On behalf of the banking industry, the Canadian Bankers Association has embarked on a program called Building a Better Understanding. This is our commitment to try and communicate better and to provide useful financial information to Canadians.

Introduction:

It’s an exciting time to start a new business in Canada. As our economy evolves and society changes, new markets and opportunities open up every day. At the same time, there has never been so many resources to help get your business off the ground.

Everyone has a different reason for starting a business, but one fact remains the same – creating and running a successful enterprise is hard work. Perhaps you’re in school, just finishing your studies, well into a professional career or looking to re-enter the workforce.

Before striking out on your own, one thing is clear, there’s a lot to consider. Published by the Canadian Bankers Association, Getting Started in Small Business will give you an idea of what’s involved in the planning and preparation stage.

The booklet offers information on:

• things you should consider from a personal perspective
• understanding your market and the importance of planning a marketing strategy
• the value of a business plan
• sources and types of financing for a new business
• what you’ll need to get your business up and running

Throughout you’ll find checklists and tips, and a glossary of terms.

Keep in mind that this piece is not the final word on starting a new business. There are books, courses, and web sites devoted to this subject, and these should be explored. Talk to entrepreneurs who can give you personal insights into the dynamic world of small business. At the back of the booklet, we have provided a listing of some helpful resources – from financial institutions and government agencies to associations – to help get you started.

Consider this a first step in the process of building a new business. We want to get you thinking and asking yourself some basic questions. But most of all, we want to point you in the right direction. Good luck with your business idea.

Download Getting Started in Small Business

PDF format, 847KB, 32Pages. Published by Canadian Bankers Association.

Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Planning for a Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Know Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Finding a Business That’s Right For You . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Know Your Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Planning Your Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Setting Up Your Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Which Structure is For You? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
How Will You Operate? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Your Roadmap: The Business Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
The Money You’ll Need . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Debt Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Equity Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Maintaining A Healthy Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
You Are Not Alone - Information Sources . . . . . . . . . . . . . . . . . . . . . . . . 22
Glossary of Terms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

About Canadian Bankers Association:

The Canadian Bankers Association, established in 1891, is a professional industry association that provides its members – the chartered banks of Canada – with information, research and operational support, and contributes to the development of public policy on issues that affect financial services.

The CBA also provides information to the public on industry and financial issues.

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