Starting a Business in BC and the Importance of a Business Plan
Are you thinking about starting your own business in BC? There is important steps you need to know before starting a new company, so you can turn your business ideas into a reality that will actually succeed. The idea of being your own boss is appealing to many people. It can definitely be very rewarding, but there is also challenges along the way. Based on Key Small Business Statistics, business failure statistics show that:
- 96 percent of small businesses (1–99 employees) that enter the marketplace survive for one full year
- 85 percent survive for three years
- 70 percent survive for five years
- Approximately 7000 businesses go bankrupt every year in Canada.
Whether you are planning to start your own business or have just established a new company, having a business plan is an effective tool for managing and growing your business. First step is to do your research and get informed. It is also a good idea to get professional help.
Starting a Business in BC
Before starting a business in BC, it’s important to understand the basics of running your own company and to know if being an entrepreneur is the right choice for you. Do some research and talk to other business owners to learn more about the pros and cons of having your own company.
Conduct a market search and check if your business idea is feasible. Check if there is a market for it and how competitors are doing. There is also the legal part of it; Select what kind of business structure is most appropriate for your company: sole proprietorship, partnership or incorporation. After choosing a name you will have to make a name request, register your business and get a business licence number. Make sure you have all the permits and licences required for the type of business you are starting.
Once you have all the bureaucratic and the basics done, it´s time to start writing and organizing all your business ideas into a business plan.
What is a business plan? What do I include in it?
The main purpose when writing a business plan is to define what your business is, what it is providing and where it plans to go moving forward. It helps business owners to set goals, make decisions, identify weakness, communicate ideas with stakeholders and to focus on strategies to make the ideas succeed. A business plan basically summarizes and describes what you are doing, it sets goals and explains the steps you are going to take in order to achieve them.
If you would like to learn how to determine the topics you need to address in your business plan, as well as identify the gaps in your plan and what you need to improve, come join us on our next LCPN Networking event and learn the fundamentals of starting a business and the importance of having a business plan. Our guest speaker, Laura Aveledo, from Small Business BC, has worked for a broad range of business from international corporations to financial services and not-for-profits. She has advised over 300 entrepreneurs from varied industry backgrounds and has been an instructor in Entrepreneurship, Marketing and Management.
Best of all, a Delicious Breakfast is provided with your ticket purchase.
Register now as seats are limited: https://www.latincouver.ca/events/lcpn-networking-breakfast-october-17-2018/