Written by: Gwyneth James MBA CPA, CGA, Senior Partner
You have an idea, a talent, an itch to be an entrepreneur. How do you make it a reality? There are many books written on the subject and your friends have lots of opinions, but where you really should start is with a free meeting with an expert. There are three main options in Peterborough:
- The Business Advisory Centre at the offices of Peterborough Economic Development (210 Wolfe Street) has free advice on starting a small business and they frequently have free sessions with local professionals.
- The Peterborough Community Futures Development Corporation (351 Charlotte Street) also provides free advice with the added benefit of offering small loans and grants to successful applicants.
- The Greater Peterborough Innovation Cluster (270 George Street) has Entrepreneurship & Small Business Programs and mentorship from local business leaders.
In addition, both the provincial and federal levels of government have websites dedicated to the subject which are packed full of information. A quick Google search using “starting a business in Ontario” will get you started.
You need to do research and you need a plan. Specifically, you need to research how your idea would stack up in the marketplace – these are known as the 4 Ps: pricing, product definition, promotion strategies, and place (where to sell). Once you have that information and have made your sales projections you need to find out all the potential costs and do a financial plan showing the cash flows.
It’s easy to come up with business ideas, but not as easy to actually launch and build a profitable business. Many start-up businesses fail in the first few years so make sure you do your homework!
Schedule your free 30-minute consultation today for more advice!