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Each One, Grow One: Are you ready to start your own business?
Each One, Grow One
Are you ready to start
your own business?

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Each One, Grow One: Are you ready to start your own business?
Vancity is a co-operative
Seven co-operative principles:
1. Voluntary and open membership
2. Democratic member control
3. Member economic participation
4. Autonomy and independence
5. Education, training and information
6. Co-operation among co-operatives
7. Concern for community

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Each One, Grow One: Are you ready to start your own business?
Real estate 45%
Manufacturing41%
Business services43%
Know success rates and risks
Wholesale trade 44%
Rates of success in BC after five years
Other service 28%
Construction32%
Logging & forestry 30%
Food & beverage 34%

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Each One, Grow One: Are you ready to start your own business?
Why do you want to start this business?
Are you financially ready?
Can you keep your day job whileyou’re starting out?
Is this the right fit?

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Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business?
Support from family and friends
Support makes a difference:
Do you have emotional and
financial support?
Does your family understand
how much time will be devoted
to your new business?

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Each One, Grow One: Are you ready to start your own business?
Discover market needs
Understand laws/regulationsof your industry
Assess insurance costs
Obtainindustryknowledge
Source reliablesuppliers

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Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business?
Strengthenthe right skills for success
According to StatisticsCanada, businesssuccess
requires strong skills in:
General management
Marketing
Financial management

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Each One, Grow One: Are you ready to start your own business?
Distribution
Planning
ResearchFinance
Marketing
Administration
Sales
ProductionCustomer service
People
Management
skills
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Develop key management skills

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Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business?
Take advantage of trainingopportunities
Self-employment training through EI
Business coaching through Small Business BC
Other resources?

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Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business?
Create a business plan to grow
Business plans can help your companysucceed.
They help you better understand your:
• Markets
• Operational issues
• Cash flow and finances

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Each One, Grow One: Are you ready to start your own business?
Expected scenario
Slow-start
Aggressive sales
Create a two-year cash flow

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Each One, Grow One: Are you ready to start your own business?
Define your costs
Confirm your assumptions
Research the costs of similar
businesses
Calculate your start-upcosts

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Each One, Grow One: Are you ready to start your own business?
Savings
Credit cards
Personal loan
Evaluate your financing options
Re-mortgage home
Friends and family
Angel investor

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Each One, Grow One: Are you ready to start your own business?
Covering your basic needs
Keeping your familycomfortable
Maintaining or adjusting your lifestyle
Assess your budget and lifestyle

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Each One, Grow One: Are you ready to start your own business?
Why will people choose youoveryourcompetitors?
Whatis the demand foryourproductorservice?
How will you reach potential customers?
Understand your market

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Each One, Grow One: Are you ready to start your own business?
Analyzeyour competitors
Know their strengths
Discover their weaknesses
Find their similarities
Think about their appeal
Find what makes you different

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Each One, Grow One: Are you ready to start your own business?
Discoveryour target customer
Where they socialize
Their shopping preferences
Interests in sustainability
How they rank price, quality,
and service

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Each One, Grow One: Are you ready to start your own business?
Face your biggest obstacles
1. Developing a business plan
2. Launching
3. Management skills
4. Finding customers
5. Sourcingreliablesuppliers
6. Getting licenses and permits
7. Financing
8. Making sales
9. Personal or health issues
10. Managing employees

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Each One, Grow One: Are you ready to start your own business?
For more information:
Email: CommunityBusinessBanking@vancity.com
Visit: www.vancity.com/BusinessTools
Interested?