10 Things You Need to Consider Before Starting a Small Business

Sometimes it seems like there are a million and twelve things to consider when starting a small business. Luckily, there are just as many tools and resources out there to make the process as easy as possible. 

Check out our checklist for starting a business in Ontario for an easy guide to get you started on your business plan, goal setting and business mission and vision. Check off these questions as you solidify your business idea and add to your business plan. 

Starting a Business in Ontario Checklist

Here are 10+ big questions you’ll need to consider when starting a small business in Ontario. Use this list to make notes, or create a document to answer the questions and check them off when you’re done! 

The Who 

1. Who’s on your team? Will you need multiple employees? How and when will you hire them?

2. Why are you the person who can make this business great? Write a list of your qualities and why you’re passionate about this business plan. 

The What

3. What are you selling? Goods, services, or both?

4. Do you need licensing to sell? Research Ontario licensing or qualifications that are required in your industry. For example, you’ll need to register your business with Service Ontario. For more information on legal requirements for business owners, check out this list.

The Where

5. Will you have a storefront, or is your business online?

6. If your business is online, where will you (and your employees) work from? What tools and equipment will your team need to invest in?

The When

7. Consider deadlines and leases (if you have a physical storefront). If you need to apply for licensing, grants, financing, or a lease, factor the wait times (as best you can) into your business plan. You should also leave time to hire employees and onboard them before your opening day. 

The Why

8. Why are you starting your business? 

9. Who are your top local competitors? What does your business offer to the community that no one else can?

The How

10. Where are you getting your financing? Check out our post on grants for small businesses in Ontario for ideas.

I’ve Answered All The Questions on the Checklist — What’s Next?

If you’re done with the checklist, and you have an idea of who, what, when, where, why and how your business will run, check out our post on creating a business plan. You can also get in touch with the Trenval team to book a free consultation with one of our experienced business counsellors

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References

https://www.ontario.ca/page/register-business-name-limited-partnership 

https://settlement.org/ontario/employment/business-and-self-employment/start-a-business/what-do-i-need-to-know-about-licensing-and-regulations-to-start-a-business-in-ontario/ 

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