Startup to Scale-up Canadian Edition
One of the first things new entrepreneurs should do is conduct extensive research on the requirements of starting a business in Canada. Ensuring that you educate yourself before acting on your idea will help you in the long run.
Your research and new business preparation should include the following:
Although the list above explains how to start your business, it is the platform onto which you will build on towards a scale-up. When you are building a house, it is crucial to have a strong and solid base. Otherwise, if the base is done poorly, anything built on top of that is unreliable. The same analogy is applied towards the idea of turning your startup into a scale-up Canadian edition. Your actual start to your startup must be well structured and systematic in order to build an unbreakable base for your success.
Canadian Startup Business
In order to have a strong shot at turning your startup into a scale-up Canadian edition, you need to rely on our checklist. Starting a new business is a big step. Therefore, make sure you put in the necessary time and effort into the planning of it as much as you do in the starting of it. Creating a systematic plan designed for your business idea is key to eventually turn your startup into a scale-up.
Your plan should consist of market research and assessment of business readiness, amongst other elements. Your results from market research will give you useful insight into your business. They will not only provide additional information about potential consumers but will also concentrate on their needs and preferences. A big aspect of any business is its audience, therefore you need to ensure you know exactly who you will target and that it’s almost half the success.
Once you understand who your consumers are and what they want, is your business ready for launch? If your answer is yes, ask yourself this: Where do I see my business five years from now? Where do I see it ten years from now? Once you can answer these questions, you can reassure yourself that your vision has a solid purpose. In addition, your business readiness includes being aware of your strengths, weaknesses, opportunities and possible threats.
Turn Your Startup to a Scale-up
You've done your market research, assessed the readiness of your business, and you covered all the paperwork around permits and licenses. The formal elements of your new businesses have been dealt with, which will allow you to focus on the more creative elements of your startup. Success is more possible with a good and productive team behind you. Hiring the right people and creating a crew that works well together is another essential aspect. With just the right team, you are that much stronger, allowing you to build a solid business ready for growth.
It's the 21st century, and our world revolves around technology. Social media platforms are 'the' way to advertise and market your business. Having a strong presence on platforms such as Instagram, Twitter or Facebook, makes your business visible to many more people. With an online presence, you can reach consumers on a global level. Being able to reach a much wider audience besides your own community will help your startup reach the levels of a scale-up business.
Scale-up Canadian Edition: What's Next?
As we have mentioned, ensure that you are knowledgeable about Canadian regulations when it comes to starting a new business. Be aware of the registrations, licenses, and permits that the government requires of any entrepreneurial venture. Meanwhile, put together a strong team of individuals. With the right team, any goal is that much more achievable. A good team with an even better leader will provide support for the new business to bloom.
Once the base is perfected and the team is set, social media is the way to go. Social media will allow you to create and share content globally while networking at the same time. By building relationships city to city, state to state, you can reach thousands of consumers at once.
Always think ahead
Moreover, our advice is to start small but think big! If your checklist is like ours, eventually the success of your business will be inevitable. Your startup business can suddenly become a scale-up on a whole different level. A team of ten individuals can soon become a team of a hundred. Another tip to take away from this is to always think ahead and be ready for whatever comes your way. Take risks but be ready for many outcomes. You never know when you will have to plan your office relocation expenses!
When your business expands enough and you must move from a small startup business space into a scale-up company building, hiring a moving company, such as number1movers.ca is something every scale-up business owner would recommend. You need to focus on keeping your business active and running and leave the moving logistics to professionals. Knowing when and how to delegate is a big part of being successful at what you do.
All in all, going from startup to a scale-up is hard work, but not impossible. Having a timely schedule with a well-organized business plan is the way to go. Challenge yourself, manage your risks, be patient and create valuable products or services that will have your consumers returning again and again.
Updated on 24. May 2021
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