Starting up a new Business? Here is my advice

The essentials for any new business start up would be in my opinion: A Business Plan which you can find at The Business Development Bank of Canada’s site BDC, Business Bank Account from the best business bank in Canada RBC, Incorporation number that you should register with CRA via their website at canada.ca, Trade Name registration which is done to protect your name in Canada NUANS Search, Shareholder agreement if more than one founder, HST registration for business number once you get to over $30K in sales, creating brand with mission statement, website with Word Press and Go Daddy, email address via Google Business, Google Analytics for Search, Google Search Console for SEO, Mail Chimp for Email Marketing, LinkedIn for Networking, Google My Business Page for Reviews and Map, phone number, business address and a great accountant.

Once you get the basics completed and start to make sales, you will need to understand how to operate the business. Questions you can ask yourself could relate to, what is my gross margin? Do I hire staff or contract the work out? Do I need a line of credit or loan? Should I buy my office or manufacturing facility?

My strong advice is find a mentor or community you can learn from. I would not pay for advice, as the best learning is by doing and making mistakes. You need to learn from your experiences and adjust your business to eliminate your weak spots.

The best industries that large gross margins are Real Estate Services, Transportation and Logistics, Storage Locations, Field and Sport Centre Rentals, and Waste Management and Remediation. By picking an industry and already has large margins you can stay one step ahead. I would then find a niche in the industry of your choice. By owning a niche you can focus the lower your competition. You can target keywords and own them.

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