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How to start a business corporation about Steps of Starting a Business
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How to start a business corporation about Steps of Starting a Business

1) Come up with a good business idea.

One thing that's the same about starting a business in Canada as starting a business anywhere else is that you need a good business idea first. Follow the link above to find collections of small and home-based business ideas you can browse through, how to come up with winning business ideas of your own, and how to test the viability of your business idea once you've chosen one.

2) Write a business plan.

My Writing a Business Plan series that starts with this Business Plan Outline will lead you through the process of writing each section of the business plan. You'll find more information, including links to sample business plans, in the Business Plans section of this website.

3) Choose a winning name for your business.

When choosing a business name, there are two things to consider; the business name's marketing potential and its legal elements. The link above will take you to the information you need to choose the best possible business name for your new business when you're starting a business in Canada.

You can also visit the Small Business: Canada Forum for help brainstorming a catchy name.

4) Choose a form of business ownership.

What forms of business ownership can you choose to legally structure your business when you're starting a business in Canada? What are the advantages and disadvantages of each of the forms of business ownership? These resources will help you choose the best form of business ownership for your new business.

5) Register your business name.

Business name registration is a legal requirement for almost all businesses in Canada. Find out whether or not you have to register your new business’ name and learn all the details about business name registration for starting a business in Canada here.

6) Find small business financing.

While many new small businesses are financed out of their owners' pockets, many others need an infusion of funds from other sources to get off the ground. This page presents the main small business financing options for financing a new business in Canada.

7) Get a business license.

While not necessary for all businesses, many new businesses will need to get business licenses before they can operate legally within their municipalities. If your city or town doesn't have a website, you can find the information in the blue pages of your phone book.

You may also need other licenses and permits depending on what kind of business you're starting. Industry Canada's BizPaL is a really useful tool for finding out what permits and licenses you'll need to do business. Available in most provinces and territories, BizPaL will provide a personalized list of the business documents you need for all levels of government.

9) Register for the PST.

Before starting a business in Canada, you may also need to register as a collector of retail sales tax (RST), also known as provincial sales tax (PST). Do You Have to Register for PST or RST? In provinces such as Ontario and B.C., provincial sales tax registration is called registration as a vendor. The PST/RST library includes links to provincial sales tax information in various provinces, to make it easier for you to register for, and learn how to collect and remit provincial sales tax in your province.

10) Prepare to have employees.

When you're starting a business, hiring employees may be the furthest thing from your mind, but it's amazing how quickly a business can grow. And once you have employees, your business will probably need to register with the Worker's Compensation Board in your province. My Guide To Workers' Compensation Insurance explains who has to register for Workers' Compensation insurance and how to register; Workers' Compensation Insurance has links to the Worker's Compensation Boards in every province, where you can register online in some cases.

Find out more about hiring employees, employment standards, E.I. and other employee issues in my Human Resources Management Library. The Payroll Taxes section includes Employer's Guides, T4 slips, the ROE - all the forms and details you need to manage your employees' payroll deductions.

11) Buy other kinds of business insurance.

Protect your new business by making sure that you have the kinds of business insurance you need. Do You Have The Business Insurance You Need? explains what property, liability, business interruption, key people, and disability insurance are. Find out more about these types of business insurance in the Insurance library.

Learn about home-based business insurance and how to save money on the cost of business insurance in general in Home-Based Business Insurance.

12) Get your business records off to a good start.

If you keep good records from the first moment you're starting a business in Canada, things such as accounting and paying taxes become so much easier. Get your business records off to a good start with 7 Ways to Make Record Management Easy and 7 Ways to Control Chaos in Your Small Business.

How to start a business corporation about Steps of Starting a Business