You have a great idea for a new business and this is the year you will launch the enterprise. As you make plans, it’s a good idea to draw on the experience of someone like Nicholas Kyriacopoulos, who started with little and built it into something that continues to impact people today. No matter what type of company you have in mind, sound business tips will transcend industry types and provide practical solutions to situations that entrepreneurs face. Take a look at the following, and it won’t take long to see how it will help you.
What it Means to Start a Business in Canada in 2024
If you want to know how to start a business in Canada in 2024, paying attention to the basics is essential. Much of what you will need to do applies just as much now as it did in the past. Here are some basics to get things going.
- Location matters. This is true even if you don’t plan on opening a business that requires a steady flow of traffic into the establishment. Ideally, you need a location that allows you to create an efficient work setting. It doesn’t hurt if it’s also a location where the occasional client would feel comfortable stopping in to talk business.
- Registration is also key to ensuring the business launch goes smoothly. This is true whether you’re a resident or a non-resident. Since the process will vary slightly, find out the details of what must be done.
- Hand in hand with the registration, the incorporation must be handled properly. Research and find out which corporation types are best suited for the type of operation you have in mind.
- Regulations must be uppermost in your mind. Even if the business will be Internet-based, make sure you know what the local, provincial, and national government requires. You can bet that one of the first things Nicholas Kyriacopoulos did before launching his first enterprise was to find out what Montreal required of businesses based in their jurisdiction.
Assessing Your Skill Set
Entrepreneurs tend to fill several roles at the onset of a new business operation. In order to do this, engage in a frank evaluation of the skills you possess. As you do this, keep in mind that some of your talents and abilities may be used in ways that are different from the past.
This is especially important since some of your skills have nothing to do with previous work experience. They were honed in other areas of your life. What happens now is that you take those skills and relate them to what this new business is all about.
For example, Nicholas Kyriacopoulos drew on what he absorbed from growing up in a city with a rich blend of French, British, and European influences on architecture and layouts. While not directly related to any work he had done up to that point, what he knew about style and the physical aspects of construction served him well with that first big venture.
The Business Plan Comes First
Never treat a business plan as an afterthought. It’s not just something to present as you seek financing from an institution or from a group of angel investors; in many ways, that business plan is your road map to achieving the ultimate goal for your business.
As entrepreneurs like Nicholas Kyriacopoulos would emphasize, keep things real as you consider each section and provision within the business plan. This is not the time and place to express hopes for the business. What you do here is define realistic steps that help move the company toward profitability and any other goal that you set. Base your projections on data that’s verifiable and organize it in a way that makes sense to you and to those who might invest. Keeping it real and focused will serve you well, especially during those first few years.
COVID-19: Hurdles You’ll Face and How to Overcome Them
The pandemic has changed the way many businesses operate. Even with vaccines appearing, it will be quite some time before people move about as freely as they did in the past. Since you’re launching the business while COVID-19 is still a major consideration, it’s important to know what to keep in mind.
Do stay abreast of the latest business legislation and how it relates to your operation. Shifts in safety measures and other factors will continue even as the pandemic begins to wind down. Staying in compliance with new legislation is not just practical; it’s also a PR opportunity that can help solidify your image with consumers and with the wider business community.
Proper safety precautions in the workplace is another challenger you must meet. Attracting the best people means doing what must be done to limit risk to them. They’ll be more productive if they’re not distracted by worries about being safe on the job. You’ll also inspire more loyalty since it’s obvious that you care about them.
Value is what brings customers in and keeps them coming back. Your goods or services must meet needs that apply in the here and now. They also need to serve a purpose even as the pandemic becomes a thing of the past. Now is the time to cultivate that need on two fronts – what they provide now and what they will provide in the future.
Your Primary Goal is Constant But Be Flexible in Moving Toward It
In times that seem confused, it’s easy to lost sight of your primary goal. Understand that what you ultimately hope to accomplish does not have to change. How you get there is a more flexible matter.
When Nicholas Kyriacopoulos launched a business with the goal of constructing residential dwellings in underserved areas, factors like securing a property, the makeup of the community, the number of units to include, and other factors influenced how he went about building in a given area. The goal of providing housing remained; it was just that the path varied somewhat from one area to the next. Be flexible enough to tweak the short-term goals that allow you to attain that long-term goal, and you’ll be fine.
Even with everything in place, be prepared to devote a great deal of time and resources to your new business. Remember that being aware of what’s happening around you is just as important as creating an efficient and functioning model that allows the business to deliver on all the promises made to clients. Always feel free to turn to the examples of Nicholas Kyriacopoulos and other success stories when the going gets rough. Doing so increases the odds that you’ll make it through a tough season and emerge stronger than ever.
