Where does a small business enterprise begin? With an exceptional idea. Find similar concepts and make improvements. Differentiate yourself from others in your field or related endeavors. Complete all testing. Make it fail so that you can fix the problems. Choose a name. Be sure it does not fall into any restrictions or is being used by someone else, or even similar. If you decided on a hybrid name, check foreign languages, just to be sure. The name should reflect what the business will do and be memorable at the same time. Register the name with the government.
Decide on what form of business you want like a sole proprietorship, partnership, or corporation. That will mean looking at the different tax liabilities with each, as well as the legal implications.
When everything seems solid, start working on your business plan. This serves two purposes. It will show you if your idea will work as well as give you a basis to present to financiers. This may also include making applications for grants. Understand everything you can. You probably won't get financing with a winning smile and pleasant personality; this isn't the movies. You will need to understand all the financials, marketing plans including the target audience, and much more. Investors come in many varieties and each will generally have a niche that they want to explore. First and foremost they will want to know that you plan to be fiscally responsible and that means understanding all the reports and projections.
Once you have the money, you will need to set up a business. That means getting a license through your local municipality. You may also need other permits or licenses. Check out BizPaL to see the laundry list of business documents. You will also need a bank account, possibly a line of credit,
You will need to set up accounting and bookkeeping procedures and processes. After all, you will need some way to account for the money that people will be paying you. Early on, think about employees. You will need to be sure you are legally covered to hire employees in Canada. This will also mean payroll deductions, insurance, personnel records, policies, and procedures.
Then you can finally start marketing and selling your product or idea. That includes a marketing strategy and plan.
All of this may sound overwhelming and it can be without support. Start with a professional accounting firm. They are experienced in setting up accounting, securing business and other licenses, and knowing investors. They can also help with technology like cloud accounting that will help you stay efficient and maintain easy access to the documents you may need quickly.
Interview various persons and firms to find the best fit for your new small business. They need to be knowledgeable as well as a good fit personality-wise. You need to be comfortable with them as well as confident in their abilities to help you when needed. Most will also have relationships with other professionals like attorneys, that can help you further.
If you are in a quandary, don’t hesitate to contact us at Capex. We have Professional CPA’s in Mississauga who are happy to sit down and consult with you so that you make the best decisions possible for your business.
Contact your Accountants today click on this link —> https://capexcpa.com/contact
- The Capex Team