Growing a Business in Canada
It is said that eighty per cent of businesses fail in the first five years
Published by Zoom Start-ups on 17th June, 2021
Do you have a business idea and want to realize your dream of owning your own business? Or do you have a fairly successful small business and you want to expand past the initial or ‘start-up’ phase.
Make sure you register your business. Knowing how to promote and grow on this initial concept will require some groundwork on your part as you want your growing trade to succeed and become more profitable.
Assess your current situation, outline a plan and do your research. You should consider if your current business plan can sustain your goals and strategies to fast track the expansion of your company. Research will become a key component in this puzzle.
You must deliberate the direction you desire to take to grow your business by identifying and addressing any potential or risk factors. This will help develop and guide your growth accomplishments.
Consideration must be given to employment of additional employees or purchasing of manufacturing equipment, depending on your type of business. If you decide to hire employees, you may want to have a qualified legal expert advise you on the current minimum wage, workers’ rights, and any other pertinent information beforehand. You may also want to look at wage subsidies and tax credits for employers.
What type of resources would you need? Would you need or want investors? What does my competition look like? Can you afford to take a loan? Are you entitled to any subsidies, government grants or loan guarantees?
Safeguard and protect your brand while ensuring you do not infringe on the constitutional rights of your rivals. A qualified professional can provide knowledge and expertise on your rights when operating your business efficiently.
Marketing your product is essential to the growth of your business. You have to understand who your customers and how to service their needs and wants. Keep up to date with current business trends including consumer demographics. How much individuals in each sector, including teenagers, spend on products similar in nature to yours.
You may want to consider other marketing approaches such as flyers or brochures, radio, TV and newspaper ads. Social media is an excellent source of advertising depending on the market you want to capture. Creating a blog will generate and push a lot of sales in your direction.
There are rules and regulations when advertising, promoting or marketing your product for the general public. The information must be clearly stated on your packaging so that customers can make informed decisions. The law does not encourage any misleading or false representation. Our legal experts can help you understand what is required.
E-commerce whether domestically or internationally is a great way to grow sales and increase your customer base. Observe Canada’s regulations before you attempt to export anything. Bear in mind that every country has strict laws governed by customs and excise which must be adhered to.
Tags:Business In Canada, StartUps in Canada