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Starting a Work at Home Business in Canada

Written by: Thomas Vasilekas

Article Overview: Whether or not it’s the right decision to start a work at home business really comes down to knowing yourself and being honest about your abilities, limitations, commitment to work -- and your expectations about the business.

Starting a Work at Home Business in Canada

Thinking about starting a work at home business in Canada? Great idea! But before plunging in, it’s always a smart idea to do your homework and plan for what may lie ahead.

Here’s a great resource that guides you through the process. The Canadian Bankers Association (CBA) has put together a booklet on Getting Started in Small Business. Here are some of the highlights of what you need to do to get on the right track to starting a work at home business in Canada:

Plan

Every successful business starts with a great idea -- but even a great idea needs careful planning to determine whether or not it will work. Here’s what you need to know when starting a work at home business in Canada:

Know Your Market

Demand for your product or service – who are your customers?
Supply – who are your competitors?
Know Your Product

Product costs – how much profit can you expect to make?
Product sourcing – where will get your product supply?
Product quality – do you believe in what you’re selling?
All of this information needs to be combined in a business plan that also addresses how you will finance that great business idea of your’s!

Know Yourself

Ok, say you’ve got the great idea and you’ve done your planning. Is the business a “go”?

Whether or not it’s the right decision to start a work at home business really comes down to knowing yourself and being honest about your abilities, limitations, commitment to work -- and your expectations about the business.

Starting a Work at Home Business = Freedom

Nine out of ten business owners say the most rewarding thing about owning a business is the independence and control it gives them over their own decisions. Does this sound like you? If yes, than starting a work at home business might be right up your alley!

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Related Forum Posts
Try wikipedia.com for more information - That depends what type of business you are involved in. Maybe if you share that, we can help you a little better. I work mostly in the Work at Home industry so my advice would only be along those lines.
Books for Women Entrepreneurs - There's a thread for good books in the Resources folder, but it doesn't target books for businesswomen particularly, so I figured I'd start such a thread here. It doesn't matter how successful you are in your business - it's always possible to learn something new. In subsequent posts I give Table of Contents and brief descriptions for various titles - most of them devoted to the businesswoman - and sometimes a review. If anyone else has read a review, or has read the book and found it useful, please comment! 1. The Old Girl's Network 2. Mother's Work 3. The 7 Greatest Truths About Successful Women 4. Pitch Like A Girl 5. Workplace Warrior 6. Treasure Hunt: Inside the Mind of the Modern Consumer 7. Contingency Planning & Disaster Recovery 8. She Wins, You Win 9. Napoleon On Project Management 10. Why Good Girls Dont' Get Ahead, But Gutsy Girls Do 11. Comeback Moms: How to Leave Work, Raise Children, and Restart your Career even If you Haven't Had a Job in Years 12. The One Minute Millionaire 13. Talking From 9 to 5 14. Soloing: Realizing Your Life's Ambitions 15. 101 Best Home Based Businesses for Women: Everything You Need to Know About Getting Started on the Road To Success 16. Work With Passion: How to Do What You Love for a Living. Revised and Expanded 17. Fail-Proof Your Business: Beat the Odds and be Successful 18. Confidence: How Winning Streaks and Losing Streaks Begin and End 19. Women Don't Ask: Negotiation and the Gender Divide 20. Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen 21. Start Small, Finish Big: Fifteen Key Lessons to Start - and Run - Your Own Successful Business 22. Rewired, Rehired or Retired: A Global Guide for the Experienced Worker 23. The Martha Rules: 10 essentials for achieving success as you start, build or manage a business 24. The Essentials of Entrepreneurship: What it takes to create Successful Enterprises 25. Net Ready: Strategies for Success in the E-conomy 26. The Promotable Woman 27. Leave The Office Earlier: The Productivity Pro shows you how to do more in less time and feel great about it 28. The Work At Home Balancing Act: The professional resource guide for managing yourself, your work, and your family at home 29. Secrets of Six-Figure Women
BDC - [quote="IWDCanada":jib6tqt9]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:jib6tqt9] On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.
Clothing Niche - Yasunori, can you dig deeper into the clothing niche? e.g. Business Casual for people 6ft and taller (men only, women only or both). Victoria Secret is big in Canada because they don't have retail Stores here and the only way to get their product in Canada is thru online purchases. They have a great Hassle-free return policy too.
canada resources - I used to have a connection to a franchise consultant in Canada at "Franchise Officer" in Toronto. I wish I could remember his name ( but I can check my files at the office tomorrow). Anyway, he had a lot of connections to banks in Canada. He may know of them and may be able to offer some feedback. If you are looking for a business loan, Canada has similar business loan programs to that of the USA's Small Business Administration (SBA). I think its SLBS in Cananda, and I probably have the list of it's lenders in my office also. Do you think either can be helpful? If so, I can get back to you with this information tomorrow. Let me know!


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