Making it Solo
entrepreneurial questioncanada
(Aug.05.09)
I am planning to start a new venture. I would like to sell homemade sugared nuts and homemade biscotti (my family and friends have nicknamed them Concrete Cookies). Where would I get info on that? How do I get started? Do I need a GST number? Do I need to register a company name?
Margaret D. emailed us at expert@sweetspot.ca, and our human resources expert, Stephen Friedman answered:
Dear Margaret,
You could get info by looking at other similar businesses. They are often willing to help other entrepreneurs get started. Look online for other companies doing similar things, or pick up similar products and contact the manufacturer. You can usually get someone to chat about how they got started. Try not to approach it as someone needing advice, but as someone who wants to hear someone else's 'story'. In terms of getting started, you need to have a short business plan. Not MBA stuff, but an idea of your value proposition; why should people buy your product, how it would appeal to consumers and what is unique about it. You also need a professionally packaged sample to show potential buyers. As for the official and legal type stuff, you only need a GST number once you have sold a certain amount of product. The CRA offers many sites and services to help with registering a GST number and registering a name for your business. Try this site for entrepreneurs set up by the Government of Canada: www.canadabusiness.ca.
The most important consideration for your own business is deciding if you are well suited to it. Can you handle financial uncertainly? Can you (and want to) sell, as this is THE primary activity for a small business? Are you self-motivated? Be sure to look at these types of questions and avoid getting caught up in the coolness of your idea, business cards, logo and company name. Those are secondary issues. Most small businesses fail because we are too focused on looking at whether we can do it, as opposed to looking at whether we should.
Stephen Friedman is an executive coach, career coach, facilitator and trainer. He began practicing the art and science of human development in the workplace context over 15 years ago as a facilitator and management skills coach.
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