are you ready to start your business?

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Each One, Grow One: Are you ready to start your own business?

Each One, Grow OneAre you ready to start your own business?

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Vancity is a co-operative

Seven co-operative principles:

1. Voluntary and open membership

2. Democratic member control

3. Member economic participation

4. Autonomy and independence

5. Education, training and information

6. Co-operation among co-operatives

7. Concern for community

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Real estate 45%

Manufacturing 41%

Business services 43%

Know success rates and risks

Wholesale trade 44%

Rates of success in BC after five years

Other service 28%

Construction 32%

Logging & forestry 30%

Food & beverage 34%

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Why do you want to start this business?

Are you financially ready?

Can you keep your day job while you’re starting out?

Is this the right fit?

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Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business?

Support from family and friends

Support makes a difference:

Do you have emotional and financial support?

Does your family understand how much time will be devoted to your new business?

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Discover market needs

Understand laws/regulations of your industry

Assess insurance costs

Obtain industry knowledge

Source reliable suppliers

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Strengthen the right skills for success

According to Statistics Canada, business success requires strong skills in:

General management

Marketing

Financial management

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Distribution

Planning

ResearchFinance

Marketing

Administration

Sales

ProductionCustomer service

People

Management skills

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Develop key management skills

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Take advantage of training opportunities

Self-employment training through EI

Business coaching through Small Business BC

Other resources?

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Create a business plan to grow

Business plans can help your company succeed.

They help you better understand your:

• Markets• Operational issues• Cash flow and finances

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Expected scenario

Slow-start

Aggressive sales

Create a two-year cash flow

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Define your costs

Confirm your assumptions

Research the costs of similar businesses

Calculate your start-up costs

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Savings

Credit cards

Personal loan

Evaluate your financing options

Re-mortgage home

Friends and family

Angel investor

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Covering your basic needs

Keeping your family comfortable

Maintaining or adjusting your lifestyle

Assess your budget and lifestyle

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Why will people choose you over your competitors?

What is the demand for your product or service?

How will you reach potential customers?

Understand your market

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Analyze your competitors

Know their strengths

Discover their weaknesses

Find their similarities

Think about their appeal

Find what makes you different

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Discover your target customer

Where they socialize

Their shopping preferences

Interests in sustainability

How they rank price, quality, and service

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Face your biggest obstacles

1. Developing a business plan

2. Launching

3. Management skills

4. Finding customers

5. Sourcing reliable suppliers

6. Getting licenses and permits

7. Financing

8. Making sales

9. Personal or health issues

10. Managing employees

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For more information:Email: [email protected]

Visit: www.vancity.com/BusinessTools

Interested?

are you ready to start your business?

Economy & Finance