There are many ways to grow a business. Whether you are expanding into new markets, developing a new product line or moving into new distribution channels, each strategy will present different challenges. To determine which option is best suited to your business needs, read the following guide.
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Explore
Are you Ready to be an Entrepreneur?
Evaluate Your Business Ideas
What Funding Options are Available?
Market Research
Is this the right product for this place at this time? Researching the local market is an essential part of starting and growing a business. It will become the basis of developing your business plan when you are ready.
Start
Which Business Structure is Right for You?
Register a Business Name
Taxation Guide
Business Regulations Guide
Writing a Business Plan
A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast.
It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.
Securing financial assistance to start your new business is directly related to the strength of your business plan and the research that you do. To be considered for funding from financial institutions or investors, you must demonstrate that you understand every aspect of your business and its ability to generate profit.
Book a Consultation for help getting started or to have your business plan reviewed.
Market Research
Market Research is an essential part in writing a good business plan, and researching the local market is an essential part of starting and growing a business. It includes information on your marketplace, your potential customers, and your competition. It also includes learning about potential suppliers, and the costs of doing business. Please see the Market Research for more information or Book a FREE Consultation.
Funding a New Business
Muskoka Business Startup Contacts
Additional Resources
Do you still have unanswered questions?
Grow
Market Research
So, you want to expand or grow your business. The first thing to do is evaluate the current state of the Market. Things may have changed since you first started this business – the marketplace, your target market, the competition, economics, and more. Researching the current environment is an essential part of starting and growing a business.
For more information Please see the Market Research for more information or Book a FREE Consultation.
Writing or Updating Your Business Plan
In addition to doing market research, you will want to update your existing business plan or write a new one to outline your new goals and create the strategies and tasks to reach those goals.
If your strategies involve securing financial assistance, your success will be directly related to the strength of your business plan. To be considered a viable candidate to receive funds from a financial institution or investors, you must demonstrate that you understand every aspect of your business and its ability to generate profit.
A business plan is more than just something to show lenders and investors, it is also necessary to help you plan for the growth and progress of your business. Your business’s success depends on your plans for the future.
Book a Consultation for help getting started or to have your business plan reviewed.
Do you still have unanswered questions?
Additional Resources
Regional Resources
Chambers of Commerce
Community Business Partners
Parry Sound Muskoka Community Network (PMCN)
Parry Sound Muskoka Community Network is provided with funding from FedNor to promote the adoption of digital and e-business applications throughout Muskoka by supporting organizations and providing grants to help more than 500 business owners take their ideas and ambitions further.
Digital Main Street Squad
The Digital Main Street Squad is a team of trained students and/or recent graduates with strong Technology and Digital Marketing skills and experiences that BIAs can access to provide to their business members
Through the Digital Main Street Squad, businesses receive targeted support to get started, grow their digital presence and grow their business.
Digital Main Street provides one-on-one assistance through the Digital Service Squad program to provide your business with free digital transformation consulting and support.
This can include but is not limited to:
A digital assessment of your business’ digital literacy
Access to a free online video-based digital transformation training program
Website review, updating, creation, best practices
Social Media support, best practices, advertising, and more
Technology support and guidance for the best options of technology tools to implement for your business
Miscellaneous Digital Transformation Support: loyalty programs, point of sale systems, ecommerce, back-end business operations support (i.e. setting up QuickBooks)
Simcoe Muskoka Workforce Development Board
SMWDB partners with organizations in our community to address high priority workforce development issues at the local level. Also working with employers and job seekers, SMWDB provides an overview of the local labour market and trends and issues affecting it and acts as a gateway to connect employers and job seekers to resources.
The Hub
A support system for social and commercial entrepreneurs within Muskoka. The Hub provides an affordable and versatile working environment, professional support, and social networking opportunities that help initiatives thrive, facilitating collaboration between businesses, not-for-profits and government bodies.
Muskoka Futures
Muskoka Futures is your go-to organization for investments and resources, supporting business and economic growth. We provide unique opportunities that ultimately create a positive impact on our community.
Business Planning
Writing a Business Plan
Although business plans can vary in length and scope, all successful business plans contain common elements. The following points should be included in any business plan:
- Executive summary (business description)
- Identifying your business opportunity
- Marketing and sales strategy of a business plan
- Your team
- Operations
- Financial forecasts of a business plan
- Other useful documentation
To Inquire about Business Plan templates, samples, and assistance, please Contact Us to set up a or
Market Research
The environment that your business operates in can be very dynamic. Shifts in economic conditions, demographic changes, new regulations and changes in technology can all affect the way you do business.
Market research can help you:
- Better understand the characteristics and preferences of your customers
- Identify opportunities to increase sales and grow your business
- Monitor the level of competition in your market
- Reduce the risk in your business decisions
- Develop and complete your business plan
Established businesses thinking about making significant changes, like business expansion or relocation, can also use market research to support their decisions. Some other common situations that might call for market research include:
1Launching a new advertising campaign
2Increasing production or stock levels
3Introducing new lines of products or services
Sources of Market Research Information
Funding
Find Government Funding For Your Business
Discuss additional funding resources