You can’t get where you’re going if you don’t know how to get there. If you’re starting out a new business, you should keep this in mind as it’s important to have a plan mapped out for how your business will operate, grow and evolve. In developing your business plan, there are a few things you should keep in mind:
Determine the Type of Business to Create
Look at your business as a whole, and determine what the best route is for how you want to structure the business. A Sole Proprietorship or General Partnership are both small business registrations that are tied to the individual owners personally, which means business taxes are filed with the individual’s tax returns and there is personal liability with the business.
A corporation is considered a separate entity, so would file tax returns separate from the individuals listed on file and liability would be under the corporation, rather than personally.
There are several differences between registering as a small business and registering a corporation. The main differences are:
Small Businesses have:
- No name protection
- Personal liability
- Taxed personally
- Name protection in their jurisdiction
- Limited personal liability
- Taxes are filed separately
Get to Know Your Business
You’ll want to learn everything you can about all aspects of your business. Do some market research to find out who the competitors are and who the target audience is that you will be seeking out. Everything you learn will have an influence on how you end up branding and promoting your business.
Name Your Business
Choosing a business name can be one of the most fun parts of starting a business, because it allows you to be creative and inventive. You will want to take some time and consideration with creating a business name that accurately reflects the products or services you provide as well as the brand personality you want portrayed.
Choose a Suitable Location
There are a few things you will want to keep in mind when selecting the location of your business, including accessibility to customers, competition in the area, and the building layout itself. Determine your business needs, and what your customers are looking for when searching for the perfect spot to locate your business.
Rules and Regulations
Certain types of businesses and business activities have regulations that must be adhered to. If your business has any types of restrictions or regulations, ensure you’re aware of these and that you’re following them. This can include everything from health and safety regulations to environmental rules. BizPal is a great resource for determining which permits are required in your area for your particular business activity.
Prepare a Business Plan
Map out the direction that you want your business to go, including the steps you will need to take to get there. The purpose of creating your business plan should be to have a good idea of how you plan to achieve the goals you’ve set for your business, but of course plans should be adaptable to changes that may happen.
Connect With Professionals
You won’t be able to do everything yourself, so seek out professionals that you can delegate some of your work to. Accountants, social media professionals and marketing experts can take on some of the work to allow you more time to focus on your business. And, by letting a professional handle these tasks, you can ensure that they are being done properly.
Choose a Financial Institution
If you are looking to open a business bank account, you will want to find a bank and branch that have a large number of self-employed and corporate clients. You may find that regular residential bank branches will have trouble providing the support you will need as a business owner.
Register Your Business
When you’re ready to get started, Ontario Business Central can assist you with registering your small business or incorporating. We offer same-day processing for most registrations and support throughout the process. We can assist with registering businesses in the following Provinces:
If you’re interested in Incorporating, you can do so through the links below:
When you’re ready to get started, Ontario Business Central can help you in registering or incorporating your business quickly and easily.
Should you have any questions, please feel free to reach out to our staff for additional information and assistance.
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.
Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.