Starting a business is an overwhelming process, no matter where you are. If you’re a new Canadian or a permanent resident, you’ll find the information below helpful. The first step to success is understanding what is required of you.
Questions to Ask Yourself
Before you move any further in the process of planning and launching your startup, you’ll need to ask yourself a few questions. Are you legally allowed to operate (and own) a company in Canada? If you’re not sure, you can contact Immigration, Refugees and Citizenship Canada for confirmation. What kind of licenses or certification are required for your business type? And do you know what the status is for your skills and qualifications in Canada?
Research Regulations and Taxation
The Government of Canada provides entrepreneurs with an online tool to help you identify key information you need to get started; such as, the name of your occupation in Canada. This tool then gives details concerning the regulations, duties, wage rates and other details related to your chosen occupation. You will also need to research any licenses and permits required by federal, provincial and municipal levels of Canadian government. If your unfamiliar with Canadian taxation, you should also speak with a lawyer who specializes in business regulations.
Create a Business Plan
Creating a business plan allows you to set realistic business goals and forecast business earnings. This information and research can then be used to outline your business plans and goals to potential investors. Your business should contain an executive summary, which gives a quick “snapshot” of your company profile, business plans and goals. Organization and management, marketing analysis, marketing and sales, service/product line and any financial projections and funding requests should also be a part of your business plan.
There will also be certain regulations and standards for you to follow when it comes to hiring employees. While they will differ slightly, most business types will require that you open a payroll account, register for (and pay) workplace safety and insurance premiums and open an Employer Health Tax account. You will also need to comply with all employment standards.
Seek Financing Solutions
Some business types struggle to secure business financing for one reason or another. Even with a detailed, professional business plan, entrepreneurs can be denied funding. Thankfully, alternative providers – like EMerchantBroker – have begun offering Canadian merchant accounts. This account allows merchants to safely accept and process credit card transactions, and provides flexible business funding options. Merchants can have their accounts setup and receive financing in as little as 24 hours.
Are you hoping to start a new, successful business venture in Canada? The above information will help you get started off on the right foot. From regulations and taxation to business financing, make sure you’ve done your research.