IT takes three to five years for a business to be successful and many businesses fail within the first year.Young entrepreneurs should check the web site www.cybf.ca for financing and other business tips. The web site www.bdc.ca is a good source for entrepreneurs. You should hold on to your job till your business is successful and you can have partners who have differen skills and you can also get additional funds for start up costs.
Most 9 to 5 jobs are dead end jobs and routine in nature & starting a business - either online or on the ground would develop your creative skills. The web sitewww.gotomeeting.com would enable you to be in touch with your customers and partners around the world and it costs $40 per month.
The web site www.businessplanpro.com has a good selection of business plans for a venture.
Starting a business in a mall would get you a lot of business in winter time since traffic is higher and people spend more time inside the mall but you business would be restricted to mall timings and your rent cost as a percentage of sales would be higher. The web site www.smallbusiness.bc.ca is a source to learn about business issues.
You should try to have an online presence to promote your product and the Google business solutions would give you a jump start for your venture. The web sitewww.paypal.com is a quick way to collect funds from your customers and the social net working web site www.tweeter.com would enable you to sell your products. You should try to work in the businees you wish to buy before you decide to buy to ensure you like it.
Buying a good franchise unit is a quick way to start a business and the web sitewww.thefranchisemagazine.net would give you many options. You may have to pay a franchise fee of 6% or more on your sales and a good franchise name attracts customers and you would get repeat business.
You may have to pay minimum wages to your employees since the profit margin may not be high after paying rent and franchise fee. You have to pay performance bonus to retain productive employees and you should have three business units to make more than $ 100,000. You should locate your business near four lane street crossing or near a bus stop. You need to circle your customers to be successful n business. The web sitewww.salesforce.com is a good source to generate sales leads and track your customers. Some of the popular franchises are subway, Mcdonald and Budget car rental.
You could look also at the web sites www.franchise.org, www.oneminutefranchisefinder.com.
The web sites www.businessexchange.ca and www.businessacquizition.com are good souce of information to buy or sell a business.
If you buy the commercial building you could get a secured loan at low interest rate and If you establish your business in your commercial Building you will not have the uncertainty of higher lease rates or relocating to a new location when the lease expires. You can write off the mortgage interest against the taxable income when you use it for a business purpose.
Sam Walton started Walmart with just one small store in Arkansas and Walmart is the largest company now and. Sam Walton accumated lot of wealth over a period of years and the Key success factors are low cost, good quality products and passion for retail business.
For financing options you can look at www.bmo.com/franchise
Corporate tax rate for a small business( CCPC) in Canada is less than 20 % (upto $ 400,000) and salary can be charged to the company for services rendered and RRSP( retirement pension contribution) deduction can be claimed on salary income. (www.sbr.gov.bc.ca). The capital gains are exempt uoto $ 750,000 per shareholder on sale of shares in CCPC. For exact details refer to www.cra-arc.gc.ca
Please GOTO www.cybf.ca and www.csbf.ca for your financing requirements.
The accounting software 'first Step' sold by www.simplyaccounting.com costs less than $40 and is a good software for start up companies. The web site www.quickbooks.com has an online accounting software program.
If you want to buy a existing business you could GOTO www.acquizition.biz
If you want to bulid a web site for your business within 24 hours please contact Sharad at sharadcm@hotmail.com
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