Before you start a new business in British Columbia, you will need to decide if your business idea will be a success or a failure.
What you need to do
You must make sure that you can do the following:
a Judge your business idea and decide whether you should develop a business plan for it.
b Weigh up your likely profits from the business.
c Decide if you need to do more research and planning to develop your business plan.
d Work out your own budget for personal survival.
e Decide if you need any funding from outside sources.
f Decide on your business’s aims.
What you need to know and understand
You need to know and understand the following.
Business aims
- How you can choose and explain your business size, profit, market share, position and your own achievements.
- How important it is for you to research and decide on your business needs when you set it up, during its first year and during its first five years.
More research and planning
- What you need to find out from published sources or your own research.
- If you need to do any detailed research into particular areas.
Your survival budget
- How to work out how much money you need to live on and match this amount with your estimated cash flow and profit and loss.
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