Starting a business in Canada might seem an improbable task at first. There are a lot of things to do to get the business up and running. It is very easy to come up with a business idea. But, it becomes very difficult to get it going and to turn it into a profitable one. Many companies and start-ups have failed to prosper and had to be shut down due to lack of planning and execution. Be sure to be ready for entrepreneurship before plunging into it.
The following is a step by step guide that will help to turn one’s dream of becoming an entrepreneur in reality.
1. Develop a Good Business Idea
The most important thing that the person looking to start a small venture in Canada must have is a business idea. Only if there is an idea in mind can other steps be followed and executed to kick start the venture. One of the interesting things to start quickly is online casinos. Take a look at the top-canadiancasinos.com website to get clear information about the sites are and how they run the business. Going through the full details of every website will provide a clear picture of what to do and what are the gaming categories that need to be included in the online gambling website.
2. Create a Thought-Through Business Plan
The work that is put in during the planning stages will become fruitful during the execution stage. This is why there needs to be a well thought out venture plan covering all the aspects right from scratch. It is important to create specific goals as an entrepreneur and to look at achieving them. Look out for the plan online to help in creating the right plan covering all points. This should be the document that is taken to investors or banks to get loan approval.
3. Choose a Snappy Name
The trade name, be it an online casino or any other company, is very important and make sure it is a winning name. Look at giving your firm a unique name and take time in deciding the name as it cannot be changed later. The customers visiting the site or physical store must be able to recognize what is sold or dealt with through its name. Make sure it is not long and easy to remember one.
4. Structurize the Company
Will the company be a sole proprietorship, corporation or a partnership firm? It is important that the owner knows the details of all these kinds of firms before registering the company.
- A sole owner is one who can keep all the profits of the company. He is responsible for all the debts as well;
- If two or more people join together in running a firm, then it becomes a partnership firm. Their combined financial resources are used to run and hence to have a legal agreement on the share of profits beforehand is advisable;
- The company becomes a legal entity if it is registered as a corporation. It is separate from the owners.
5. Register the Business
It is important to register the name of the company in Canada before starting its operations. By doing so, the Canada Revenue Agency issues a nine-digit number that forms the identity of the company. It can be used for any communication with municipal, provincial, or federal government. The license number can be obtained online or through phone, fax, or email. Once this is done, the firm is registered. It is important to make certain that the company is completely legal with all the required permits and licenses that it needs.
6. Look for Finance Options
Financing the entire budget from the pocket is not a viable option for many. This is a situation where they can seek the help of banks or financial institutions that funds the small start-ups and enterprises. It is important that the firm creates a viable project report of the proposed business and comes out with a detailed plan to get a loan for the project. There are a few banks that offer better loan opportunities for specific business ideas. The interest rates will be on the lower side.
7. Be Mindful of Taxes
It is important to register for the GST or HST account for firms that make a gross income of over $30,000 in a year. With the GST/HST number, the firm can charge its customers the GST or HST tax on the goods or services that are supplied. There are few Canadian provinces that ask for Provincial Sales Tax (PST).
After the above-mentioned steps are taken care of, it is time to get the firm rolling by hiring employees and also getting the firm insurance. Once everything is set, the business can operate in full swing.