FAQs

Frequently Asked Questions About Starting Your Business

• Is there a process I can follow to start or grow my business?

  JJC has developed a "5 Staged Process to Follow in Developing your New Business or Expanding Your Existing Business."

  It Includes these 5 Stages which we can Assist you with:

  I. Idea/Concept Stage

  • The idea stage is a business, strategy or plan that hasn't been developed in any significant way.

  II. Product Design/Test Stage

  • In this phase, a buyer profile or "need" is drafted and the product or solution is designed to meet this targeted need.

  III. The "Company" Stage

  • In this stage, we address the need to establish your business.

  IV. Business Planning Stage

  • In this phase, one should have or develop a formal business plan which would be used to present the business to potential investors, lenders, grant writers, etc.
  • The level of detail in this plan will vary based upon the entrepreneur and the type of business - but, financiers will be seeking as much planning detail as possible in their reviews.

  V. Go-to-Market/Operational Stage

  • The GTM stage encompasses both "Launch" and/or "Growth" of a business.
  • In this phase, all of the aspects of the business come together in driving the product/service/solution into the target marketplace.

   

• How do I develop a product or solution?

  In this Stage of your Business, a buyer profile or ‘need’ is drafted and the product or solution is designed to meet this targeted need.

  As part of the process the Test Stage is where the product’s viability is evaluated’ - What ‘issue’ are you solving? What ‘need’ are you fulfilling?

  Consider working with early customers that can help you to develop your offering and adjust the ability for it to meet the user’s needs.

• How should I structure my business?

  The majority of businesses start as sole proprietorships. This is because you can report "business income" as "personal income" for tax purposes. The major disadvantage, however, is that as the owner, you are also the business. That means you assume all liabilities for the actions of the business and put your personal assets at risk.

  Other types of business structures are partnerships, Corporations and Limited Liability Companies (LLC). Each has its advantages and disadvantages, depending on the type of business you are starting and protection you seek.

  The EBC can work with you in making this important decision, but we encourage you to also seek legal guidance.

• Do I need a business plan?

  Absolutely, you can begin with the ‘basics’ but eventually your potential financiers and investors will want to see this detailed…

  In this phase, one should have or develop a formal business plan which would be used to present the business to potential investors, lenders, grant writers, etc.

  You may wish to start with a basic Business Plan and advance to a detailed version…

  Covered within the Business Plan:

  • Executive Summary
  • Company Description
  • Products & Services
  • Marketing Plan
  • Operational Plan
  • Management 
  • Financial Plan
  • Appendices

• Is a marketing plan important?

  A marketing plan is quite important as it helps you put all of your research, ideas and plans in one place.

  When you go through the process, you can:

  • Define your core messaging and positioning to create a cohesive brand voice, vision, and style.
  • Set a budget that matches your goals and agenda.
  • Deliver a stronger return on investment as you will create tracking processes to measure and optimize campaigns.
  • Develop better future plans as you can clearly see what’s working and what’s not.
  • Develop better future plans as you can clearly see what’s working and what’s not.
  • Organize and centralize your marketing plans so your entire team is on the same page

  
  Without an official marketing plan, it's likely that your business will have a lot of ideas, opinions and plans floating around without much cohesion.

• Where can I go to get funding for my new business or expansion?

  There are different sources of financing to start or expand a business. 

  Some of the most common include:

  • Personal funds
  • Credit cards
  • Family and friends
  • Business loans or revolving loan funds
  • Investors
  • Matching grants

  
  JJC can help sort out the best sources of funding for your business using your business plan.

• Why do small businesses fail?

  The key areas contributing to small business failures are:

  • Lack of planning upfront
  • Insufficient market research before advancing
  • Poor marketing and advertising strategy
  • Slow adaption to change
  • Cash flow management
  • Run out of money
  • Lack of funding sources
  • Lack of:
    • Resources
    • Coaching
    • Business advisors/mentoring

• Where can I go for help with starting or growing my business?

  JJC can assist you with starting or growing your business in these key areas at no-cost:

  • Early preparation for you and your business through education and training
  • Live webinars, seminars, workshops, networking events
  • Business advancement via virtual and in-person business advisory services and:
    • coaching
    • business advisors/mentoring
    • business plan development and reviews
    • Marketing plan development and reviews
    • Financial analysis and planning
    • Management plans (staffing and retention)
    • Strategies for access to capital
    • Market/industry research