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How to Start Business
Transcript of How to Start Business
a good business idea should be able to succeed with or without the NOHFC's support. Answer as many of your previous questions as you can Brainstorming
Ideas Remember Now What? Research Will your business provide a ...?
Do you want...?
Franchise Do my skills match my idea? Are you well suited to the task?
Do you have the proper training?
Do you have the needed certification(s)?
Do you have a passion for it? And if not... Do you know where to go for help? What schools offer the programs you need?
Where can you get an apprenticeship?
Can You get a mentor?
Is there a loan you can apply for?
Are there other experiences that will help you? Write it All Down Is there a need for your business? How will location impact your business? Business
Idea How big do you want to grow?
How successful is the competition?
How will your business differ from theirs?
Could your business serve a different market?
Do you need another idea? Will you target a local, regional or international market? What type of market will your business be in?
Who are your customers?
Can the market support your business? You can never ask enough questions about your business !!! Why should customers pick you over another business? Start Basic What's your branding strategy? How will customers find you? How will you interact
with customers? Will you need to hire staff? Should you be product/service focused or diverse? etc... Will you need to acquire
any licenses or permits
to conduct your business? Keys to Success Journey of an Entrepreneur Perseverance Hard
Work Success Ask Yourself Define your Market The Competition Who are they? How much stock should you order? Will you need further training? Will you need to outsource some specialty jobs? Use industry publications and trade magazines for detailed analysis of your target market.
Search online for other business models.
Check Statistics Canada for demographic information about your geographical region.
Create sales projections and forecasts for best and worst case scenarios.
You could also ask your local business centre or Northern Development officer for help Good Research
Planning Next steps The Application Process The NOHFC uses a tiered application process to determine which projects are eligible for funding. Once you've completed your research you should have a justifiable list of reasons for creating your business. Review all the data With research in hand, you're now one step closer to opening your business and could be eligible for funding support through one of our entrepreneur programs!
You can find details about each of our programs on our website - www.nohfc.ca What to expect The first stage is our general application which is used to quickly determine if a project deserve further scrutiny. If your pass the first stage, you will receive an approval letter in the mail with a contact number for a local Northern Development Officer. Application Stages For the second stage, your project will be sent to our due diligence provider, Deloitte & Touche, for further assessment and a comprehensive financial review. Stage
2 If you haven't already done so, now is a good time to contact them about your project. They will be an invaluable resource for the next phase. Deloitte will be asking you for an extensive business plan and supporting financial information. Important Tips Try to focus on the following four themes when writing your business plan.
1) Provide detailed support for your sales assumptions. (i.e. expected return on every dollar)
2) Demonstrate you've researched your target market and are aware of any competitors.
3) Describe the type of jobs you plan to create and their associated workload.
4) Tell us why you are starting this business. Deloitte will only start evaluating a project once all requested information has been provided so it's in your best interest to provide it in a timely fashion. Once the NOHFC receives the evaluation, projects are sent to the Board of Directors for final deliberation and approval. Once your application has been processed by the board, you can expect a final letter from the NOHFC explaining their decision. Get a template off our website so you can know what questions they will ask. After Deloitte has reviewed your project they will submit a summary project evaluation to the NOHFC and a recommendation to either approve or disapprove.