Thinking About A Business?
Is Entrepreneurship for you?
Being an entrepreneur isn’t for everybody. It requires a certain type of personality.
Perhaps you already know you’re an entrepreneur thinking about a business and you just want to get started but you’re not sure where to begin. We can help with that!
1. A business plan is vital to your overall success! The research that you undertake while working on the plan is verification that your business concept or idea is viable. Once completed, your business plan will become an overall strategic plan that is a statement of what you want to do, and what you will need to get there. On the Canada Business website, you will find detailed information about writing a business plan.
2. It is important to ensure your business venture operates within the by-laws of your municipality. Contact your municipality to determine regulations relating to such things as zoning, signage, parking and to see if you need a permit or license to run your type of business. Other levels of government may also have rules and regulations for specific businesses. These can be researched through the Bizpal website. Determine which permits and licenses may apply to your business.
3. Decide what type of business you would like to start.
a. Sole Proprietorship – YOU are fully responsible for all debts and obligations related to the business
b. Partnership – 2 or more persons combine resources and share responsiblity.
c. Corporation – a legal entity seperate from its owners; the shareholders. Consider seeking legal advice when setting up a corporation.
4. If you are thinking about a business that will be home-based, please be aware that your home insurance may not cover you. Most businesses require some form of business insurance. Be sure to call your insurer and let them know what you are planning to do. In most cases, there will be little or no increase in premiums.
To find out what rules and regulations apply to your business, visit the Canada Business website pertaining to Regulations.
To schedule a consultation to discuss your idea, contact us.