Check out these pointers on starting your business
Starting a Black Owned Business in Canada
Starting a business is exciting and can be extremely rewarding. But running a business is difficult and takes preparation and planning.
Approximately seven thousand businesses go bankrupt every year in Canada. Forty-two percent of new businesses fail with in the first five years. Although it is difficult it is still doable and necessary for the advancement and development of the Canadian Black economy. So take a look at this road map I’ve put together to get an idea of what it takes and let’s get started on starting your first Black owned business.
Conduct market research
- Identify who your potential customers are.
- Identify your potential customers’ buying habits.
- Determine how large your target market is.
- Find out how much your customers are willing to pay.
- Identify your competition.
- Research your competitors’ strengths and weaknesses.
Write your business plan
There are tons of free online tools you can use to create your business plan but it should definitely contain the following:
- Your company name and a description of your business
- A market analysis
- An explanation of what makes you stand out from the competition
- Your marketing plan
- Your business structure: sole proprietorship, partnership, corporation etc.
- An analysis of your financial and equipment needs
- Your key financial data
Fund your business
There are several ways to fund your new business, here are just a few:
- Personal investment
- Money from family and friends
- Venture capital
- Angel investors
- Business incubators
- Government grants and subsidies (If your business is Black owned, there is a funding program available specifically for you in Canada).
- Bank Loans
Create a social media presence
We all know that the more followers you have on social media the better. But it’s important to go for quality and not quantity. You should be trying to form relationships and not chase likes. It’s better to have 1000 loyal followers who engage with you regularly than to have 10000 who don’t engage.
Conclusion
CanadianBlackBusiness.com is an online directory which highlights Black owned business in Canada. It is a great way to get your business in front of thousands of people and potential customers. Sign up for free and create a business listing. It’s better than Kijiji or Craigslist. You can upload your pictures, logo, opening hours and all the important information that your future customers need to know about your business. See you there.
