Starting a business can be an exciting time for entrepreneurs, however, it\u2019s definitely a rollercoaster ride. Navigating the waters of starting a new business can have you being pulled in multiple directions and it can be hard to know which way to go.<\/p>\n
At Futurpreneur Canada we have people approaching us at all different stages of starting their business with different questions around getting started. That\u2019s why we decided to compile a list of some of the most frequently asked questions and have some of our Futurpreneur-supported entrepreneurs give you the answers. After all, they\u2019ve been in your shoes at one point too.<\/p>\n
Entrepreneurship is about solving problems and social entrepreneurship is about solving problems for both customers and for the community and planet. When we started Zero Waste Market, we knew we had a great social proposition for addressing food waste, plastic pollution, and community engagement. However what customer<\/em> problems were we solving?<\/p>\n Rather than jumping into hypothetical questions (\u201cWould<\/u> you buy my idea?), we asked questions about specific past behaviour, keeping our ears peeled for any pain points. In our case, they might sound like this:<\/p>\n After we understood their pain points, we\u2019d offer our specific idea and ask for feedback, listening for what they love and don\u2019t love:<\/p>\n Once we initially validated our idea, our biggest lesson was don\u2019t stop<\/u><\/em>. Each time we found a further customer program, we\u2019d dig into it with whys, and ask them to help us imagine a solution:<\/p>\n Through our pop-up model, we talked to 100-200 customers per day; we listened not only to what their pain points were with other stores, but what their pain points are with us<\/u> to keep on discovering what customer problems we can solve next.<\/p>\n – Brianne Miller, <\/strong>Zero Waste Market<\/strong><\/a><\/p>\n One of the earliest decisions that entrepreneurs must make is to partner or not to partner. The first decision you will make is whether to establish a partnership or incorporate the business. Incorporating the business will be a larger investment initially, however your partner and yourself will be protected legally and give you the benefit of a lower tax bracket. Should you decide to incorporate, consult with a lawyer that will help you incorporate the company and create a shareholder agreement.<\/p>\n If you have made the decision to partner with one or more individuals, it is important to discuss the following prior to launching the business:<\/p>\n Prior to making your decision, do your due diligence on each other and assess whether you will clash or complement each other. Everyone is bound to clash at some point, but when your values are aligned and you are both aligned to reach the same vision, a partnership can fuel that growth exponentially.<\/p>\n Read more on whether or not you should partner in this full blog post by Barry <\/em>here. <\/em><\/a>\u00a0<\/em><\/p>\n – Barry Hartman, Co-Founder and CEO, <\/strong>505-Junk<\/strong><\/a><\/p>\n Like many other major life decisions, there is no perfect time to launch your business. However, that shouldn\u2019t stop you from buckling down and getting started.<\/p>\n My strongest suggestion for anyone working toward launching a business is to learn and understand as much about absolutely every aspect of their future business as possible. Network and talk to as many of your potential customers as you can. Use networking events as practice to become comfortable talking about your business. People will ask the tough questions you never thought to ask. View each of these questions as a learning experience – the more questions you are asked, the more knowledgeable you will become.<\/p>\n Once you have proven that your business idea is one that solves a problem or fills a gap in the market, write a business plan. Yes, write a complete business plan.<\/a> This will seem tedious and unnecessary at times, but it will push you to dig deeper into market research and will ensure you really know what you\u2019re getting into. If your business isn\u2019t a viable one, it\u2019s better to find that out when writing your business plan than after you\u2019ve spent all of your savings and a year of sweat equity. There are many great resources our there to help you through this process.<\/p>\n Secure financing<\/a> if necessary. Don\u2019t worry if you can\u2019t get 100% of what\u2019s needed at the beginning \u2014 once you\u2019ve started, access to other funds will inevitably arise.<\/p>\n Depending on the type of business you\u2019re planning on running, there may be other factors like finding the perfect location and securing insurance. But if you\u2019ve got a great idea, a solid plan and the funds to get you started, it\u2019s time to start your business.<\/p>\n – Joy Hillier, President and Founder, Midgard Farms<\/a> <\/strong><\/p>\n From the very beginning stages of launching my own business, I was, like any entrepreneur, confronted with the following question: How do I determine what the best financing options are for launching my business?<\/p>\n The first thing to do, when determining the type of financing you need to launch, is to create a business plan.<\/a> This breaks down all the start-up and potential costs for your business, all while aligning with developmental objectives. Because of my business plan, I was able to answer the questions of what the money would be used for, how much I needed and when I needed it.<\/p>\n It\u2019s always a good idea to get some help and guidance when you are researching different options for financing. There are various different<\/a> organizations that support entrepreneurs by providing advice from people who were in the same shoes. In my case, I turned to my mentor<\/a> to help me determine what the best financing options were for my business and objectives.<\/p>\n To answer all the needs for my business, I opted to take on a few different financing options, while combining them to meet my specific objectives. These options consisted of a personal investment, financing from Futurpreneur Canada and a line of credit at my personal banking institution. This gave me the flexibility I needed to meet those beginning objectives. With every step, new project or expansion in my business, I have to re-evaluate what the best course of action for financing is to meet these new goals.<\/p>\n\n
\n
\n
If the business is a partnership, what types of issues should I be discussing with my partner before launching the venture?<\/strong><\/h3>\n
\n
When should I launch my business?<\/strong><\/h3>\n
How do I determine what financing options are best for me? <\/strong><\/h3>\n