Planning is the most important step. Not having a well-researched business plan is like going on a journey without a map. A good business plan will not only allow you to visualize your dream as it is being created but also acts as a reality check on the viability of the idea.
Note: A business plan is usually required when requesting financing.
Option 1: Sole- proprietorship or Partnership You must register a business name with the Province of Ontario if you plan on conducting business using a business name which is different than your personal name. Online registration for a five-year period costs $60 and takes about 20 minutes to complete. You will receive your Master Business License and Business Identification Number upon registering You can register your business online: https://www.ontario.ca/page/business-name-registration
There are a few necessary steps to take when looking to incorporate. We suggest you enlist a lawyer to assist you in this process. Here is some information to get you started: https://www.ontario.ca/page/incorporating-business-corporation
For most businesses, it is mandatory to register and collect Harmonized Sales Tax (HST) (13%) when you reach $30,000 in revenue over four consecutive calendar quarters or less. Before this mark, registration is voluntary for most businesses. For more info about HST and Input Tax Credits please visit Canadian Revenue Agency at www.cra-arc.gc.ca or (1-800-959-5525). To register online: www.businessregistration.gc.ca. You can also apply for a Payroll and Import Number through the online registration system, if required.
Some types of business are considered regulated. These businesses are controlled by regulated bodies to ensure that they are operated in a satisfactory manner. Opening a day care? A restaurant? An agricultural or agri-food business? A financial business? These are just a few of the business areas that might subject you to specific business requirements. Not sure if your business is regulated or not? Check out http://canadabusiness.ca/government/regulations/regulated-industries/ or let us help you discover.
So you’re starting this brand new journey called entrepreneurship, or maybe thinking it might be a good option. On the other hand, maybe you’re an experienced entrepreneur, but you’re not sure what path to take next. No matter what your story, we can help! Not sure what it takes to get started? Looking to take your business to the next level but not sure how to get there? Let us guide you in the right direction! Can’t find what you’re looking for here, please don’t hesitate to get in touch with us! We would love to assist you in your business start-up or expansion!