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With Ontario’s huge population, it is a good location to start up a business. But before you go ahead and start up your business, there are some things that you need to put on your checklist to ensure it all goes smoothly.
Along with ensuring that you have the capital, it is important to carry out groundwork like risk assessment by a commercial insurance broker Barrie, finding the right location and meeting the requirements by the authorities. Here are more of the things that should be on your checklist.
1-Market research should be one of the first things that you carry out because you do not want to start up a business that will not have any customers in the area. Find out if the service or product you are bringing to the market will have good market.
2-You will also need to find a suitable name for the business. First of all, ensure that it is not a name that is already being used in Barrie or anywhere for that matter, then it should be a name that will attract attention as well as rhyme with the product or service you are providing – A name can make or break your business.
3- Closely related to the name is the location. Location of the business is very important. For example, you will have more walking customers if you are selling ice cream near a children’s park as opposed to in an industrial area. It also needs to be easily accessible so that it is not inconveniencing for customers to come to you.
4- It is advisable to find out what bodies govern the party service or product and make sure you meet all the standards. Different cities may have different bodies and different regulations so make sure you have the specific regulations and bodies. If there are related groups and associations that you can join, it will also help as these provide needed support, after all there is safety in numbers.
5- Very important as well is a marketing strategy and plan. Right from the time that you are planning the business and carrying out market research, you should also be developing a marketing strategy to see how you will attract people to your business. The strategy may be driven by the type of business as well as the people you are targeting. You can use social media, mainstream media like radio and TV or have marketers go from door to door.