Canada has such a booming economy. The country offers vast job opportunities, not to mention plenty of business opportunities. If you have lived in Canada all your life or have just immigrated into this great country, it can be a good idea to take a plunge into the world of entrepreneurship. Getting into business may seem risky and challenging at first. However, it makes a huge difference if you plan and come in prepared for what lies ahead.
That said, here are seven steps to take if you plan to start a business in Canada:
1. Conceptualize a business and draft a plan
As with any business project, it all starts with an idea and a plan. You have to think of what your interests, skills, and expertise are. No matter where you’re in Canada, you have to assess what the current trends are and how they correspond with what you’re good at. From there, you’ll be able to decide on a specific business and what your products or services will be. Once you are fully resolved, come up with a business plan, which has to be thorough and detailed.
2. Name your business and decide on ownership form
After you’ve drafted your business plan, you can now have a name for your business. Along with this is deciding on what form of business ownership you would like to have. There are three basic forms to choose from: sole proprietorship, the partnership, and the corporation. Know that in Canada, the government puts more name restrictions on corporations than on sole proprietorships. That said, you must consider the legal implications when naming your business.
3. Looking for a viable business funding
Once you have a business plan set in place and have a name for your business, you can now set the funding for your business. It’s good if you have the financial resources and capital outlay to start a business. If you don’t, however, you can resort to financing assistance, whether from financial institutions or government grants. When seeking funding, make sure to check the terms and conditions.
4. Obtain a business license and register for GST/HST
Now that you know that your business can be made operational through funding, you can then get the required business license. All you have to do is contact information for government agencies online.
Check Industry Canada’s BizPaL as well to see what other permits and licenses are necessary to operate a business. Furthermore, your business will need to register for the goods and services tax (GST) and harmonized sales tax (HST). You don’t have to do so if your new small business’s gross income stays under $30,000 for four consecutive quarters.
5. Register for provincial sales tax and purchase business insurance.
Consider two vital things as well—taxes and insurance. Some provinces have not harmonized their sales taxes with the federal GST, so you have to register. On the other hand, your business will be required to obtain employment insurance. But beyond the regular, your business may want to consider additional protection, such as property, general liability, business interruption, key people, and disability insurance policies.
6. Prepare to set employees in place
The employees you will initially hire are crucial to the success of your business. They will be the workforce that will make or break your business. For this reason, make sure to get the right people. Also, set up everything you need to ensure you’re legally covered to hire employees in Canada, from payroll to employment insurance down to worker’s compensation.
7. Market your brand and promote your products or services
After organizing and launching your business, you can now proceed to the most important part of the process—marketing. Make sure to have a robust marketing gameplan, from SEO to social media marketing down to email marketing.
They say that the hardest part is to get started—and this holds true in the world of business. However, there are a few steps you can take to ensure you’re on the right track. Follow the steps outlined above, and see how you can start your business and kick it up a notch in the long run.
If you’re looking for immigration consultants in Toronto to start a business, get in touch with us to see how we can help!