Before Starting a Business
You want to start your own business, but have you done your homework? Think about what kind of a business you want, and whether you want to partner with someone. Will you buy an existing business, or build one from the ground up? Do you have a sound business idea and data to back it up? Doing proper research and planning will help you get ready to take the plunge.
Being your own boss can be very rewarding, but it is not for everyone. Before you take the first step, take some time to find out if you are well suited to being an entrepreneur, to understand the benefits of entrepreneurship and to learn about your chances of success.
If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.
Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.
Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea.
Discover what market research is and how to create an effective market research campaign. You will also find numerous information resources and statistics that you can use to learn more about your industry, your customers and the markets you serve. This information can ultimately help you to make informed decisions that can maximize the potential of your business.
Starting a business from scratch can be overwhelming for first time entrepreneurs. If you have a great business idea and are ready to work hard to build it from the ground up, then you may wish to start your own business. But if you want to hit the ground running and avoid some of the common start-up pitfalls, then buying an existing business or a successful franchise may be a better option for you.
Start Your Own Business or Buy an Existing Business?
Starting your own business
- Complete freedom to design and manage the business according to your vision.
- Not bound by anyone else's rules, history or assets.
- Opportunity to carve out a new niche in the market.
- Can be less expensive than buying a successful business.
- Can take time to become profitable.
- There is no guarantee of business success and a high rate of failure for new businesses.
- Can be more difficult to get financing because lenders or investors are taking a risk with your idea.
Buying an existing business or franchise
Benefit from the work that has already been done on building a brand, developing customer relationships, developing business processes and acquiring assets.
- Can start bringing in profits more quickly.
- Can be easier to get financing because the business model is proven.
- The upfront investment is often higher than if you were starting your own business.
- The previous owner and/or franchisor's business model and way of doing business may not be a perfect match with what you envision.
Land Use Planning Guide for Businesses
The Ministry of Municipal Affairs & Housing created a publication that provides general information about Official Plans, Zoning By-laws, Site Plan Control, Building Permits, and more. It is a great resource and it can be downloaded online here.
Available Land and Buildings
Huronia is full of opportunities! For places to live, places to work, and places to invest. The Huronia Economic Alliance (HEA) is committed to developing a comprehensive listing of investment opportunities in the communities of Midland, Penetanguishene, Tiny and Tay. Currently planned for 2013 will be the creation of an on-line listing of opportunities for residential, commercial, and industrial investments in vacant lands and available buildings and building spaces.