Register/Renew Your Business in Ontario Online Today

We have provided a guide to starting a new business. This is a quick and handy reference to assist you to start or grow your business.

• Business Opportunities
• Market Research
• Business Plan
• Finding Investors
• Branding and awareness
• Social Media setup
• Canada Revenue Agency
• Taxation
• Permits and Licensing
• Business Insurance

Business Opportunities

When looking at starting a business, you want to consider whether you want to take the time and effort to start a business from scratch where sales are at zero, there is no branding, social media, suppliers or staffing or look at purchasing an existing business or franchise. There are always pr's and con's to each option. Starting a business takes a lot of time and effort to get the business up and running, an existing business although you have to pay to purchase it, will have revenue flow from the day you begin r where sales, branding and staffing are already in place with the knowledge and expertise for the business. Many individuals purchase businesses that they do not have an expertise in and rely on the individuals who have been with the business to help them gain the knowledge required.

Another option is to purchase a franchise. In this case, if you purchase a seasoned franchise, the franchisor has gone through the hurdles of growing and branding the business, has marketing, support, storefront configuration and many other things that allow you as a new business owner to step in and operate. This, however can come at a hefty price where you have the initial cost to purchase the franchise and ongoing monthly expenses as royalties to the business franchisor.

Market Research

Doing market research as part of your evaluation prior to starting your business gives you the understanding of what you face as far as competitors, what they are selling, where, how effective they are. Whether there is a niche within the market that you can tap into. You can view their social media, what their sales focus on, pricing and so many other things to give you a very good comprehension of what you will face as you start your business.

Business Plan

The business plan is the foundation of determining the concept of the business, to provide a listing of services or products you will provide, both market landscape and strategy along with your financial plan, advertising budget, investor opportunities, risk and mitigation planning and a view for expansion and growing your business well into the future. The business plan should be reviewed and updated periodically as new business opportunities and variances become apparent.

Finding Investors

This is a very commonly asked question from new business owners and there are financing options in Canada to gain outside investors such as angel investors and business grants to help make your dream a reality. Venture capitalism is at the root of many startups that have gone from nothing to becoming very successful. A cash infusion can make a world of difference to any business owner. In 2019, Canada saw over 6 billion, that is with a B invested in local Canadian startups.

Brand Awareness

Building a brand is properly one of the trickiest aspects of starting a business and one that can either catch on with people or not. It is so important to put focus towards the business name, font selection, colours, logo, and so much more. The business name is crucial and should be something easy for people to say, spell and remember. Those are three of the best practices when choosing a business name. You also want an identifier as in what does your business do. Don't waste your time or anyone else's using words like enterprise, global, products, services that are so generic, no one has any idea what you do. Name what you do as part of your business name. This not only is a huge identifier to people looking for what you offer but it also gives you an SEO boost for your marketing.

Social Media setup

As you choose your business name, it is vital to ensure the name you are vetting to use to operate your business is also available when it comes to domain registration and social media. You want to establish universal branding for the business name, domain, and social media such as facebook, google my business, instagram, tik tok using the same business name, fonts, colours, and presence.

Revenue Canada

This is a favourite topic for every Canadian and of course every business owner. Revenue Canada Agency is not something to fear, it is something to understand and follow when it comes to your responsibilities as a business owner. When you initially register your business, the record is sent to the Revenue Canada Agency and verifies to them that someone has set up a new business. When you register a business versus incorporating, the tax implications are much more simple. The revenue received from your business is added to your regular income made by employment when applicable. Your personal tax return now includes any income made from the business minus the expenses of having the business operation including things such as rent, telephones, suppliers, business insurance etc. If your business revenues reach a point of having $30,000.00 in revenue within a year (Jan 1 to Dec 31), you are required to apply for HST. Prior to reaching this revenue status, the HST is a voluntary program where you can opt in to including HST or not. Payroll is only mandatory when you hire employees. Import and export is only necessary when you are bringing goods into Canada or exporting goods outside of Canada.

Taxation

As previously stated, if you register a business, you will pay personal taxation on income earned from the business minus the business expenses. It is recommended to hire a bookkeeper to assist you in determining what your tax implications are as you go through the year. A registered business has the same tax year as you as an individual from January 1 to December 31 of each year and finalizing tax payments are due April 30th each year.

Permits and Licenes

After you have registered your business, there may be additional provincial or municipal licensing requirements. There is a useful tool called bizpal which can assist you to determine what additional licensing, if any, is required for your specific business.

Business Insurance

Often people who register a business forget they have taken on a new risk and liability as business owners. With a registered business, you as the business owner are personally liable for any damages brought forward because of the business activity. It is recommended to find business insurance to protect not only your business but also your personal assets.

When you register your business with Ontario Business Central you will also receive the freebiz guide, our business guide which provides additional information and support for your new business including additional information regarding the government of Canada, market access, income tax,associations to join, mentorship programs and much more.