Entrepreneurship Resources
Market Research: Understanding Your Opportunity
Goal: Ensure your business idea has demand and identify potential customers and competitors.
Steps to Conduct Market Research:
Define Your Market – Who are your potential customers? Where do they live, and what do they need?
Analyze the Competition – Identify your direct and indirect competitors. What do they offer? How can you differentiate?
Use Data & Surveys – Utilize government databases (Statistics Canada), online surveys, and industry reports.
Test Your Idea – Launch a minimum viable product (MVP) or conduct focus groups to get early feedback.
🔗 Resources:
Government & Industry Reports
Free Market Research Tools (Google Trends, Census Data, Business Development Banks)
Sample Market Research Reports
Business Planning: Blueprint for Success
Goal: Develop a clear plan that outlines your business model, strategies, and financial projections.
Why a Business Plan Matters:
Acts as a roadmap to guide decisions and track progress.
Helps secure financing from banks, investors, and grant programs.
Identifies risks and opportunities in the market.
Key Components of a Business Plan:
Executive Summary – A snapshot of your business concept, goals, and financial outlook.
Business Description – What does your business do? What problem does it solve?
Market Analysis – Research on industry trends, competitors, and target audience.
Products & Services – Details about what you offer, pricing, and unique selling points.
Marketing & Sales Strategy – How will you attract and retain customers?
Operations Plan – Day-to-day activities, supply chain, staffing, and location.
Financial Plan – Revenue streams, pricing strategy, cost estimates, and break-even analysis.
Appendices – Supporting documents such as business registration, permits, resumes of key team members, etc.
Action Steps:
✅ Download a business plan template and start drafting.
✅ Attend a business planning workshop or consult a mentor.
✅ Review your plan regularly to adapt to changing market conditions.
🔗 Resources:
Community Futures Business Planning Support
Government of Alberta Business Planning Guide
Funding & Financing: Finding the Capital You Need
Goal: Secure the necessary capital to launch and sustain your business.
Funding Options:
✅ Self-Funding: Savings, personal investments, or borrowing from family/friends.
✅ Small Business Loans: Offered by banks, credit unions, and programs like Community Futures.
✅ Grants & Government Support:
Alberta Innovates (for tech and innovation startups).
Canada Small Business Financing Program (CSBFP).
Regional Economic Development Alliances (REDAs) for local funding opportunities.
✅ Angel Investors & Venture Capital: Investment in high-growth startups.
✅ Crowdfunding: Platforms like Kickstarter and GoFundMe to raise money online.
Steps to Secure Financing:
Determine Your Funding Needs – How much do you need, and what will you use it for?
Prepare Financial Statements – Balance sheets, profit & loss projections.
Write a Strong Business Proposal – A compelling case for lenders and investors.
Explore Available Grant Opportunities – Many focus on women entrepreneurs, rural businesses, and innovation.
Apply and Follow Up – Persistence is key when seeking funding.
📌 Pro Tip: Before seeking funding, reduce business expenses and optimize cash flow.
🔗 Resources:
Business Grants and Loans Directory
BDC Business Loan Calculator
Legal & Regulatory Requirements: Staring on the Right Food
Goal: Ensure legal compliance and protect your business from risks.
Key Legal Steps for Starting a Business:
✅ Choose a Business Structure:
Sole proprietorship (simplest but personal liability).
Partnership (shared ownership).
Corporation (separate legal entity, limited liability).
✅ Register Your Business: Obtain a business number and GST/HST number if required.
✅ Get Necessary Licenses & Permits:Local municipal business licenses.
Industry-specific permits (e.g., food handling, liquor licensing).
✅ Understand Employment Laws: If hiring employees, comply with labor laws, payroll deductions, and workplace safety regulations.
✅ Protect Intellectual Property: Trademark your business name, logo, or products if necessary.
✅ Consider Business Insurance: Liability insurance, property insurance, cyber protection, etc.
📌 Action Steps:
✅ Consult a business lawyer or accountant to ensure compliance.
✅ Use online tools (e.g., BizPal) to check required permits/licenses.
✅ Draft legal agreements for employees, partners, and clients.
🔗 Resources:
Government of Alberta Business Licensing Guide
Intellectual Property Canada (Trademarks & Patents)
Marketing & Branding: Reaching Your Customers
Goal: Build a strong brand and attract customers.
Building Your Brand Identity:
✅ Create a Strong Business Name & Logo: Memorable, unique, and relevant.
✅ Develop Your Value Proposition: What makes your business different from competitors?
✅ Consistent Branding Across All Platforms: Website, social media, packaging, etc.
Marketing Strategy:
📢 Digital Marketing:
Build a website with SEO (Google My Business listing is a must!).
Use social media marketing (Facebook, Instagram, LinkedIn, TikTok).
Run online ads (Google Ads, Facebook Ads).
📢 Traditional Marketing:Print ads, billboards, radio, and flyers.
Community involvement and sponsorships.
📢 Networking & Partnerships:Join your local Chamber of Commerce.
Attend business expos and trade shows.
📌 Pro Tip: Identify the best channels based on your target audience and industry.
🔗 Resources:
Google My Business Guide
Free Digital Marketing Training (Meta & Google)
Business Operations: Running Efficiently and Effectively
Goal: Streamline operations for efficiency and sustainability.
Operational Must-Haves:
✅ Inventory & Supply Chain Management: Track and manage stock efficiently.
✅ Customer Relationship Management (CRM): Use software like HubSpot or Salesforce.
✅ Financial Management: Use QuickBooks or Wave for bookkeeping.
✅ Employee Hiring & Training: Develop clear job roles, policies, and training programs.
✅ Customer Service Excellence: Build a reputation for reliability and great service.
📌 Pro Tip: Automate where possible to reduce errors and save time.
🔗 Resources:
Best CRM Tools for Small Businesses
Guide to Business Productivity Software
E-Commerce & Technology: Growing Your Business Online
Goal: Leverage digital tools for growth.
Key Steps to Start Selling Online:
Choose an E-Commerce Platform: Shopify, WooCommerce, or Etsy.
Set Up Secure Payment Processing: Stripe, PayPal, Square.
Optimize for Mobile Users: Over 50% of e-commerce traffic is mobile.
Implement Digital Marketing: SEO, social media, email campaigns.
Cybersecurity: Protect customer data with SSL encryption and secure login credentials.
📌 Pro Tip: Use analytics tools to track sales trends and customer behavior.
🔗 Resources:
How to Set Up an Online Store (Shopify Guide)
Cybersecurity Checklist for Small Businesses
Succession Planning & Business Growth: Planning for the Future
Goal: Ensure your business continues to thrive even after you step away.
Business Expansion Strategies:
✅ Scale Operations: Open a second location, expand services, or enter new markets.
✅ Diversify Revenue Streams: Add new products/services, subscriptions, or digital offerings.
✅ Seek Strategic Partnerships: Collaborate with complementary businesses.
Succession Planning for Business Owners:
📌 For Business Transition:
Identify potential successors (family, employees, external buyers).
Develop a transition timeline.
Conduct a business valuation.
📌 For Retirement or Selling:Explore franchising or mergers.
Seek professional guidance from business brokers or accountants.
📌 Pro Tip: Start planning for business succession 3-5 years in advance.
🔗 Resources:
Succession Planning Checklist
Guide to Business Valuation & Selling
Disclaimer
The resources and guidance provided on this page are for general informational purposes only and should not be considered professional legal, financial, or business advice. Every business is unique, and we recommend consulting with qualified professionals, such as accountants, lawyers, and business advisors, for personalized support. The Veterans Memorial Highway Association (VMHA) does not endorse or guarantee any specific service, funding program, or business outcome. Users are encouraged to verify information with official sources before making decisions.
Make it stand out.
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Dream it.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
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Build it.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
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Grow it.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Make it stand out.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Make it stand out.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
