The Starting Line for business
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Successful entrepreneurs are:
Ambitious…want more out of life
Motivated…to achieve goals
Passionate… about what they do
Visionaries…see future opportunities
Disciplined…to work long hours & manage many
tasks
 Good planners & problem solvers
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Identify the tools in your toolbox. Do you
need to go shopping or do some need to be sharpened?
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Market Research – do your homework!
Measure twice, cut once…..it will pay dividends in the end!
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Who exactly is your customer?
How strong is demand for your product/service?
Where do people currently buy?
How much $ will customers pay?
How big is the market?
What trends are taking place in your industry?
Who are your main competitors?
What attracts customers to your competitors?
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Market Research (Secondary)
Secondary researches involves collecting information about your
industry.
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Statistics Canada (statcan.gc.ca)
The federal government’s largest site for business
(strategis.gc.ca/bis)
Economic Development Office
Small Business Enterprise Centre
Potential suppliers
Canadian Federation of Independent Business (cfib.ca)
Canadian Youth Business Foundation (www.cybf.ca)
Industry associations
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Find advisors
Small business owners can’t know everything. These advisors
will support you and fill in knowledge gaps for you
 Commercial Lawyer
 Accountant
 Small Business Banker
 Professional Business Coach
 Volunteer Business Mentor
 Investigate & choose your business structure
 Speak to an accountant and lawyer to find the best way to
structure your business given the nature of your company
and your personal circumstances
Raise start-up funds
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Determine how much money you’ll need to launch
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Review the top sources of start-up financing
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Identify available personal resources
How much money do you need?
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Based on your plans, calculate capital costs.
Next, calculate how much you’ll need for operating costs per month.
Your start-up budget includes your capital costs + six-months of
operating costs.
Be sure to add a 10% contingency fund.
Where to get the money
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Personal funds
‘Love Capital’
Partners
Investors
Financial Institution
Government Programs
Non- Profit Organizations
Advance Sales
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How do financial institutions make lending
decisions?
The 5 C’s of credit:
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Character….your personal credit report
Capacity….repayment ability
Capital….your skin in the game
Collateral….loan security
Conditions….of the borrower and the market
Canadian Small Business Financing Act
(CSBFA) Federal Loans Program
This is a loan program designed to increase institutional funding to
new and existing businesses to improve loan access to stimulate
the economy and create jobs. The CSBFA program is
administrated through the financial institutions lending decision
process adding an additional guarantee to increase the lenders
security, reducing their risk. Some benefits include….
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Limited personal liability – 25%
Limits the interest rate from the lender
Can finance; buildings/land, commercial vehicles, hotel or
restaurant, computer equipment or software, production
equipment
Can NOT finance; goodwill, working capital, inventory, franchise
fees, R&D
Final advice
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“Credit is King” – follow the 5 C’s of Credit
NETWORK!!!!
Give your new business plenty of time to grow
Invest in learning new skills to run your business
Over-estimate your start-up expenses, under-estimate sales
Find experienced advisors
Be unique in your marketplace
Do your market research by asking your customers lots of
questions
Write a Business Plan!
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Thank you!
 Our online program E-Learning for business will
help you acquire new skills & guide your business
development.
 Need help? Visit your branch or scotiabank.com
QUESTIONS?
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