Bringing a business to life is an exciting and rewarding venture, but it takes time.
Between your preliminary planning and finally getting the gears in motion, there’s no shortage of variables to consider, hurdles to jump over, and boxes to check off. So with that in mind, if you’re looking to start your own business, it’s important to understand that it’s far from an overnight process.
So how long will it take? That depends. Because every entrepreneur has their own goals and vision, the amount of time it can take to build a business from scratch varies wildly. However, it is possible to estimate and set an approximate timeline for getting your business up and running once you sort out a few key details.
Curious about the perks of buying an existing business vs. building one from the ground up? Click here to read our blog on the topic.
Building Your Business Plan
Before you’re able to start putting the pieces of your business together, you’ll need a strong, well-thought-out plan in place. There’s a lot of physical work and logistics involved in getting a venture up and running, so before you invest the time and effort you’ll want to have a blueprint in place.
Formal business plans go far beyond just a name and an idea. In addition to helping you stay on track with what needs to get done before opening day, it outlines important details and information on what you’ll need to make your business successful in the long term – think income goals, customer growth, brand awareness etc. As part of the process, you may need to do a little bit (or a lot) of research and decision-making.
Not to mention, a solid business plan will also be critical in attaining the financial resources needed for your business. Lenders and potential investors will want to know that you’ve got a concrete roadmap in place for bringing your vision to life.
All that said, putting together a business plan will take time. Depending on your goals and how often you’re able to work on it, you can potentially expect to spend multiple weeks or months to building out a plan.
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Getting What You Need
While there are a lot of small details involved in bringing your business to life, some of the most time-consuming elements are fairly major. These include:
Funding:
As an entrepreneur, you have access to various funding options. However, whether through personal savings, loans, investments, or even government programs, obtaining the necessary capital to launch and sustain your business can take anywhere from a few months to a few years.
Real Estate:
Unless you’re setting up a business with a remote or freelance model, you’ll also need to find a physical space for it. In addition to everything that goes into finding the ideal space (researching neighbourhoods, getting financing, sorting through listings), the process of buying or leasing a commercial space takes time.
One of the stand-out features of commercial real estate transitions is that they’re much more complex than buying a house. As a result, transactions can take a long time to close – in some cases, several months. This will impact how soon you’re able to open up shop.
Licensing & Permissions:
There’s a lot of logistics and paperwork involved in starting a business. Things like choosing a business structure, registering your business name, obtaining necessary permits and licenses, and complying with tax obligations will all take time on your end – and on the end of the City and Province. Even if you’re able to sort through these items quickly, you’ll have to wait for certain approvals and licenses before you can begin operations.
On the hunt for industry-specific business advice? Explore these other resources from our site.
- 5 Ontario Markets That Hotel & Resort Investors Should Set Their Sights On
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Work With Carve Real Estate
If your business needs brick-and-mortar, the most efficient way to find a business or commercial space that matches your criteria is to work with an industry-specific real estate agent – like us, Carve Real Estate. Regardless of what your ideal small business looks like, we can help you find the ideal space for it.
Looking to start a business? We can help! Send us an email or give us a ring at 416-618-0054 to get started.
