Starting a small business in Canada is a dream many Canadians have. Becoming an entrepreneur, having the ability to be your own boss, make your own hours, determine your own income, it all just sounds so glamorous. Having enough small business funding is the only thing that stands in the way most of the time.

To start a small business in Canada and actually be successful with it, there are certain things you need to do, such as;

• Come up with a business idea that makes sense
• Create a business plan
• Find the money to use towards your business
• Dedicate time

While it all sounds simple, it is and it isn’t. Starting a small business is a hectic time, you as the business owner have to wear different hats, you have to be involved in all of the decision making and not to mention you have to do the above mentioned points.

The Business Idea

Most of the time, the business idea is the simplest one of them all.

If you’re an entrepreneurial spirit you sort of see through a different set of eyes unlike most people, you see the potential in a lot.

Going for a business idea is often determined by ones experience, knowledge and interest in a specific field or industry.

Those who end up being successful in starting a small business in Canada often end up building a business similar to what they already know and are interested in. Something learned in school, from a place of employment, maybe a hobby..etc

Last thing you want to do is try to start a brand new business with no experience or knowledge in the field.

Creating a Business Plan

Once your business idea is determined, the next step is to write your business plan. While writing a business plan is sometimes a very scary thing to think about, it can be done fairly easily, and you always have some options.

You can write your own which takes time, some experience and you sort of have to know how to write it. This is extremely hard but doable.

Pay a professional to do it. This is the easiest option, but it does cost anywhere between $1,500 to $5,000 depending on the industry and the type of business or it’s complexity.

Alternatively you can try tools such as the Business Plan Builder Tool offered by CanadaStartups.org which has been rated as the #1 user friendly business plan builder. With step by step guidance, available experts to guide and review your business plan, this often is the best bet.

A business plan is necessary and a critical piece to any successful small business in Canada. With a business plan, you’re opening doors to the next point — the small business funding search.

Small Business Funding

To start a business, it costs money. While your business plan will help you determine your small business startup costs, it’s important to be able to afford to invest money into your business to ensure your success.

The Canadian government has many small business funding programs available for entrepreneurs. As the government support entrepreneurship, it’s created hundreds of different programs such as grants, loans and tax breaks which work in the favor of the small business owners.

To get small business funding from the Canadian government you do have to find the programs which you may be eligible for and apply to them while ensuring your business plan shows your funding needs and of course the program you’re applying to has to have the ability to cover the needs you must have covered.

When applying for funding be sure to include your business plan; ensure you meet the criteria of the funding agency and the requirements set forth, and apply on time.

If you need help searching the available government funding programs, the Funding Database is a great tool which lists all potential funding programs offered by the various governments of Canada which you may be eligible for.