4. DEVELOP A MARKETING PLAN
If you want to start a small business, here are steps to get you started.
modernization of small businesses is through our General Business Loans, which offer loans of up to $150,000 with competitive interest rates and repayment terms. Since COVID-19, CBDC’s have also begun offering several COVID-relief funding programs such as the Regional Relief and Recovery Fund and the Urban Main Street Loan Initiative, helping us focus on assisting with economic recovery in the midst of a pandemic. Through the Central PEI branch, the organization also manages the Impact Atlantic program in the province, which provides financing and training supports for urban business owners. Through these programs and more, CBDC’s in PEI work each day to build client success in PEI’s entrepreneurial ecosystem!
Creating a brand identity and communicating it well is crucial to success. Consider hiring or contracting marketing services to help you choose your business name, create a logo, build your website and develop a strategic marketing plan to get the word out about your business.
1. DO YOUR RESEARCH
First, make sure you understand the current market for your business. This step is crucial to turn an idea into a full- fledged business plan.
Ask questions like:
5. TAKE CARE OF BUSINESS
• Is this product or service in demand right now? • Are there similar products and services out there, and are they succeeding? • Can this product or service be delivered safely for employees and customers? • Could the business support rapid growth if it really took off? Ask other business owners about their challenges and rewards to explore whether this is a good option for you. Use market analysis tools recommended by resources such as the Community Business Development Corporation (CBDC) to get to know the market for your business. CBDC PEI is part of Community Business Development Corporations, a network of independent, non-profit organizations that work in cooperation with all levels of government and the private sector to meet the needs of small and medium-sized businesses. There are 41 CBDC’s serving Atlantic Canada, which operates with support from the Federal Government through the national Community Futures program and is managed by the Atlantic Canada Opportunities Agency in Atlantic Canada. CBDC PEI is made up of three distinct branches : CBDC Central PEI (based in Summerside), CBDC Eastern PEI (based in Montague), and CBDC Western PEI (based in Alberton). The three regions offer various supports for entrepreneurs from financing to mentorship, to training. One of the main ways we can assist with the development, expansion, and
Dotting the Is and crossing the Ts is necessary for any business. Details include choosing your business location and registering your business, applying for all the required licenses and permits, including tax IDs - plus opening your business bank account. Also, consulting an accountant with experience helping small businesses can ensure you have your business and financial ducks in a row. Starting a small business is a daunting challenge, but it can also be a rewarding opportunity. Taking the time to fully explore and utilize all the resources at your disposal can help ensure that your new business will be a success. In the following pages we share the stories of three inspiring business owners who attribute their success to the resources and expertise of their local CBDC.
Find and contact your local office today at www.cbdc.ca.
2. WRITE A BUSINESS PLAN
No business can find funding, investors or partners without a solid business plan. Learning to write a comprehensive plan also forces you to fully think through every aspect of your proposed idea. The CBDC is a great resource to research types of business plans. Enlist the help of other business owners during the process if you can to understand how their plans helped them and what to avoid.
3. FUND YOUR BUSINESS
CBDC East 540 Main Street, Montague 902.838.4030 CBDC Central PEI 11 Water Street, Summerside 902.888.3793 West Prince Ventures Ltd. 455 Main St, Alberton
Every business needs capital to get started. Your business plan’s financial section should provide a clear idea of the capital you need to launch. Most businesses rely on multiple financial sources, including:
• Personal funds • Bank loans or personal loans • Investors • CBDC
902.853.3636 www.cbdc.ca
WOMEN IN BUSINESS 2021
SPRING 2021 www.pei-living.ca
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