Running an Online Store

If you wish to start and run an online business in Canada, you will need to think of products that your business will be offering, select a webhost, have a website created for you, attract customers, and find financing.

Products

There are plenty of products to sell online, for example, e-cigarettes, Bluetooth speakers, LED lighting, denim, baby clothes, etc. Look into market data and statistics to identify trends and ensure that the volume of sales is growing.

Create a Website

The next step is to choose a webhost and register a domain. Check different information management platforms and choose the one that you like best. You will also need an eCommerce platform or shopping cart, and it is best to choose a platform that can be optimized for mobile phones and other devices. Finally, you have to choose a template for your website or ask a website designer to design it for you. You also need content that you either write by yourself or is written by a blogger or content writer that you hire. Quality content is important for search engine optimization so that your website receives traffic from the search engines. High quality content also attracts potential customers.

Business Plan

Your business plan should include sections on the products and services offered, your sales and marketing strategy, market analysis, and your value proposition to explain what your idea is. Make sure you describe the products and services you plan to offer, whether domestic cleaning, financial consulting, online courses, e-books, clothing, or anything else. Many finance providers require that borrowers submit a business plan together with their application.

Find Financing

The amount that you need to start an online business depends on the products you plan to offer, whether physical or digital products, promoting or offering services, etc. There are different options to finance your business in Canada, including peer-to-peer networks, funding by banks and other financial establishments, and government grants and loans (https://www.lifeoncredit.ca/). You may want to check government grants first, and the type of funding available depends on factors such as province or territory of residence, whether you need money for an Aboriginal business, etc. If you live in Montreal, for example, and are under 35 years, then you may qualify for funding in the amount of up to $10,000 of which 70 percent is in the form of a loan and 30 percent in the form of a subsidy. Financing is also provided by non-government organizations such as the Entrepreneur Canada Start-Up Program, which offers funding to entrepreneurs aged 18 to 39 who plan to start a business. Applying for a government loan is yet another option, for example, funding under the Canada Small Business Financing Program. You can use the money to buy used or new equipment. Applicants qualify provided that their annual revenues do not exceed $10 million, and they pay costs such as renewal, set-up, and other lender fees, interest charges, and a registration fee of 2 percent of the loan amount. Loans are also offered based on factors such as location, gender, immigrant status, and purpose. If you are a women entrepreneur in Alberta, for example, you can apply for financing with Alberta Women Entrepreneurs, which is a non-for-profit organization, offering mentoring, funding, and advice. Loans of up to $150,000 are available to obtain operating capital, buy equipment, etc., and borrowers benefit from a low interest rate (prime plus 3 percent). Another option is to apply with a credit union or bank, especially if you are an existing customer (https://www.lifeoncredit.ca/top-6-secured-credit-cards-for-canadians/). You are more likely to be offered flexible repayment terms and a competitive rate.