What problem is your business solving for them? Being their solution, more than any nifty item or idea, will bring customers to your door.

Location. It’s important to consider where you should grow your business early on in the process since it can play a major role in determining your success. You want to be sure the local residents can afford your handmade jewellery or that there aren’t four other competing cafés nearby.

Reaching helpful conclusions on these points is easier when you do your research.

Try using Statistics Canada’s Census Profile tool to get a snapshot of an area.

With the simple search tool, you can see the average age, family size, marital status, official languages and median income of the area broken down in detail.

It can help you offer the right products or services for a specific community, give you clues for advertising and sales techniques and indicate how much financing you might need to open in a given area.

More information at statcan.gc.ca/census