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So, you are ready to take the plunge and start
your own business! Congratulations, you are about to embark on
what could be the most interesting, educational, rewarding, not
to mention challenging (possibly even a little frustrating) aspect
of your life.
From the 'Make a Job' section we pointed out
that starting a business can be broken down into three main stages;
Deciding on a Business Idea, Preparing a Business Plan, and Arranging
Financing. Below you will find tools and resources to assist you
in these areas.
The Acadia
Centre for Small Business and Entrepreneurship has
many resources and services available to young entrepreneurs.
The
Idea
Ideas can range from the simple to the complex.
A good idea is important but in the end it is more important that
you have the right stuff than the right idea. Even the best ideas
will fail if you lack the commitment and skills necessary to manage
the business. Here are a few ways to identify potential ideas:
From the Inside Out
Looking at your own interests and abilities is a good place to look for ideas.
It makes the transition much easier and the learning curve less steep.
Brainstorming and Problem
Solving
Sometimes a good opportunity is just solving someone else's problems! The more
people who have the 'problem' the better the idea! It's just a matter of paying
attention, asking questions, and good old fashioned brainstorming.
Research
See what other entrepreneurs have done and then see if it is a good idea for
your area. Here are a few on-line idea sources to help stimulate your creativity
:
What's The Latest Craze?
Current trends and crazes can spell opportunity! Find out what's hot and then
see if you can build a business around it. Be careful not to get burned because
some fads come and go very quickly!
Franchises
A franchise can be an excellent option for people who are not comfortable planning
every aspect of a small business. However, what you gain in convenience you
often lose in control. In order for the franchisor to control consistency
of their franchise they require the business to be operated under strict
guidelines. This is not necessarily a bad thing because someone else has
already made most of the mistakes and the business model is usually well
refined. Finance companies also look favourably on lending money for a franchise
because they have a proven track record.
TIP: Even
if you are not interested in buying a franchise they can be an
excellent source for business and marketing ideas!
Preparing
The Business Plan
There are many formats and approaches that can be used to construct a business
plan. The one you use will depend on the complexity of your business venture
and the amount of funding you require. The more complex or higher the funding
will require greater detail and supporting research.
Many Government Agencies and Financial Institutions
have free literature on preparing business plans. There are also
a number of on-line resources that can assist you in constructing
a business plan and provide samples. The following links are recommended:
| Canada
Business Service Centres |
Their Interactive Business Planner helps
you create a business plan using using a question and answer
approach. Samples are provided to help you write your own plan. |
| MazeMaster
Business Plan |
This is a fairly simple 'fill-in-the-blanks'
business plan maker. Ideal for summer and part-time business
plans. |
| BDC
Business Plan |
You can download free business
plan software from the Business Development Bank of Canada.
(Select 'Tools' from the 'Go Direct' drop-down menu). |
| Bplans.com |
Offers many sample business plans and tools.
|
Arranging
Financing
A great idea and a well-written business plan
cannot get off the ground without proper funding!
One thing you can forget about is free money.
Grants for starting a business are no longer offered. Accept the
fact that you will have to re-pay any money you receive based on
the terms of your loan. This is a normal cost of doing business.
The good news is that there are a number of special
business financing programs specifically designed for youth. Assuming
your requirements are reasonable and you have followed all the
proper steps you will have a good chance of securing financing.
Programs and Services for Youth include:
| Young
Entrepreneurs ConneXion |
Seed Capital and Counselling Program
This program can provide a combination of up to $15,000 capital and $2,000
worth of free counselling for young entrepreneurs aged 18 - 29. |
|
BDC
- Young Entrepreneur Programs
|
As a young entrepreneur between
18 and 34, you have what it takes to be successful: motivation,
dedication, energy, inspiration, and innovation. BDC encourages
your efforts with specialized financing and management consulting
solutions. |
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