How to start a business in Canada - From an idea to income

Some people live for the 9-5, and others want to be their own boss. If you fall into the second category and dont know where to start, here is a list of the basic steps you will need to take!

1. Decide on a Business Idea

• Think about what you want to do.

• Make sure it’s something you’re interested in and that people need or want.

2. Make a Business Plan

• Write down your ideas.

• Include how you’ll make money, who your customers are, and how you’ll run your business.

3. Choose a Business Name

• Pick a name that’s easy to remember and relevant to your business.

• Make sure it’s not already used by someone else.

4. Register Your Business Name

• Go to the government website or office in your area to check if your business name is available.

• Register your business name if it is available.

5. Decide on a Business Structure

• Choose if you want to be a sole proprietorship, partnership, or corporation.

• Each has different rules and taxes, so pick the one that fits your needs.

6. Register Your Business

• Register with the federal or provincial government depending on where you plan to operate.

• You might need to fill out forms and pay a fee.

7. Get Necessary Licenses and Permits

• Find out what licenses or permits you need for your type of business and location.

• Apply for and obtain these licenses or permits.

8. Open a Business Bank Account

• Set up a separate bank account for your business.

• This will help you keep track of your money and make managing finances easier.

9. Set Up Your Accounting System

• Decide how you’ll keep track of your income and expenses.

• You might want to use accounting software or hire an accountant.

10. Get Business Insurance

• Look into getting insurance to protect your business from risks like property damage or liability.

11. Start Marketing Your Business

• Create a plan to let people know about your business.

• This could include setting up a website, social media accounts, or advertising locally.

12. Launch Your Business

• Open your doors (or website) and start serving customers!

• Keep track of what’s working and make adjustments as needed.

13. Stay Compliant

• Follow all rules and regulations, including paying taxes and renewing licenses.

• Keep up-to-date with any changes in laws or regulations that affect your business.

14. Keep Improving

• Continuously seek feedback from customers.

• Look for ways to improve your products or services and grow your business.