Are you a young entrepreneur who wants to start a business in Canada? Or, do you want your business to be known as a Made-in-Canada brand? Well, if you answered yes to either of these questions, then this article will help you to start your Made-in-Canada business. In recent years, there has been an increase in the number of startups. In fact, once there were multiple units that outsourced their manufacturing activity to the other countries. Today, the manufacturing sector in Canada minimizes wastage and produces recyclable products, which are a big advantage for Canadian businesses. Therefore, the demand for Canadian made manufacturing sector is on the increase. Some ways you can start your Made-in-Canada business are as follows.
Assess the Business Environment
The most important step is for you to assess the business environment you’re operating in. The business environment is very dynamic and so you need to be prepared to deal with various changes in the economic, political, technological, social, and natural environment. You can get in touch with a resource center in Canada that will give you all the necessary information related to the various changes and happenings in the Canadian business environment. Once you assess the business environment, the next step is to prepare a business plan that will direct the future course of action.
Decide the Location
A major factor when it comes to manufacturing businesses is the location of the production units. The location is important because of the huge volume of raw materials that needs to be brought in the production units and the finished goods that needs to be transported to different retailers. For this purpose, you should also have an effective supply chain management system that is able to facilitate a smooth flow of goods from one place to another. Today, it is not just the production of raw materials into finished goods. In fact, the goods are produced at different places across the country and then assembled at one particular location. So the place where the products are assembled be easily accessible to the different units and also the market. An unfavorable location, which is difficult to access, adds to the overall cost.
You need to consider the laws of the land and the various government policies with respect to the production of the goods. In fact, each province will have a separate rule for setting up and carrying out manufacturing activities in the region. Moreover, with the growing concern for the environment, it is important that your production house prevents wastage and the manufacturing activities are carried out in accordance with the rules established for the same.
It is not easy to build a successive Made-in-Canada business. The cost of setting up the production units and the cost of machinery are heavy expenditures that you need to consider. Therefore, the lifeline of any business, that is the funds, should be readily available to carry forward with the business operations. Even though most of the production units operate with the help of machines, the labor cost cannot be neglected. Therefore, you need to find sources of finance for your business. In order to get finance for your manufacturing business, you can get in touch with small business funding resource that is, the Canada Small Business Financing Program (CSBFP). It is administered by Industry Canada and makes it easier for small businesses to get business loans from financial institutions by sharing the risk with their lenders. It is an initiative taken by the government of Canada to make sure that the small businesses are able to get the required funds to start or carry on with their business operations.
If you find it difficult to create your own Made-in-Canada business, then take the help of professional consultants. You can also look for like-minded business professionals and partner or collaborate with them. Partnering up with businesses that are similar to your business model is a great way to develop and grow faster. One organization may not be an expert in all the business areas; this is where partnership plays a key role. You can thus, partner with a business organization that specializes in areas that your business find difficult. In addition, when you partner with other businesses, you are able to tackle the competition better than what you would have done as an individual unit. Although it is very useful, you need to be careful when choosing your business partner. In fact, there are multiple platforms where you can meet small and medium business owners and get some insights by interacting with them. There are multiple communities that are formed across the country that empowers young entrepreneurs to grow and develop their business in the due course of time. Edmonton Made is one such initiative for young entrepreneurs in Edmonton.
Market Your Business
When it comes to the manufacturing sector, most of the businesses cater to other businesses rather than individual customers directly. So your marketing activities are more specific to business to business marketing. Here, it is important to build a long-term relationship with your clients and customers. Brands play an important role in business-to-business marketing and hence, it is important that you are able to create a brand identity for your business. One such brand association that can be made with your business is the Made-in-Canada brand. Apart from creating a brand for yourself, you need to get more customers over time to grow and expand your business. For this purpose, visit trade fairs and trade exhibitions that are held in the country. Moreover, you can take the help of your existing customer base to influence your prospective customers to deal with you.
In the coming years, the manufacturing sector in Canada is only going to improve. Moreover, with the recent trends where companies are switching from their offshore outsourcing and returning back to Canada shows a clear picture that there is an upward trend in the manufacturing sector. For example, Miranda Technologies is a Montreal-based maker of infrastructure and monitoring systems for the broadcast industry. It had contracted out its manufacturing process between 2001 and 2007 in order to meet the rapidly growing demand. Later on in the year 2008, the company decided to turn the switch back to its own assembly line. The CEO Luc St-George mentioned that the outsourcing wasn’t giving the company a great advantage. Hence, Miranda opted for doubling its manufacturing shop from 30,000 to 60,000 sq. feet, and went on to assemble almost everything in-house.
The future of the Canadian manufacturing sector also depends on the perception of the Canadian retailers, whether they prefer buying from other vendors or from Made-in-Canada brands within the country. One thing is for sure that today, Canada is one of the leading nations when it comes to the manufacturing sector and it depends on the how the young entrepreneurs take the next step into creating Made-in-Canada a global brand.Original Source