Easy Steps to Starting Your Small Business

Posted by admin

March 31, 2010

Decide whether you want to register federally or provincially and register your company. If you register federally, you’ll also have to register provincially, which almost doubles the cost. You don’t have to have a lawyer process them for you, but it might be a good idea to at least consult with one. You can get the forms from your local government office, have them faxed to you or download them. You can fax or email printed copies, or complete the forms online

Contact Canada Revenue Agency Business Window for your business number, and to register for GST/HST, payroll, corporate income tax and import/export (if applicable). You can also contact the CRA if you need general information about business expenses. Chances are you’ll have to collect GST, but you may want to register for a GST number even if you don’t have to collect it because of input tax credits.
Decide whether you need to collect PST. If you do, you need to submit “Registration as a Vendor” documents with your province.

Determine whether there are special permits or licenses in your municipality. It’s highly unlikely that your municipality does not have special permits or licenses.

Develop the marketing materials you decided on in your business plan. They should include at least a company identity package, press kit and website. Your identity package is your logo, business card and letterhead. A press kit can include letters of introduction, biography sheets, press releases, articles and a brochure. In today’s electronic age, printed materials aren’t enough. You need a website that looks professional, matches your printed material and has great copy. You’ll also want to make sure it’s optimized for search engines.

Set up your business bank account and record-keeping system. Your banker will need to see your incorporation documents, and you should probably set up more than one account so you can keep track of your finances better. Record-keeping is required, and can be done manually or with a computer program.

Purchase insurance. There are many different types of insurance, but most probably your company will need at least one. For example, if you’re going to have employees, you need to contact the Worker’s Compensation Board. Depending on your type of business, you might want to contact them even if you don’t have employees to insure yourself.

Contact potential creditors and set up credit terms. You should have researched suppliers when you were doing your feasibility study. Now is the time to contact them.

Decide where your business will be located. Lease your business’ space. Alternatively, you could choose to start your business from home if it’s feasible. There are advantages and disadvantages to starting your business from home. You have tax write-offs for example, but sometimes your image suffers.

Purchase supplies and office equipment. You’ll need too many things to list here, and of course, each business has different needs. You might need a fax machine and printer. You’ll probably need a computer. You’ll definitely need paper, pens, pencils and a calculator.

Congratulations! Go out, buy yourself a bottle of champagne and celebrate. You’re about to embark on a most exciting journey. And may I be the first to wish you good luck and prosperous times in your business venture.
As promised, here’s my email address so you can ask questions, make comments or add steps to my list. Or, if you want, you could just drop me a line to let me know how your small business is doing.

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