The perks of entrepreneurship are many, but so are the challenges. A good business idea is a starting point, but it takes time, energy, and investment to turn that idea into a successful, sustainable business. The good news is that you will find plenty of help available, from both the Alberta government and other small business owners who were once in your shoes. It’s a rewarding path to follow, and it all starts with a good business plan.
Deciding Whether Your Business Idea Is Truly “The One”
Great business ideas are a bit like great book ideas. They might sound really impressive around the dinner table, the bar, or the backyard barbecue, but don’t always hold up to scrutiny once they’re put under the spotlight the next day. Whether you’re planning to search for investors to start a business in Alberta or finance the project yourself, it’s critical to make sure that your great business idea is backed up by an equally great plan of action.
- No matter where your musings take you, remember that the best business ideas almost always solve a problem. That doesn’t mean you need to come up with a brand new solution to the problem in question, but it’s important to understand whether your idea matches the needs of your market.
- When you really want an idea to succeed, it becomes tough to be objective. Running your idea past friends, colleagues, and other business owners you trust is a great way to get honest, realistic feedback.
- If you don’t have many personal connections with the business experience to evaluate your idea, try asking around! Get involved with your local chamber of commerce, and look for opportunities to connect with small business mentors.
- You can also conduct market research the old-fashioned way, by going door to door and talking to your neighbours about your business idea. You’ll learn a ton about how your concept will be received, and pick up valuable feedback from potential customers.
Tapping Into Valuable Resources for New and Experienced Entrepreneurs in Alberta
So your small business idea has made it through the gauntlet, and you’ve gathered enough feedback to be confident that you’ve got a winner. Now it’s time for the real work to begin. The Alberta government has some excellent resources to help you get started:
- Learn more about the planning and evaluation process to make sure that you truly have a comprehensive business plan in place.
- The early days of any business set the stage for success or failure, so it’s important to have all of the data you can on how to set up a business in Alberta.
- Whether you plan to launch your business solo or hire employees, you’ll certainly want to brush up on tax laws for businesses in Alberta.
No matter what type of business you plan to establish, your marketing plan will also play a key role in your success. Every modern business needs an attractive, easy-to-find website, because that will be the hub of all your online marketing efforts.
- I always try to start with why, and you should, too. Your audience will always be more engaged when your marketing explains why to do something, rather than simply stating what they should do.
- Planning to sell your wares online, as well? Then a secure, streamlined eCommerce website should be in place from day one.
- An active, engaging social media presence helps you connect with customers, build relationships, and establish your brand’s reputation. You might even have a little fun in the process!
- Is customer service a priority for you? A customer relationship management (CRM) platform allows you to learn about your customers, keep relationships up to date, and centralize customer data.
Whew. If all of this seems like a lot to take in, that’s no accident! There’s no getting around the fact that starting a new business comes with its share of challenges, but it is also an incredibly rewarding experience. If you’re ready to evaluate your idea honestly, lean on available resources, and develop a sound marketing plan, then you’re already got some of the most important ingredients in place to start a business in Alberta.
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