Starting A Business

We want to help encourage entrepreneurs on how to start up a business. Below are steps, information and resources that will help you start up your own business!

Business Start Up Steps

Step 1: Write A Business Plan
Now that you have come up with a good business idea it is time to write out a Business Plan. Your business plan is the blueprint for your business. A good business plan is a well laid out document that will help to get you started and will be a document that will change over time as your business develops. A business plan is a great way to test the feasibility of your business idea through your marketing analysis or competitive analysis stage.

Business Plan Outline

Step 2: Choose a Form of Business Ownership
In Canada there are three forms of business ownership to choose from in which you can register and structure your business around. Click on the names below for a more in-depth breakdown of each type of business ownership.
Sole Proprietorship: Owner solely controls the business
Partnership: Shared management
Corporation: Owners are not responsible for company debts or obligations and has limited liability

Step 3: Get a Business License & Permits
To operate legally within your own municipalities you will need to look up if you are required to have a business license. If your business is operating within different municipalities (even just on a daily basis) you may be required to have a different business license per municipality. To understand what type of licensing and permits your business may require in order to operate click on the BizPaL button below.

District of Elkford business license

District of Elkford business license brochure

BizPaL

District of Elkford
PO Box 340
744 Fording Drive
Elkford BC V0B 1H0
250-865-4000
info@elkford.ca

Step 4: Registering for GST/HST
You only need to register for a GST/HST through the government of Canada if your businesses gross income will be over $30,000 a year. This is for most businesses, there are some businesses such as Taxi's that are required to have their GST/HST number. Registering for your GST/HST number will immediately help you access Input Tax Credits. If your business is in Alberta, British Columbia, Manitoba or Saskatchewan you will need to register as a collector or provincial sales tax (PST).

how to get a gst number in canada

Step 5: Business Insurance & Lawyers
Is your business protected or are you if your business is a sole proprietor or partnership? Many businesses do not think about the liability their business may bring to them personally or on a business level. Contact your trusted insurance agent or company to discuss what types of coverage you need based on your business set up and operations. It is recommended that you speak with a lawyer as well to ensure you understand all types of liability, contracts and other pertinent information you may need to have your business operating while protecting your business and yourself.

Step 6: Secure Financing & Set Up Banking
Does your business need financial assistance to start up? Will the costs you have to start up a business come from your pocket, debt financing or through government grants? Consider all your options and costs (this will be laid out in your business plan!) to starting up your business and research what you can do to help cover the start up/operating costs of your new business. Whether you decide to hire out your financial record keeping to a bookkeeper/accountant, start by opening a separate business bank account. Using basic accounting software such as Quickbooks will help you manage your expenses, receipts, invoices and more to help you run your business smoothly and have it tied to your business bank account.

Financing

Grants

Step 7: Marketing Your Business
Now is the time after all your research and set up of your business is done to start launching the marketing strategy you built in your business plan. Break your marketing strategy out into targeted goals for your business to reach and outline your marketing strategies on how to get your business off to a successful start!

Create A Marketing Plan