Starting a Small Business in Canada
Starting a small business in Canada is one of the most exciting avenues a Canadian can take in their life. It can be the most rewarding experience and the wealthiest people in the world are entrepreneurs, not employees.
However while the idea of starting a business may be exciting to you, know that it comes with its fair share of hardships and strife. Entrepreneurs must be perseverant and also willing to adapt to great changes. If you think this is the right field for you, by all means go for it; however make sure you do a lot of research before diving right in.
Below is a list of 10 small business start-up steps you can’t avoid, especially when starting out. We hope it provides you with a great foundation to help further strengthen and support your primary business goals.
GROW YOUR BUSINESS WITH GRANTS & LOANS
Learn about the funding available for your small business. It just takes a second!
Be a LEADER
As the owner and CEO of your company, be a strong leader for those around you.
Create Short Term Goals
This will be part of your business plan but will help you with the first few steps to take.
Create A Business Plan
At Canada Startups we have a fantastic Business Plan Maker tool to help you with this.
Do Your Research
You need to know about the field you are getting into.
Register for Taxes (Goods and Service and HST)
All companies need to pay their dues to the government. It will be a lot easier to have a HST number that takes any sales and takes the percentage needed for the government.
Find Proper Financing
This is one of the most important steps. You need to build enough equity to allow your business the opportunity to run. Look into investors, banks, and the Government of Canada.
Register Your Business Name
Once you have a business name, it must be registered with the Government of Canada. You can learn all about this online and make sure it is registered with the right place.
Find Out What Time Of Business You Are Going To Start
There are multiple business ownerships that you can have. There is a sole-proprietorship, a partnership, and a corporation (and a few others). Research all of them and discover what one will be the best for you.
Find A Great Name
A great business needs a great name. A name should be strong and in a sense proclaim what your business is. A name is one of the first steps you should take so you can find out if it has already been taken or not. Find a name that is unique and unlike anything else in the business world today.
Make Sure You Are Mentally Ready
It may be easy for you to come up with a great idea for a business, but that doesn’t mean you are ready emotionally for what lies ahead. Being an entrepreneur, you will face a lot of rejection, and definitely a great deal of hardships within your first few years. Make sure you are geared up to take this head on.