You likely have countless questions about owning your own business but are you wondering where to start looking for the answers? You aren't alone. In this section, you will find answers to some of our most frequently asked questions.
There are several steps to starting a business, beginning with identifying a business idea and conducting market research to see if your idea is feasible. There are 10 basic stages in the life of your business.
Ten Stages in the Life of Your Business
Successful entrepreneurs often attribute their success to the fact that they are doing something they are passionate about.
Identify a Business Idea
A business plan outlines your ideas for your business â€“ what you want to do and how you are going to do it. It doesn't have to be a long, technical document, but rather a concise report that organizes all the information you have gathered that shows how your idea will work.
Business Plan Primer
Write a Business Plan
Market research is a key ingredient in successful businesses. You can begin to determine if your business idea can be profitable by gathering information about the market, potential customers and your competition. It is conducted before you start your business; when you are considering launching a new product or service; or when you are trying to maintain your existing business.
Conduct Market Research
WEC loans can be used to cover a variety of business costs, some of which may not be covered by other lending institutions, eg. inventory.
Every loan application is evaluated on its own merit. However, there are some conditions that must be met in order for the application to be considered.
Some entrepreneurs may be eligible for grants or specialized loan programs.
There are several specialized business resources in Manitoba, including Conseil de développement économique des municipalités bilingues du Manitoba (CDEM) and the Independent Living Resource Centre.
There are advantages and disadvantages of purchasing an existing business. It is recommended that you complete a business plan to evaluate the opportunity as you would for any other business.
Business Advisors at the Women's Enterprise Centre can be relied upon to provide confidential, professional and free services for women throughout Manitoba.
Our goal is to help fill the experience gap that faces many women. Over the years, WEC has developed a seminar series specifically addressing the unique needs of women. These interactive sessions provide information that you can immediately apply to your business.
There are advantages and disadvantages for every type of business structure.
Business insurance is one way to manage the risk of operating a business. There are several different types of insurance that may be relevant for your business.
The type of business and its location will determine the type of license(s) you will need.
Good employees are a key component of a successful business. Therefore it is important to follow certain procedures when adding new or replacing existing staff.
Regardless of the type of relationship you have with your business partner, it is advisable to have a partnership agreement.
There are few entrepreneurs who are good at every one of the three critical areas of business: technical management (producing the product or service), marketing and financial management. It is therefore important to retain professionals who are good at the areas where you are not.
19. What do I need to know about corporate image, business cards and marketing materials?
Your corporate image helps to determine your position in the marketplace.
It is advisable to consult with a lawyer. The Canadian Intellectual Property Office is also a source of valuable information.