When starting out on the adventure of business ownership, you need to take the time to develop a plan. When you bake a cake, you follow a recipe. Same is true when you start a business - you have to follow a recipe. You can't just dump things together in a bowl, stir it around a bit, then realize to turn on the oven, and just hope and pray it will all turn out fine in the end. Chances are if you did that with flour, eggs, sugar and butter you would end up with a mess, so why would you think you would yield any other result when starting a business in the same manner?
So you have the statement: "I want to start a cake business" - now what? This statement is very broad, what you need is to focus - what is your vision?
Overwhelmed? Don't be. Just take it one step, one day at a time.
Need more help? Here are several websites with more information about starting a business and writing a business plan:
Starting a small business in Ontario - Ontario.ca
Restaurant Start-Up Guide from Canada Business Network
Writing Your Business Plan from Canada Business Network
BDC Business Plan Templates
ScotiaBank's guide to writing a business plan
Bank of Montreal's Small Business Centre
CIBC's Guide to Business
TD Bank Business Planner
RBC Royal Bank Business Resources
This is just the beginning of a long process....but the reward is sweet! Stay tuned for more!