How To Start A Business In Ontario – In Canada, there are 1.2 million business employers and almost 98% of small businesses. More than half of the small business owners in Canada are located in Ontario. If you want to start a business in Ontario, this statistic may seem very worrying.
By following the right steps, you can start your business in no time. Read on to learn about the seven important steps it takes to start a business in Ontario.
How To Start A Business In Ontario
Starting a business anywhere in the world involves a good business idea and this is no different if you want to do business in Ontario.
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Writing a business plan helps you review everything you need to know about the current business product, industry, and market. This is how you test your business idea and present it to investors and lenders.
In this business plan, you can enter the name you want your business to go by. This also takes a lot of research as it comes with marketing and legal considerations.
A memorable and positive name can make your company easy for your customers to remember and share with others.
There are three main forms of business ownership in Canada. Structures include sole proprietorships, partnerships, or corporations. However, there are alternatives to these structures.
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The main factors you should consider when choosing the type of business ownership include tax deductions and your comfort level with responsibility. There are other important factors to consider as well.
You can find more information about these types of business structures in our blog post on types of business structures.
When starting a new business in Ontario, you may not have the money to get up and running on your own. Fortunately, there are resources to help.
Some common options you can consider are debt financing, equity financing, and government grants. Each financial method comes with different obligations. Be sure to review your policy before making a final decision.
How To Legally Start A Business In Ontario
Some people who start a business in Ontario think they don’t need a license. While this is true for many businesses, some new businesses must be licensed, in addition to registering with the Ontario government, before operating in Ontario.
It is also important to note that you may need more than one permit or license depending on the business you open. You can find more information about licenses and permits you may need online at BizPal.ca.
When you start a business, your goal is to make more than $30,000 for the entire year. When you earn more than this amount for four consecutive quarters, you must register for the Goods and Services Tax (GST) and the Combined Sales Tax (HST).
If you are a taxi or limousine operator, you must register for these taxes even if you have earned less than $30,000 for four consecutive quarters.
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It is important to register for this as soon as possible even if you do not get money at the beginning. When you register, you can get an input tax credit that allows you to get back the GST / HST you spend on business purchases.
If you are planning to hire an employee be sure to learn about handling workers’ compensation, payroll deductions, and employment insurance.
Also, depending on your business, you may need to purchase additional insurance when you start your business. For example, special protections covering property, business interruption, general liability, disability, and key people may be necessary. An insurance agent can discuss these options with you and let you know which one is right for your company.
When you keep good records, paying taxes and accounting is an easy task to manage. You can start by opening a bank account just for your business to help separate business expenses from personal expenses.
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That, our goal is to make your business registration as fast and easy as possible. In fact, you can start today and find available names for your business using our NUANS Preliminary Search.
The NUANS database is Canada’s most comprehensive registration database and contains information on all business and trademark registrations across Canada. This database is owned by Industry Canada and is regularly updated by each province/territory to ensure accuracy.
Using our free NUANS initial search allows you to search the NUANS database for free and determine if a business name is available for registration. Once you have found a name available for registration, you can take the next step to register and launch your business under that name. If you are one of those brave souls, starting your own business from scratch may seem like a dream. However, if you know what you are doing, it can be a real and rewarding possibility.
To help you get started, read this guide. We share our best tips on how to build a company from nothing.
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You can’t start a company when you’re not sure what it is you want to do. Businesses succeed when the owners and their team know who they are and what their special things are.
If you are serious about owning a business, now is the perfect time to start branding your business. Determine if you want to sell a product or service.
You can do both, but for now, start small. Get really good at doing one thing and you can branch out.
Once you’ve figured out what you want to do, figure out what kind of business you want to build. If you plan to keep your business small, a sole proprietorship may be a good option.
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However, if your dream is big, consider starting a company. You can always change as you grow. However, before you make a decision, make sure you understand the pros and cons of the business structure you choose.
Writing your plan for your business is a great way for you to plan exactly what your next steps are. Starting a new company takes a lot of work. There are many steps, but they can be achieved if you follow the plan.
Start by getting a big picture idea of what you want your business to look and feel like. Imagine your business one year from now. Write what you want it to look like. Think about how many employees you feel you need.
Don’t forget to budget for software or hardware that you may need to invest in. Including renting a place to work, if you do not plan to work from home.
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Create a marketing plan to help you find and keep new customers. Determine the amount of money to own and operate the business for at least one year. Don’t forget to pay yourself.
While it is important to have a full picture of the goals you want to achieve, don’t allow yourself to focus too much on the details. It doesn’t have to be perfect. Your business plan should only be your guide.
Before you can start operating a business under a business name, the appropriate documents must be filed, unless you are operating under your legal name. The name you choose must be unique from all other businesses. Check to make sure no one else has claimed ownership of it before you submit any documents.
Next, you will need to register your business. Once registered, you may need to apply for a business number, GST/HST account, or other tax-related account with the Canada Revenue Agency.
How To Legally Start A Business In Ontario
If you are planning to incorporate your business, there are specific requirements that you will need to meet before you can start your company. Also, if you plan to start a business with specific regulations, you will need to meet those requirements first.
While you may have heard stories of “overnight success”, nothing happens overnight. Plan on it taking at least 3-6 months before you start seeing profits.
For some businesses, it may take longer. Many people keep their jobs while they are starting their own business. That way, there is a guaranteed salary to help them while they are starting out.
You can also ask someone if they will give or lend you money to start your business. It could be a friend, a family member, or you might consider borrowing from someone else.
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Don’t forget about other startup costs that you need to fund. Software, hardware, vendors, and marketing all cost. Just don’t get too far in over your head. If you take out a loan, make sure you can pay it back easily, even if things don’t work out.
Every business is different. Some require full-time or part-time staff to run smoothly. Other companies can be efficient only using independent contractors.
One way to keep costs down is to outsource the work you’re not good at. You may not be a marketer, but you can find someone to help with your marketing efforts.
It may make sense for you to hire a marketing firm to plan and implement a marketing strategy that works for your business. At the same time, you focus on making the best product you can.
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You can also consider hiring an intern if the job you need does not require a professional. You can hire an intern for school credit
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