{"id":2646,"date":"2019-05-09T09:00:04","date_gmt":"2019-05-09T13:00:04","guid":{"rendered":"https:\/\/www.ontariobusinesscentral.ca\/blog\/?p=2646"},"modified":"2025-08-07T13:58:18","modified_gmt":"2025-08-07T17:58:18","slug":"tips-for-new-business-owners-that-you-may-not-know","status":"publish","type":"post","link":"https:\/\/www.ontariobusinesscentral.ca\/blog\/tips-for-new-business-owners-that-you-may-not-know\/","title":{"rendered":"Tips For New Business Owners That You May Not Know"},"content":{"rendered":"

When you\u2019re opening your new business<\/a>, chances are you\u2019re going to get all sorts of advice from those around you. You\u2019ll likely hear the same words of wisdom repeatedly, but there are some things that many new entrepreneurs don\u2019t think of. Although with owning and operating your business, you\u2019ll constantly be learning new things, the better decisions you make from the start, the greater chance for success. Here are just a few tips to keep in mind when you\u2019re starting out in business, that you probably haven\u2019t heard before.<\/p>\n

Solve Something<\/h3>\n

Many people believe you\u2019ve got to come up with a unique idea first, then figure out a way to sell that idea. Instead, look at things from a different perspective. Try to identify a problem that people are having and figure out a way to solve that problem. If you\u2019re doing this, it\u2019s much easier to gain customers, since you\u2019re providing them with something they already need. Knowing the problem you\u2019re solving will also help you better target your customers and market yourself.<\/p>\n

Factor in Costs<\/h3>\n

When creating a business budget, you\u2019ve got to factor in all of the associated costs you\u2019ll be taking on. There are the fixed costs, like rent, utilities and inventory, but there are also other things you may not even consider like your own living expenses, gas for deliveries, and more.<\/p>\n

Sit down and create your business and personal budget for all of your anticipated expenses. Then take that number and triple or even quadruple it – it\u2019s better to overestimate your expenses than be unprepared when it\u2019s time to start paying bills. And, there will always be unexpected expenses that will pop up, both in your business and personally.<\/p>\n

Tell Everyone<\/h3>\n

It can be incredibly intimidating to share your new business with others. But, if your company is going to succeed, you\u2019ve got to overcome that feeling of intimidation and start spreading the word and selling your business to the world.<\/p>\n

It\u2019s essential, as a new business owner, that you\u2019re out there networking and marketing your business. And, the more you do it, the more comfortable you\u2019ll be and the better you\u2019ll get at promoting your company.<\/p>\n

Simple is Good<\/h3>\n

When you get excited about your business idea, it\u2019s easy to let things get out of control and become much more over complicated than they need to be. Great products and business ideas don\u2019t need to be complicated, as long as they solve the problem and fulfill the promises they claim.<\/p>\n

The same simple structure is true for small businesses and for new business especially, where it\u2019s important to keep costs down and avoid unnecessary spending. As your business grows, you\u2019ll always be able to add whatever is needed, but keep things simple when starting out.<\/p>\n

Stay Legal<\/h3>\n

Knowing, understanding and following the rules that come along with operating your business are essential. There may be specific government regulations you will need to follow, or face penalties. From permits, to employee regulations and taxes, you\u2019ll want to look into all of the rules you\u2019ll need to abide by, or consider hiring a professional to take care of those things on your behalf.<\/p>\n

Here are a few links that may be helpful to you:<\/p>\n

CRA Taxation<\/a> – For Tax Information with Revenue Canada
\nBizPal<\/a> – For Business Permit and Licensing Information<\/p>\n

Combine Your Passion with Knowledge<\/h3>\n

Having a passion for your business is one of the most important factors in creating a thriving and successful company. But, as important as that passion is, there\u2019s got to be a balance with knowledge. Doing research into your target market, getting feedback and asking experts for advice can help you push the potential of your business higher.<\/p>\n

It\u2019s also important to know when you should take on something yourself and when you should leave it to an expert to handle, such as financial advisors or accountants. Passion is going to drive you forward, but knowledge and wisdom will help steer you in the direction you are traveling.<\/p>\n

When you\u2019re ready to register your business, Ontario Business Central can handle that for you, completing your Master Business Licence registration or Incorporation<\/a> on a same-day basis. In just a few minutes, you can submit your online registration, then move on to working on other areas of your business, while the registration side is handled for you.<\/p>\n

For a Master Business Licence, you can use the link below to complete your registration:<\/p>\n

BUSINESS REGISTRATION<\/a><\/p>\n

If you\u2019re interested in Incorporating, you can do so through the link below:<\/p>\n

ONTARIO INCORPORATION<\/a><\/p>\n

FEDERAL INCORPORATION<\/a><\/p>\n

If you have any questions about the differences between each type of registration, please feel free to contact our staff<\/a>, who are available to provide additional information and assistance.<\/p>\n

inquiries@ontariobusinesscentral.ca<\/a>
\nToll-Free: 1-877-306-9458
\nLocal: 1-416-599-9009
\nFax: 1-866-294-4363
\nOffice Hours: 9:00am \u2013 5:00pm
\nMonday \u2013 Friday E.S.T.<\/p>\n

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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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