by Justine Lorch | Feb 11, 2024 | Business Resources
3. Is My Business Idea Profitable? One great advantage of being an entrepreneur is being able to do something you are passionate about or love to do. How do you plan to turn your passion into profit? Can my idea become my business? Every new business starts with an...
by Justine Lorch | Feb 11, 2024 | Business Resources
4. Planning for Success Start developing a plan Taking the time to map out a realistic plan for your business before you open will pay off in the long run. Many successful entrepreneurs will agree that solid planning, both short-term and long-term, is the key to...
by Justine Lorch | Feb 11, 2024 | Business Resources
5. Four Methods of Getting into Business Getting into a Business There are four basic methods of getting into business; start from scratch, purchase the assets of a business that has ceased operation, purchase an existing operation, or pay the fee for a franchise...
by Justine Lorch | Feb 11, 2024 | Business Resources
6. Types of Business Formations There are four common types of business structures in Prince Edward Island: sole proprietorship, partnership, corporation and cooperative. Each of these structures is described below. The structure you choose will depend on various...
by Justine Lorch | Feb 11, 2024 | Business Resources
7. Developing a Marketing Strategy Like all aspects of business formation, developing marketing strategies requires careful planning. A successful marketing strategy presents a product or service to customers at a price that meets the business’s profit goals and in...