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GuidesNewcomer Entrepreneurs A Newcomer’s Guide to Starting a Business in Saskatchewan Let’s Get Started

Let’s Get Started

There are many choices for starting a business in Saskatchewan. You can choose to purchase an existing business, own a franchise, or start a brand-new business. View our Questions to Ask Before Buying a Business Guide for more information. There are advantages and disadvantages to each of these types of businesses.


Let’s look at each one:

Purchase an Existing Business

AdvantagesDisadvantages
Less risky than starting a new businessLarge investment paid all at once
Product or service already market testedRisk of bad reputation; poor location
It is easier to secure loans and attract investorsRisk of high competition and declining industry
Established brand: customers, contacts, suppliers, goodwill, staff, equipmentPoor fit – It can be difficult to find the right company to purchase
Established market for the product or serviceKey staff may leave, and risk customer relationships
Experienced and trained employeesMajor changes may be necessary
Faster start-up timePotential hidden problems

Source: Business Queensland

BDC has several articles on how to buy an existing business.

A purchased business is LESS RISKY if it is purchased at a fair price, managed well, and has shown a profit.

Own a Franchise

AdvantagesDisadvantages
Product and market research already doneHigh start-up costs – (initial investment)
Proven business model means lower riskStrict rules and guidelines from the franchisor
Recognized brandOngoing royalty payments
Franchisor support such as training, marketing, and advertisementContractual agreements
Easy access to financingCreativity can be limited
Access to increased purchasing powerHigh risk when you buy a lesser-known franchise
Networking

Sources: Forbes and Franchise Business Review.

Start a Brand-New Business

AdvantagesDisadvantages
Autonomy: You are your own boss and have full controlHigh failure rate
Flexible hoursLong hours and no guaranteed paycheck every month
Possibility to make more money than working for someone elseManaging stakeholders (employees, suppliers, clients) with different personalities and moods can be challenging
Job security: No one can fire youMany responsibilities: doing all or most of the business tasks even if you are not trained to do it
Personal satisfaction

Source: Rich Dad.

If you are starting a brand-new business, it’s important to begin with a business plan. Visit SK Startup Institute’s Writing your first business plan webpage where you can download our Business Plan Checklist and our Business Plan Template. You’ll learn more about the importance of business planning and the free resources we provide which includes market research.

As a business owner, you will wear many hats: manager, marketer, bookkeeper, salesperson & more. Creating a business plan allows you to think about all those aspects and prepare for the hard work ahead. As a bonus, a complete business plan is an important document to provide to your banker if you are looking for loans for your business.

VISIT THE NEXT SECTION OF THIS GUIDE: Culture Matters
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Related Pages

A Newcomer’s Guide to Starting a Business in Saskatchewan
You are Unique
Culture Matters
Getting Down to Business
Building Business Relationships
Supporting Organizations
Next Steps to Starting a Business in Saskatchewan

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