Whether you have moved to Canada or lived there your entire life, there are many business opportunities out there. With a population of only 38 million, it is expected to grow by 40 million by 2025, and you have to get started now if you want to have an edge.
However, there are some crucial steps that you need to know. Today, we will discuss the most important things you need to know to start a business in Canada.
1. Plan Your Business
The first thing you need to do is to assess whether you are ready to start a business in the country or not. Do you live here? Do you have the resources to up your business from the ground up?
Part of planning your business is deciding whether you will start one on your own or buy an already existing one. You also need to choose a location and make sure that the spot is zoned for business. A commercial business can be big or small—think of whether you can afford to pay the rent and how much cash you will spend per month if the business is not earning money yet.
2. Register with the Government
Once you have done your business planning, the next step is to secure a business permit. You have to apply for approval for so many things like the construction, tax records, and many more.
Here are some of the things you will need to know:
- Business address – before you register, you should already have rented a place. The government may need documentary proof that you are renting that specific spot for business, so ask for this document from the landlord.
- Scope of business – when applying for a permit, you will have to declare where your stores are located. You need to tell the government if you are operating in several territories.
- Business name – there are laws about business names; for one, you cannot use a copyrighted business name. Make sure you have prepared several names that you want to go by. If one is not approved, you can always use the other options as an alternative business name.
- Business set-up – here, you have to select whether you want a business that is a sole proprietorship, corporation, partnership or cooperative. If you are unsure, you have to consult a lawyer to get guidance about the best business structure.
If you are putting up a sensitive business, like a Canadian casino online, you are better off if you put it up as a corporation. If your business is a profession, like being a physician or a lawyer, then a sole proprietorship is alright.
Once this is ready, the first thing you need to secure is a municipal business license, followed by provincial and territorial permits if so required.
3. Market Your Business
The next step after you have registered your business is to operate it, part of which is to market the business. Lucky for you, the world has changed now, and you can use the power of the internet to advertise. For all kinds of businesses, you will do well if you use Facebook. It is a universal social media where you can advertise for a really low cost. Just make sure you are compliant with the marketing standards and regulations of the country. Make sure that your marketing materials are not copyrighted and that you are not committing libel or anything like that.
4. Manage Your Finances
The fourth step is to manage your finances. Many people who put up a business will easily find themselves in a bad financial situation. In a business, the best thing to do is not to spend money unless it is absolutely necessary. You may want to buy some things that you think will make your business better, but you have to hold your horses.
The secret to business success is simple—there should be more money coming in than going out. At the end of each month, you will only become profitable if the amount of money you spent is way less than the money you earned.
So, how will this work? To make it work, you have to manage your money. Here are some tips:
- List down your expenses – list down your expenses, so you know where your money is going. Every so often, review your list and make an analysis of where your money goes. Try to find out if there are unnecessary expenses and then eliminate those expenses next month.
- Do not borrow; pay debts on time – if possible, do not borrow money. If you already did, pay the debt on time to prevent paying interest and late fees.
- Avoid spending – if at all, do not spend money on things that will not add value to your business. Do not buy fancy things but rather things that will make your business more efficient.
As you can see, these three things are all critical to your business success. Make sure you hold on to your money tightly and only make practical purchases. Plan your business carefully and make sure that you comply with the requirements of the three levels of the government. The last thing you want is to have hiccups along the way. If you are not sure, schedule a visit with business consultants or a lawyer, especially so if the business you want is a critical one like an online casino.