Here is how to start a business in Canada in 2021, Do you have a business idea but don’t know where to start? These are 10 things that you should know before starting a business in Canada.
1. Plan your business ownership structure
There are four major types of business ownership in Canada: there are;
- The Sole Proprietorships: this is a type of business that is not incorporated and is owned by one person.
- The Partnerships: this is a type of business that is not incorporated and is owned by more than one person.
- The Corporations: this type of business is a legal entity that’s separate from its owners.
- The Co-operatives: this is a type of business that is jointly owned by its members who use its products or services. In some cases, co-operatives can have members who do not use its services or products.
2. Do your research
A lot of times when starting a business people forget to do their research, sometimes your idea might already exist or it might be already Trademarked or Patented by an existing entity, it is very important that you run competitive analysis and market research before you start a business. You can find out the potential cost, the potential issues, and requirements to help you start your business. It also helps if you have data backed research; here at Metrics Camp we offer Research and Analytical Services, speak to one of our reps today.
3. Make a business plan
Now you have done your research, start a business plan. Your business plan is your guide to your company goals, company mission, organisation strategy, accounting/bookkeeping requirements, marketing requirements, expense and profits projections, customer fulfilment strategy, and technology requirements.
4. Come up with a good business name
When naming a business always choose a name that is easy to pronounce, spell, and understand. Try to avoid using a name that is more than 4 syllables.
5. Register your business
Business registration requirements vary depending on your business type, business location, and immigration status. But, most businesses are required to register their Business Name, Get a Business License or Permit, Register for GST, HST or PST.
6. Protect your idea
To protect your business idea in Canada you will need to register it as a trademark or patent with the Canadian Intellectual Property Office (CIPO). We also offer services to help protect ideas, speak to one of experts now.
7. Fund your business
There are different ways to fund your in business, you can use your own funds, you can find an investor, you can apply for private or government loans, of you can apply for a government grant.
8. Prepare your Bookkeeping /Accounting Management
There are a lot of financial transactions that happen in a business and it is really important that you have a Bookkeeping/Accounting Strategy. You can choose to do it yourself, get an Accounting Software, or you can hire a Certified Accountant to manage your Financial Transactions.
9. Make a website
It is 2021 and we are in a technological time where everyone finds things through the internet, it is very important that you have a website so people can find you online; ask one of our reps about our web design options, we also offer customized design options.
10.Promote your business
Marketing is the most crucial part to a success of a business, you can use in-person, mail, TV, radio, billboard, social media, email marketing, or paid online advertising to promote your business. We offer data backed marketing services that translate to your potential consumers, speak to one our reps today!