Creating a Plan

If you’ve gotten this far and still want to continue, your first step will be to determine what type of business structure you want to go with:

1. Sole Proprietorship
2. General Partnership or 
3. Corporation (either provincial or federal)

The resources below will help you learn the relevant distinctions between these legal frameworks so you can pick the right one for your business.

Although the three business structures outlined above are the most common in BC, franchises and not-for-profits are also potential frameworks to consider.

Continue to explore the viability of your business idea by researching industry trends, identifying local competitors, and figuring out who your customers will be.

How much money will you need upfront to launch your business? What about ongoing expenses? How much of a contingency fund should you set aside in case of unexpected emergency? You can use the Government of Canada | Financial Performance Data tool to start estimating the costs associated with your business venture.

Once you have a better idea of how much money you’ll require, where is it going to come from? There are many different financing options to choose from including government grants and small business bank loans. You don’t need to have all your funds in place right away, but you should at least have an idea of what financing options are available to you.  

Now it’s time to compile all the work you’ve done so far by filling out your business plan. This document will not only guide your process and keep you focused, but can be indispensable when it comes to obtaining grants and loans or attracting investors.