Before you Start
You've fine-tuned your small business idea and you're ready to create a business plan with a detailed budget, but you've never run a small business before. The next step is to figure out how much it will cost to set up your new business. Every business is unique and will have their own start-up costs.
Maybe you have a great business idea or maybe you want to use your skills to start consulting. There's just one obstacle - you're not sure what your options are around how to set up your new business.
Successful entrepreneurs understand that behind every great business idea is extensive research and sound planning. Here are some ways to start planning to get your business off the ground.
We’ve put together this checklist to help you get set up properly and make sure everything is compliant with relevant government regulations before your new business gets started.
The last thing you want is to develop a brand for your business and later be forced to change your name because someone else owns it. Review the process here to search and register a legal business name in Canada.
You plan to be in business for a long time, so often it can be worth taking some time to save the money you’ll need to launch it. Use this article to learn how to calculate your start-up budget and make a savings plan you can live with.
Prepare for Taxes
Did you run a home-based business this year? Learn about what tax deductions you may be eligible for.
Running a business is a lot of work, and naturally, you want to keep as much of what you make as possible. So here are some tax tips to help you do just that.
Reducing the amount of tax your business pays is one way to ensure it has enough money to survive and thrive. Give your business the advantage with a little preparation, some good habits, the advice of a qualified tax specialist, and the following tips.
Whether you intend to have an accountant handle your taxes or you plan to take care of them yourself, it’s a good idea to take some time to learn how taxation in Canada will apply to your business, including GST/HST, income tax, employee source deductions, and the Canada Pension Plan.
Figuring out your eligible expenses is easy if you keep your receipts and take a little time to learn these tax-saving strategies for home-based businesses. Of course, it’s always best to consult a qualified tax specialist for expert advice.
Test Your Idea
Before you launch, step back to make sure the elements to succeed are in place.
Knowing your market and understanding your customers should be on top of your to-do list. Good market research will help you better understand what customers want to buy, and what they’re willing to pay, putting you in a better position to be their preferred choice.
You know the saying: keep your friends close, and your enemies closer. The more you know about your competitors, the better you’ll get at running a successful business. Use these tips to stay on top of your competitors, even if they’re located on the other side of the world.