Skip to content

English Français Languages:

  • How We Help
    • Market Research ReportsExclusive research reports and critical data
    • Business AdvisingExpert guidance from our experienced advisors
    • SK Business Services Directory
    • Professional Services & ReferralsExperts in a variety of specialties
    • Video ResourcesExpand your business knowledge online through our video resources
  • About
    • Our MandateWe’re driven by our vision
    • Our TeamWe’re led by a team with unwavering determination
    • Contact UsWe’d love to meet you
    • Success StoriesWe help make dreams a reality
  • News & Events
    • NewsKeeping you up to date with the latest news
    • EventsKeeping you connected with the latest events
  • Guides
        • Starting Up
          • Assessing an idea
          • What is the absolute first thing to do when starting a business?
          • Naming your business
          • Choosing a business structure
          • Tips for starting a home-based business
          • Questions to ask before buying a business
        • Business Planning
          • Writing your first business plan
          • Commercial lease guide
          • Intellectual property guide
          • Funding
          • Selecting professional services
          • Shareholder / partnership agreement guide
          • Supplier selection guide
        • Operations & Financial Management
          • Accounting versus bookkeeping
          • What to know about taxes
          • How to know if your business is profitable
          • Basic bookkeeping
          • Using break-even analysis
          • Small business insurance
        • Sales & Marketing
          • How to sell your product or service
          • What to know about advertising
          • Tips for presentations and pitches
          • Preparing a proposal
          • Tradeshows and events for business
        • Human Resources
          • Implementing an employee training program
          • Setting up a pay scale
        • Legal
          • Legal considerations when starting a business
          • Protecting your business from fraud and theft
          • Articles of incorporation
  • Get Started
GuidesStarting Up What is the absolute first thing to do when starting a business?

What is the absolute first thing to do when starting a business?

Starting a business can be overwhelming, whether it’s your first time or not. There are many factors that go into starting a business, and each of them play an important role in your success.  You might wonder, ‘where do I even begin’? Luckily, we’re here to help guide you along the way.

So, what is the absolute first thing to do when starting a business? 
The very first thing to do is research.  Gather information and evaluate your idea in order to prepare yourself for the rest of the journey.  Gathering information is the best way to determine if your idea is worth investing in.

Research might include: 

  • Market Research 
  • Competitor analysis
  • Industry reports 
  • Statistics

SK Startup Institute can provide you access to this critical research and help you get ahead.

Once you’ve done a sufficient amount of research and feel that you have a good amount of knowledge on your industry, market and competitors, you can dive into the next phase of starting a business – business planning. 

To learn more about business planning, visit our Business Planning guides. 

If you have any questions, book an appointment with one of our advisors or feel free to contact us. 

Open

Highlights

  •  The very first thing to do when starting a business is gather information and evaluate your idea. 
  • Gathering information is the best way to determine if your idea is worth investing in.
  • Research includes market research, competitor analysis, industry reports, and statistics. 
Open

Helpful Downloads

Startup Checklist pdf - 214.19 KB
Startup Checklist - French (1) pdf - 220.78 KB
Open

Related Pages

Market Research Reports
Choosing a business structure

Topics

  • Starting Up
  • Assessing an idea
  • What is the absolute first thing to do when starting a business?
  • Naming your business
  • Choosing a business structure
  • Tips for starting a home-based business
  • Questions to ask before buying a business
  • Business Planning
  • Writing your first business plan
  • Commercial lease guide
  • Intellectual property guide
  • Funding
  • Selecting professional services
  • Shareholder / partnership agreement guide
  • Supplier selection guide
  • Operations & Financial Management
  • Accounting versus bookkeeping
  • What to know about taxes
  • How to know if your business is profitable
  • Basic bookkeeping
  • Using break-even analysis
  • Small business insurance
  • Sales & Marketing
  • How to sell your product or service
  • What to know about advertising
  • Tips for presentations and pitches
  • Preparing a proposal
  • Tradeshows and events for business
  • Human Resources
  • Implementing an employee training program
  • Setting up a pay scale
  • Legal
  • Legal considerations when starting a business
  • Protecting your business from fraud and theft
  • Articles of incorporation
  • About Us
  • Guides
  • How We Help
  • Get Started
  • News & Events
  • Sign up to get updates + more in your inbox

    (City, town, village, RM, or reserve)

    Delivered by SREDA

    Supported by

    Member of the Western Canada Business Services Network

    © SK Startup Institute 2023

    • Terms of Use
    • Privacy Policy

    Languages: