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How to turn your business dreams into reality

Are you looking to start your own business? If so, you have many important business decisions ahead of you. It is important to be prepared. Having a checklist will help guide you through the critical steps.

One industry to consider is retail, an important part of Canada’s national economy. Statistics Canada reported that in the third quarter of 2016, the retail sector sold more than $130 billion dollars’ worth of goods and services. An entrepreneur can find a niche within a diverse list of retail products and services.

Let’s say you have a thriving online business, but you’ve always wanted to open a store.

At this stage, you’ve already built an online customer base extending beyond your region. If you decide to go local, it’s a good idea to gauge the appetite for taking it retail by studying the demo-graphics of your hometown.

Finding a decent location is an important part of the equation. You’ll want to attract as many customers as possible, so a high-traffic location and clear, visible signage is preferable. It’s likely that you will need to adhere to certain regulations. You will also need to research the types of permits, licenses and regulations required by your municipal or provincial/territorial government.

There are many things to take into consideration when you set up any kind of business. Be sure to consult the retail business start-up checklist or the business start-up checklist for more information.

You can find it on canada business.ca or by calling Canada Business Ontario at 1-888-576-4444. Speak with a business information officer in English or French on weekdays between 8:30 am and 5:00 pm.

Canada Business Ontario is part of the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). For further information call toll free at 1-866-593-5505.    

– News Canada 

Posted: May 2, 2018

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