First step in creating a new business is choosing a right name for your business. Then you have to comply with registration requirements either provincially only or federally-throughout Canada.
Legal Form of a Busienss
After obtaining the name the next step would be to decide how the business will operate (form or business structure that suits your needs) Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Partnership, Corporation. Each one has its own benefits depending on how you would want the company to start and grow in time.
Do I need G.S.T. Number?
As per the C.R.A. a G.S.T. would not be required if the business will earn less than $30,000.
Do I need a Business Plan?
“Plan your work and work your plan.” There is no standard format for a business plan. However if you are planning to meet business lenders, investors or partners for financing of your business proposal you better have a formal business plan at your hand. It will greatly help you to focus on the elements of a business and all the problems that must be overcome. By compiling a business checklist you will stay on trucks. These accomplishments will serve you as a proof and motivator that you will be able to complete the process.
What will be the most difficult part of writing a business plan? Want to find out, Contact Us.
Is the Location/Site important to the success of my business?
It depends on what you are selling and whom you are selling (e.g. for manufacturing businesses, being close to your sources of supply is often the number one priority).
If your customers will be coming to you then the site is very important issue. (traffic, visibility, parking)
To Lease or To Buy the Premises.
When it comes to leases everything is negotiable. For further help and information Contact Us.
How Much of Your Kind of Business is Out There?
Why do I want to know the market potential? This will help you focus better whom you are selling to and how much will the potential customers spend annually on your product or service. The more you specialized in a particular target group the more money you are likely to make.
Is a bigger market potential better for me? To find out please Contact Us.
Marketing Research
For a new business the marketing research means to find out market potential and how much of that your company is expected to get. Collect and keep all your primary and secondary research information. The greater the loan the greater the amount of time, effort and market data is required by the lender.
Who is Your Competitor?
Even if you are offering brand new service you will have competitors – direct or indirect. Make a list of sources of your research and details of research conducted. Identify your competitors and explain how you are going to compete with them.
Sales Forecast
It is essential element of your business plan, because so many of your business decisions will be based and depend on how much money is business going to make. (sales or revenue, minus expenses will show you how much profit you can make).
What will you base the sales forecast on?
In general the more sources of information you use the more accurate your sales forecast will be. For more information and techniques to predict your sales please Contact Us.
How Can I Protect My Business?
All entrepreneurs are taking a risk and there is no 100 percent protection against risk. However you can understand the risk and try to protect your capital as much as possible.
Consider protection with Insurance policies. Get a trusted insurance broker. Types you choose will depend on the nature of the business.
Intellectual Property
What kind of theft would be most likely to affect you or your business? For example if someone steals your work, patent, copyright, trademark or your design. To find out and see how to get these protection Contact Us.
Finances: How much money you need to start a business
The general way of explaining the finance is you owe some things, you owe some money, you have money that comes in and money going out. In any business the financing is done with financial statements. It includes three main types of financial documents: Balance sheet, Income statement and Cash -flow statement. These documents will help you understand what has happened to the business and where the business stands at a particular moment.
I f you have a clear financing plan and want to look at the different sources of funding Contact Us.
Regulations, Licenses and Permits
We can help you identify specific government, industry or professional regulations governing your business and indicate how you will respond to the regulations and standards.
Need to hire employees
How and where to advertise for a job positions, how to manage yuor relationship with employees, learn about payroll, taxes, employment insurance, workers compensation, pension, health and safety. To find out more please Contact Us.
