Small Business BC Business Idea FAQs
Frequently Answered Questions About Your Business Idea
As an entrepreneur, deciding your business idea is one of the most important steps you may make in your career. There are some basic things you should keep in mind at this exciting stage to help ensure your future success.
The following are common questions in dealing with your business idea. In answering these questions, you will be better equipped to make the necessary decisions to begin the entrepreneurial process.
- I am interested in starting my own business but don’t have a specific idea. What can I do?
- I have a business idea but don’t know what to do next. What should I do?
- How much will it cost to start a business?
- I have a new idea and I am worried about someone copying it. What can I do to protect my idea?
- I am not a Canadian Resident or Citizen. Can I start my own business in British Columbia?
1. I am interested in starting my own business but don’t have a specific idea. What can I do?
Try researching current trends in newspapers and magazines for
some business ideas. You can also check out our 40
business concepts to see if there is an idea that will work
for you. It is often said that it will be easiest for you to start
a business in an industry/sector that you already have experience
in. That way you already have industry contacts and you understand
how your business will work, which will save you time and money.
2. I have a business idea but don’t know what to do next. What should I do?
It is always a good idea to research your business idea before you make any financial investments or commitments. It will be much easier for you to change aspects of your business before it has started when the only investment you have made is your time.
To evaluate your business idea, complete a feasibility
test This is a series of questions that help you think through
your business idea. It is also a great start towards writing your
business plan.
3. How much will it cost to start a business?
How much it will cost really depends on the type of business you are considering. Many home-based businesses can be started on a shoestring. Larger retail type operations will cost substantially more. It is a good idea to make a comprehensive list of all your anticipated start-up expenses and then prepare a 12-month cash flow.
4. I have a new idea and I am worried about someone copying it. What can I do to protect my idea?
Protecting your new business idea can be an important part of your
future success. There are 5 types of intellectual properties protection
that you can register with the Canadian
Intellectual Properties Office, depending on the type of protection
you are looking for: Trademark; Copyright, Patent, Industrial Design;
and Integrated Circuit Topographies. Intellectual Properties can
be a complicated issue and you may need to consult with a professional
for help.
5. I am not a Canadian Resident or Citizen. Can I start my own business in British Columbia?
According to Citizenship and Immigration Canada, the federal government
agency responsible for entry into Canada, you must be a resident
or citizen to be able to come to Canada to start/run a business.
There are 3 categories of business immigrants, Investor, Entrepreneur
and Self-employed. It is best to speak to Citizenship
and Immigration Canada if you have any questions about your status
as any of these immigrant types.
If you are looking to be a director of a limited liability/incorporated company in British Columbia, there is no citizenship or residency requirements. However, this does not guarantee entry into Canada at any future date. It is best to contact Citizenship and Immigration Canada if you plan on becoming a director of an incorporated company and you are coming to Canada for business related activities.