Fifteen Simple Ideas for Getting A Small Business StartedJohn Sanders
Getting a new business started requires a lot of difficult work. However, in the end it is worth every minute it takes to get it going! It’s what got me to where I am now!
When I began creating my business, I had a hard time finding any information on startups, therefore I saw the need for writing this article.
Right now, I mostly just included th basic outline, but I plan to add more to it each week, and will be putting out more articles explaining all these 15 steps. So if you need more info or have some questions, please send me an email.
Prior to spending a penny on your new business, you need to speak with several experts. Do your research online or at the public library. Be sure you determine being an entrepreneur is the right thing for you to do.
Then list out the pros and cons of owning a business and be sure to do an honest evaluation of your situation. Count the number of characteristics you have that are the same as the successful entrepreneurs you have located. Plus, do you have a strong financial status? What about your management and technical abilities?
No one is the most perfect entrepreneur in the world, but if you want to become the top one you are capable of being, you must think about how to compensate for possible weaknesses that you may have.
The government agencies in this article are Canadian, since that’s where I am from. However, you can still use it no matter where you’re from. Just determine the places to get the same sort of information in your country. It could end up being a little different, for example you may not have to deal with something like Canada’s GST. I still think this article will be quite helpful to you no matter where you live.
I have listed the following steps to begin a business in fairly good order, however, you may have to look at it from whatever situation you are in. That’s fine, you merely need to understand the majority of the info. You might be able to leave out a few of these suggestions, but you shouldn’t leave out the more important ones, which I believe will be easy to see which ones I mean.
So, presuming you are ready to begin, and still desire to create your new business, then by all means, here we go:
- Carry out a feasibility study of the business you wish to start. Define a typical client, the product you plan to sell, as well as who your competitors are. What about the suppliers you need? List them too. What do you plan on charging for the items you are going to sell? How are you planning on marketing them? That’s just some of the questions you should be answering.
- Create a total business plan for the company via the info you got from the feasibility study. This is a crucial step that many people overlook! You need to describe your busines, list your goals, as well as list the competitors, the market, monetary info, and most vitally, the way you plan on meeting your objectives and goals.
- Ensure you have the financing arranged. There’s a lot of methods of financing a business. You can use money from a savings account, get a bank loan or use a credit card. But if you need to obtain credit be sure you understand all there is to know forward, backwards and sideways about your business plan.
- Define the way your business is going to be set up. Legally, you have 3 basic options: sole proprietorship, incorporation or a partnership. Each has its pros and cons.
- Pick a name to call the business and be sure that name is actually available. Coming up with a name is of course very individual, however, it is the very first thing a customer notices about a business, therefore you need to pick that name very carefully. You will have to use a NUANS (Newly Upgraded Automated Name Search) report, and that checks a large database of company names to make sure the one you want is unique and not belong to some other place already. If you reserve a name, that’s good for 90 days.
- Determine if you wish to have your business registered provincially or federally, then register it. If you chose the federal route, you also must provincially register it, so you will have twice the fees. There’s no need for a lawyer to process this, however, it can still be smart to talk to one at least. The forms can be obtained via the local government office, via the Internet or they can be faxed to you.
- Get in touch with the Canada Revenue Agency Business Window to get the required business number, as well as register for GST/HST, along with payroll, import/export (if applicable) and corporate income tax. If you want some basic info on business expenses get in touch with the CRA. Likely you will need to collect GST, however, you might wish to also get a GST number despite not needing it due to input tax credits.
- Determine if you have to collect PST. If so, you must submit a “Registration as a Vendor” document along with your province.
- Find out if any special licenses or permits required where you live. Most likely the municipality is going to have some sort of permit or license you need to get.
- Create the advertising resources you opted for via your business plan. This ought to involve at the least a business identity package, website and press kit. An identity package consists of the business logo, letterhead and business card. The press kit could consist of biography info, introduction letters, articles, press releases as well as a brochure. For today’s digital world, it’s not enough to just have printed info. You should have a professional looking website which has the same info as your printed press kit and that you post good content on it. Plus be sure you get it optimized for Google and the other big search engines.
- Create a bank account and record keeping method for the business. The bank will require to look at the incorporation documentation, and it is a good idea to have several bank accounts, so each one can help you document your monetary inputs and outputs in the best way possible. It’s mandatory to keep proper records, and you can do that via a computer software or if you prefer, manually.
- Buy insurance. There’s a lot of insurance types, however, more than likely your business is going to require some kind of it. For instance, if you plan to hire workers, you must call the Worker’s Compensation Board. Dependent on the kind of business you have, you may wish to call them no matter if you hire workers or not so you can get yourself insured.
- Speak to prospective creditors so you can get your credit all arranged. You ought to have already done your research on suppliers at the time you did the feasibility study. This is the time to call them.
- Determine where you will put your company. If it’s brick and mortar you need to lease the space or if a home business, you need to set up a space in your home dedicated to it. There are pros and cons to each of these. If you do it from home, for example, you could get some tax write offs, however, it could spoil your image.
- Buy your supplies or needed office gear. There’s too many kind of gear to list them all and it also depends on the type of business you have. For instance, you likely will need a computer, printer and fax machine and you will of course require things like pens, pencils, paper and maybe a calculator.
Congrats! It’s time to buy some champagne and toast your new business. You are heading out to start a very exciting adventure. May I be first to say, “good luck” and I hope it’s very prosperous.
As I promised, I am giving you my email address. If you have questions, or want to suggest more steps or comment on the article, please send me an email and tell me how things are going in your business! I truly wish to know.