Start-Up! - Business & Development

Start-up!

Business & Development

D.Darren MacDonald, CKA VP Business & Development, Nova Scotia 

So you want to start a business? As a kinesiologist you have a few options in how you structure your service offerings.  Your business structure in Canada will take one of three options, 1) sole proprietor, 2) partnership or 3) incorporation.  Each has their own advantages and disadvantages and you should become familiar with each structure.

Before you even decide on your business structure you need to identify a problem/opportunity in the marketplace for a specific customer segment.  Understand that your product or service is not for everyone and get specific on who your target customer is.  Now that you have identified an opportunity for a particular segment of the population it is time to start thinking of your solution.

What will you offer?  Will you be offering assessment or diagnostic services? Maybe it will be training that you provide, will it be delivered in-person or online?  The answer to all these questions will be found when you start talking to potential customers.  The biggest mistake I see people make is working tirelessly on a product or service for weeks/months and then launching a business that nobody wants.

A practical and straightforward framework to help you explore your business idea is the “Lean Canvas”, a business modeling tool developed by Ash Maurya.  The Lean Canvas is a derivative of the “Business Model Canvas” and essentially boils down any business into nine blocks on one page.  For more information and to download a free version visit, leanstack.com.
 
 
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