| Steps For Starting A Business | |
Starting a business may seem overwhelming at first. There are just so many things to do! This guide to the starting a business resources on the Small Business: Canada site is designed to help you make your dream of starting a business a reality. You can use it a guide to the steps you need to follow when starting a business, or as a checklist while you're going through the process of starting a business to make sure that you haven't overlooked anything.
1) Come up with a good business idea.
Small Business Ideas - Visit this collection of ideas for starting a business, including ideas for starting a home business ideas.
2) Write a business plan.
Working through a business plan will tell you whether or not your idea for starting a business is viable - and is necessary for securing funding. You can find more information about the need for a business plan when starting a business in "Why You Need To Write A Business Plan".
My Writing A Business Plan series that starts with this "Business Plan Outline" will lead you through the process of writing each section of the business plan. And you'll find more information, including links to sample business plans, in Business Plan Resources.
3) Decide on a winning name for your business.
A business name doesn't have to be short but it should be snappy. You want a name that's memorable and is going to encapsulate what your business does for marketing purposes. Visit the Small Business: Canada forum for help brainstorming a catchy name.
4) Choose the form of business you're going to start.
Choosing A Form Of Business Ownership - This article outlining the differences between a sole proprietorship, partnership, and incorporation will help you decide which form of business to choose.
If you're considering incorporation, you might also want to read Should You Incorporate Your Small Business?
5) Register your form of business.
Business Registration is a collection of articles detailing the process for reserving a business name and registering your business in various Canadian provinces. There are even links to sites where you can register your business online.
If you are incorporating your business, you'll want to visit the Incorporating A Business collection of articles about the provincial and federal incorporation process.
6) Get a business license.
While not necessary for all businesses, many new businesses will need to get a business license before they can operate legally within their municipality. You will find a selection of links to the Web sites of cities and towns across Canada in my Municipal Business Resources library, but you can also find this information in the blue pages of your phone book.
7) Get a business number.
You may not need a business number when you're first starting a business, but will probably find that you soon do. The Business Number explains which businesses need a business number and how to get one.
8) Register for the GST/HST.
Chances are good that the business you are starting will involve collecting GST or HST. You may even want to register for the GST if you don't have to, because of Input Tax Credits. "Grappling With The GST or HST" explains which businesses have to register, how to register, and about Input Tax Credits. For more information on the GST, visit the GST/HST Library.
9) Register for the PST.
Before starting a business, you may also need to register as a collector of retail sales tax (PST). In provinces such as Ontario and B.C., this is called registration as a vendor. There is a link to Ontario Retail Sales Tax Publications, where you can find the application for vendor permit form, on this page.
10) Prepare to have employees.
When you're starting a business, hiring employees may be the furthest thing from your mind, but it's amazing how quickly a business can grow. And once you have employees, your business will probably need to register with the Worker's Compensation Board in your province. My "Guide To Workers' Compensation Insurance" includes links to the Worker's Compensation Boards in every province, as well as information about who has to register.
Find out more about hiring employees, employment standards, and managing your employees' payroll deductions in my Being A Canadian Employer Library.
11) Buy other kinds of business insurance.
Protect your new business by making sure that you have the kinds of business insurance you need. "Do You Have The Business Insurance You Need?" explains what property, liability, business interruption, key people, and disability insurance are. Find out more about these types of business insurance in the Insurance Library.
12) Get your business records off to a good start.
If you keep good records from the first moment you're starting a business, things such as accounting and paying taxes become so much easier. Get your business records off to a good start with these Accounting and Bookkeeping Resources. Learn how to set up filing systems and handle receipts with these Data Management articles.
Where to from here? Two major concerns for people starting a business are management and marketing. The Marketing and Management hubs on Small Business: Canada contain many articles that will help you market your product or service and manage your new business successfully.
There is also a Business Terms Glossary and a Business Tips Library that you may find useful. Best of luck in your new venture!
~ Susan Ward

