With a flourishing economy, it’s no wonder that more and more people are opting to open their own businesses in Canada. The process can seem complicated at first, but a little research and know how will show you that it’s actually easier than you might think.

Let’s explore the process to setting up a business, in as little as just 24 hours.

Business Planning

First things first, you need to have a business plan in place. You need to know what your idea is, you need to have marketed it, and you need to have completed a plan which will help you secure financial backing to begin the setting up process. 

The process of creating a business plan includes:

  • Market research and analyzing the results

  • Ideas on how to market your brand and create sales

  • Choosing the type of business you’re going to opt for

  • Creating a name for your business

  • Researching and understanding the rules and regulations which are attached to your type of business

Your business plan can then be created, using this information. Ensuring your business plan is as detailed as accurate as possible will help you with the next step.

Securing and Setting up Business Finances

If you require help setting up your business then you will be reliant upon your business plan to do the majority of the talking for you. Again, this is why your business plan needs to be bulletproof. You can then approach banks and other financial institutions for help.

From there, you need to organize your financial situation, to ensure that you have enough capital to start your business, as well as a list of the things you need, and their costs. Having a firm grip on the financial management of your business from the start will help you achieve success.  

Registering Your Business

Once you have completed the two steps above, you will now need to formally register your business. This means incorporating your business, which can be done online. For this step you will need to have a business name, and complete the various paperwork. You will also need to have an office address to register at and a Board of Directors in place.

Ensure the forms are completed correctly and pay the fee. Your application will then be processed.

Managing Your Business Activity

Whether your business is being carried out completely online, or it is in a bricks and mortar establishment, you need a website. This will help you to generate more business. You could look into e-commerce, such as having a Shopify site, for example. It’s also vital to make use of social media channels, to reach more people and therefore drive sales and profits. Businesses which don’t use websites and social media are doomed to failure in this technological day and age so make sure you stay in front of your target audience.

From there it is about marketing the life out of your business to get it off the ground and on the road towards success.  

Happy new year and I hope 2019 helps you chase your dream. Start your business today!

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- Written by: Jag Bath