List of essential steps to start your business

Starting a business requires time, money and a lot of organization. 6DT presents this list of essential steps to get started, which will be greatly useful to you in carrying out your project.

• Conduct an in-depth study of the market and demand.
• Evaluate your strengths and weaknesses as an entrepreneur (see our blog Becoming an entrepreneur ). Also, InfoEntrepreneurs offers 4 tests and tools ( Are you made to be an entrepreneur? ).
• Perform an analysis of strengths and weaknesses (your internal environment) and opportunities and threats (your external environment), commonly called a SWOT (or SWOT) analysis.
• Following the previous analysis, is there a potential niche in the market? Which?
• Determine your competitive advantage!! What will set you apart from your competitors in the market identified above?
• Do not hesitate to discuss your project with those around you, in order to validate your ideas.
• Find a mentor through Réseau M or Sage Business Mentoring in Quebec City.
• Set goals in terms of business project and also personal goals.

Set the table

• Determine the legal structure of your business (sole proprietorship, general partnership, inc., co-op, NPO).
• Choose a business name that is easy to remember and can describe your products and services (or find a suitable slogan).
• Reserve your web domain name.
• Estimate start-up costs (set aside six months' worth of salary to cover personal expenses).
• Assess key financial risks.
• Research grants and potential financial assistance available for your business or as a self-employed person.
• List the permits and licenses to obtain.
• Choose your business location.
• Target and connect with your first customers (the sooner you have customers, the better your chances of success).
• Design a business plan and a marketing plan, even if it is only sketchy
• Register for GST and QST files (if applicable).

Business relationships to establish

• Choose a business lawyer. This will help you register the business name and legally incorporate your company with the authorities (the initial costs may seem high, but you will not regret using their services the day you sell your business).
• Starting a business requires the services of an accountant (preferably a CPA) and a bookkeeping specialist like QBO Experts .
• Select a banker and open a bank account for your business; set up a line of credit if necessary.

Business Management

• Recruit your staff.
• Know your obligations as an employer.
• Sign the lease, if applicable.
• Establish the list of potential suppliers.
• Stock up on various supplies.
• Join a professional organization.
• Prepare a press release to announce your opening.

Sales and marketing materials

• Prepare sales and electronic marketing materials (website, blog, corporate video, case studies, how-to guides, photos, white papers, etc.).
• Prepare paper sales and marketing materials (brochures, catalogs, mass mailing letters, postcards, flyers, company presentations, sales sheets, technical sheets, business cards, testimonials, etc.).
• Create company email accounts.
• Target social networks relevant to communicating your brand and your products and services.

Miscellaneous software

There are several software programs on the market designed to facilitate the daily management of your business. The following software, which we have tested in several respects, may be very useful to you:

• Quickbooks online – for your business accounting. Other software like Freshbook, ZohoBooks and Wave are also easy to use, but are only available in English.
• Budgeto , a very easy to use financial forecasting software.
• Business-in-a-Box , a complete library of business and legal documents that will make your daily life easier.
• Canva, inexpensive software for designing your visual materials and presentations.
• You will need antivirus, which is essential to protect your data and your business.
• Web hosting service. Several providers offer tools that allow you to create a basic website as well.
• Online shopping software integrated into your website.
• Online payment software (Stripe, PayPal or Square) or POS system.
• Customer relationship management (CRM) tool.
• Online backup system to protect digital data on your devices.

About the author

Christiane Constantineau has a DESS in corporate finance as well as an MBA for executives. She has more than 30 years of experience in financial strategy, both in Canada and abroad, and has participated in the financing and start-ups of several companies.