When it comes to starting your own small business in Canada, you might thrilled with the possibilities but at the same time at a loss as to how to start. Starting a business in Canada is not really difficult. There are some key ingredients that are essential and following the provincial and federal laws. In some cases, municipal government may require that you get a license if you operate your business in their municipality, but this is not a general requirement. However, first and foremost, you must have Canadian presence, or a business address in Canada, in order to qualify. If you do not live in Canada, this does not have to present a problem, as we will discuss in this article.
Another fundamental ingredient you will need to start a small business in Canada is to have some sort of idea for the foundation of your business plan. What do you want to market? What do you want to bring into the world? Is your business going to be local or national? How will you market your product or service? What are your expenses and when do you anticipate making a profit? Those are just a few of the important questions you must answer. Local banks and libraries can help you with getting the info you need to put together a strong business plan. Be prepared to modify and enhance your plan as you involve investors, lenders, and/or partners. Then be prepared to further modify it as you begin to run your business and see what works and what doesn't.
Once you establish what services and/or products you will be offering, next step is to decide on a business name and register the business legally. In Canada, the process is very simple. The easiest way to register a new business is as a sole proprietor. However, as mentioned, you will need to establish citizenship or a Canadian address. If you reside outside of Canada, you might consider partnership with a Canadian living in Canada and use their address. Each province has their own business registrar office. You can find a list of address and websites at the Industry Canada website where you can register your business online.
If you are not terribly wealthy, as few starters of small businesses are, you will need to seek financial help. In Canada, most banks will offer financial services and help you get a loan. However, it can be very difficult to get a loan, especially if you do not have a perfect credit history or don't have any credit history in Canada at all if you are not a Canadian citizen. What you need to do is assure the bank that you are prepared. This is where having a plan comes in. You have to know what you are going to do with the money, and you have to have a plan to pay it back. If you don't live in Canada but have a partner in Canada, he or she can co-sign the loan. By giving the loaner the confidence that you can put the money to good use and make the investment worth their time, you will be able to secure the loan. Banks or family are not the only solutions for financial backing. Government of Canada offers loans and grants to new businesses to stimulate growth. Industry Canada website has up-to-date information on available loans, grants and financing. You can also check local municipal government websites for any assistance offered to grow business in their localities.
There are also all sorts of places you can go that specialize in helping small businesses, and more than just financially. These programs and services can help you have a logo designed, help you start up a web site and with advertising. At this point, you need to start attracting customers, especially repeat customers who will come back to use your service or purchase your product regularly. Internet advertising can be very cheap and effective, if you advertise in the right place. Many services can help you find the advertising you need to kick off your small business. The Internet offers a wealth of information on small business advice and services such as advertising and promotion. A good place to start is Canada Small Business Directory for promotional business services in Canada.
To remove accounting and payroll headaches, hire a reliable small business accounting and payroll company. Hundreds of thousands of small business owners trust Padgett Business Services for their small business accounting needs.
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