Business Basics
Have a great idea and want to start your own business? Do you understand what it takes to be successful?
If you’re unsure of what it takes to start and run a business, you are in the right place! There’s a lot of thinking, planning, and research to be done before you can get started. Our Business Basics sessions will help you through that process, so you don’t need to figure it all out on your own.
10
Lessons
10 essential sessions covering all the basics
The Sessions
Business Basics
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Are You Ready To Be In Business?
Have a great idea for a new product or service? Want to turn that idea into a business? Being your own boss can be really exciting, but it isn’t for everyone. Before getting started, a little self-assessment can go a long way in determining if self-employment is the right path for you.
Key takeaways include:
Personality Traits for Success
Assessing Business Readiness
Time Management Best Practices
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Researching Your Idea
How will you determine if your business idea is a good one? Will people actually buy your product or service? Before starting a new business, it is important to research the marketplace and your competition. Then do a thorough validation of your business idea through a variety of methods covered in this session.
Key takeaways include:
Determining Market Needs
Differentiating Your Offering
Idea Validation
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Business Structure
Are you ready to launch your new business? At the beginning there are many pieces to be put in place before you can begin marketing, selling, and earning money. This session provides an overview of the different business ownership structures and the risks associated with each, in order to help you decide which is the best fit for you.
Key takeaways include:
Determine the Right Business Structure
Registering Your Name
Choosing A Business Name
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What Are Government Regulations?
Need help understanding government regulations that apply to your new business? Save yourself time, hassle, and money by learning the basic rules and regulations for running your business. Business regulations are set out by Federal, Provincial and Municipal governments. By the end, you will have a checklist and an overall understanding of required regulations.
Key takeaways include:
Purpose of Regulations
Compliance Processes
Categories of Regulations
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What Is A Business Plan?
Are you clear on your business goals and how to achieve them? If you were planning a party or vacation, you would spend time researching, planning, and envisioning. So why wouldn’t you invest time and effort in business planning for success? This session will take you through all aspects of developing a strategic business plan and ensure you are ready to act on it.
Key takeaways include:
Business Plan Overview
Plan Types
Templates
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How Do You Finance A Small Business?
Did you know there are many options available for financing your new business? It is important to understand all potential sources of funding, along with the pros and cons of each. Then carefully consider which one will work best for you and your business. This session will help you form a plan to get the money needed to start your business.
Key takeaways include:
Financing Options
Pros and Cons
Financing Decision Tree
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Why Do Market Research?
Need help validating your business idea? Market research will provide you with the information required to make data-driven decisions, understand your competitive advantages in the market, and why customers will buy from you. This session will equip you with the tools needed to conduct market research — a critical element for success.
Key takeaways include:
Understand the Marketplace
Your Competitive Landscape
Key Differentiators
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Sales and Marketing
Do your potential customers know about your new business? How do you plan to sell your product or service? A strategic sales and marketing plan will ensure the word gets out and the sales come in. This session provides tools to better understand the needs of your customers and how best to connect with them.
Key takeaways include:
Conducting Target Market Analysis
The 4 Ps of Marketing
Selling Basics
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Do You Need Insurance?
Are you concerned about exposure to risk in your new business venture? Choosing the right type of insurance and amount of coverage can protect both you and your business from risk. During this session, we will provide an overview of business insurance and help you determine what types you need to protect your business and customers.
Key takeaways include:
Compulsory Insurance
Types of Insurance
Being Prepared
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How To Register Your Business
Ready to launch your new business? Now is the time to register with the Province of Ontario. This process will provide you with a Master Business License and is mandatory under the Business Names Act. Additionally, proper registration helps build credibility and has marketplace advantages.
Key takeaways include:
Registration Requirements
Choosing A Business Structure
Registration Process
