It is easy to come up with an idea to start a business, but not easy to actually launch and build a profitable business. The idea of starting a business appealing to a lot of people and can be very rewarding. If you are a new Canadian interested in starting your own business, the discussions provide the basic requirements for starting business.
1. Your business plans
A business plan is a written document describes your business objectives and strategies, your financial forecasts and the market you are targeting. It vary in terms of length and scope, all successful business plans contain common elements. It will help you to set realistic and timely goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts.
2. Construct a business structure
When starting the business, choose the business structure that best suits your needs. The three most common business structures are Sole proprietorship, General partnership and Incorporation.
3. Select a business name
Choose the perfect name for your business and it will precede you wherever you go! The right name can be an effective advertising tool that can help your customers understand what the business does and which market you are targeting. Your business name should be unique and easy to remember, and it should describe the products and services you provide. If you need assistance, you can hire a professional to help with creating a name and navigating the trade-mark laws.
4. Register your business
How to register your business, including registering for a business number, incorporating, and obtaining required permits and licences. Find out about the requirements to register the business with different levels of government. If you starting a money services business, you will need to register with FINTRAC.
5. Select a location
Your ideal location depend on your business needs, zoning restrictions, and where your customers and competitors are. Taxes, noise and the local business environment are important factors to consider when reviewing your options. Trying to decide where to locate the business and how to arrange it once you get there.