Whitby, Vaughan, and Burlington Among Best Ontario Cities to be an Entrepreneur
Tired of working for someone else? Why not start up and run your own business as an entrepreneur?
According to the newest issue of Canadian Business magazine (Aug 2016), the following cities have been picked as being the country's best places to do business:
The cities were scored based on the best balance of moderate costs, growing markets and business-friendly governments. To read the full profile for each city, check out pg. 37 of our digital copy of Canadian Business, available from our newest online database Flipster eMagazines. Now that I've lured you in with some very interesting findings about Ontario you might be thinking or feeling that this career may be your life's calling. You may be asking, "What's next? How do I become an entrepreneur" ?
Well...if you are looking to become an entrepreneur and to start your own business and need help, Toronto Public Library has everything that you need to know! Visit the steps and links below for access to important sites and information, or you can Book a Librarian for a free 30-60 minute appointment to get help with research and career and business information.
How to become an entrepreneur
To start, entrepreneurs usually conduct market research to find out about competitors and potential interest in their product or service. It’s very important that entrepreneurs determine the appropriate investment and budget for their products and services, as they may be taking large personal financial risks to get the business running. Entrepreneurs spend a lot of time actively marketing their products or services in order to attract new clients. It is not uncommon for entrepreneurs to work daily on financial accounting and bookkeeping, as monitoring incoming and outgoing funds is crucial to keeping the business running smoothly. Working independently means that entrepreneurs are often responsible for developing and delivering creative presentations to clients and investors. Entrepreneurs must constantly multi-task, often working on many projects and duties at once. Creating proper online and offline records is important to entrepreneurs so that they may keep tabs on all the various projects and contracts they are working on at any given time.
To learn more about this career, visit the entrepreneur profile on our Career Cruising database.
How to start a business
The Canada Business Ontario website, by the Government of Canada, provides very useful information on starting a business including topics such as What is a business plan?, Securing financing, Choosing a business structure, Choosing a business name, Choosing a location, How to register your business name, Incorporating your business, Regulations, licences and permits, Business number registration, Taxation and Hiring employees.
Our database Gale Virtual Reference Library also has a multi-volume Business Plans Handbook. This handbook provides actual business plans compiled by, and aimed at, entrepreneurs seeking funding for small businesses. It presents sample plans taken from businesses in the manufacturing, retail and service industries which serve as examples of how to approach, structure and compose business plans. You can search the available plans by using the search bar on the right.
Putting together a business plan
1. What type of business are you starting?
Canadian businesses are classified based on a NAICS code. The North American Industry Classification System (NAICS) is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data.
You will need this number to assign to your business and to find related industry information. Visit Statistics Canada for the full classification system and click through the headings and narrow down your NAICS code to find one that suits your category of business.
2. Where to find market and industry information
The Innovation, Science and Economic Development Canada website is a great source of information.
Canadian Industry Statistics analyses industry data on many economic indicators using the most recent data from Statistics Canada. On this website, they provide reports specific to all available NAICS codes including data on establishments by employment type and province/territory, financial performance data, accumulated capital investment, salaries and wages, and company directories. This Research Monitor database is only accessible from library computers. Here you can do a "Subject Search" to find industrial snapshots of specific industries for a specific country. This database is an introduction to Euromonitor International's industry and country research with reports for 80 countries and daily articles and opinions from industry and country expert.
The MarketLine database is a great one for providing current industry trends and product development reports. The database also include news on companies and industries worldwide. This database can only be accessed from library computers at North York Central or Toronto Reference Library.
Statistics by Subject (Statistics Canada) is a collection of various studies, research papers and technical reports for specific subjects. Select a subject to find information that is relevant to your business type. The information can be used in your business plan and can help you in determining which type of business is right for you.
Where to open your business
As the Canadian Business article noted, there are some cities that support new businesses better than others. In the same way, specific neighbourhoods are also better suited for specific businesses. You can find out the demographics of a specific neighbourhood by visiting the official city website of where you hope to start your business. For Toronto, the City of Toronto website provides Ward Profiles (demographic characteristics of the people and households in each ward) and Neighbourhood Profiles (detailed demographic information about Toronto neighbourhoods, prepared by the City's Social Policy Analysis & Research Unit). You can get information on population groups, housing characteristics, languages, income and more. The website also provides access to reports, mapping tools and key surveys for the City of Toronto.
Who is your competitor?
If you need to know what other businesses exist in your industry, visit one of our company databases and search using the NAICS code specific to your industry:
Mergent Intellect
This database provides basic company facts on over 70 million US private businesses, over 3.5 million Canadian private companies and over 6,500 US public companies. Key features include industry news, executive details, financial information (five years), company family trees and competitors lists. To search using a NAICS code, click on Advanced Search and under the Industry tab select NAICS Code, select the appropriate number and click Add to Criteria+.
Scott's Business Directories Online
This database provides access to detailed information on Canadian manufacturers, wholesalers and business services. You can search by product, type, location or NAICS code.
Need additional help?
1. Toronto Public Library's Small Business programs and seminars
We offer free small business programming and lectures on everything you'll need to run your small business -- on social media, taxes, the law, networking, using a computer, digital design, franchising and more. We offer ongoing Small Business Networking events for small business people or people who are just thinking about starting their own business. We also have a low-cost eight-week Business Inc. program offered at Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre. Learn from professionals and get on your way to making your business dreams a reality! The program application deadline is September 30.
We also send out a monthly "Small Business Newsletter" highlighting new small business programs, classes and resources. Email us at [email protected] if you'd like to be added to our mailing list.
|
Business Inc. Course Outline Module 1 Taking the leap to entrepreneurship |
||
2. Check out our Entrepreneur in Residence
If you're starting or building your own business, our newest Entrepreneur in Residence, Sima Gandhi, can advise and answer your questions.
Most recently, Sima founded riince, a designing and manufacturing an innovative kitchen utensil addressing the changes in social norms towards eating environmentally-friendly proteins and super seeds.
For the first time ever, this year's Entrepreneur in Residence will provide a behind-the-scenes view of taking a product to launch, as Sima will personally blog and take us through her journey from concept to launch of riince.
Apply now for a one-on-one meeting to get help on your small business plan or idea or attend a program.
3. Enterprise Toronto
Enterprise Toronto is a City of Toronto service that provides free assistance to entrepreneurs and small businesses to help them succeed. Services are free and include:
-Business idea analysis and guidance
-Reliable information including one-on-one business plan consultation
-Personal assistance with business registration, name searches and incorporation
-Advice on permits, licenses and regulatory requirements
-Coaching for a range of business challenges, from raising capital, managing cash flow and accounting to hiring and managing staff, marketing, social media and more
-Outstanding training and networking opportunities
-Referrals to other business support services, including incubators, government programs and shared workspaces
Good luck! And remember, if you have any questions don't hesitate to contact your local librarian :)
Comments