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How to start your own business?

Starting your own business is a bold move. You better be prepared for the first few months or year until your business is well established. However the pride and freedom you might gain from having your own business is priceless. Here are few tips on how to stat your own business.

License and permits:

First you have to see if there are any licenses or permits that you need to obtain before you start a business from any governmental agencies.

In Canada many of business fields are regulated and to be able to work in those fields you need to obtain a license.

Structure: corporation or sole proprietorship?

You need to look into what type of entity you want to create: a Corporation, partnership or sole proprietorship. Each of those entities has its own regulation and taxation. In Canada corporations are more favored by lots of businesses due to tax benefits and deduction that could be placed under a Corporation.

Name and Tax ID:

After you have chosen your entity structure there are 2 options: you can keep a number corporation for your company or pick a name.

If you would like to add a name to your company, you need to check to see if the name you have chosen is in use by another corporation. You need a Nuance search, which is done by different Provincial and federal agencies.

You also need to have a tax ID. You could obtain tax ID by calling CRA.

Marketing:

When your corporation is set up, next step is offering your services. As you might know marketing is the key aspect of a business. You need to let your customers know what kind of services you are providing.

Joining different Business groups and being involved in different business events are always a good way to get your name out there. You should not discount the impact of online presence and social media. It is highly recommended to hire an expert to take care of such advertisements for you. Having a website is very important. Using costumer validation in the format of review and testimonials are good ways to create trust for new clients. There are also a lot of free services online that a business could use. For example www.selectina.com is one of the free services available where it allows a business to have a profile and reviews. They also help you to find new clients by offering leads. Do not discount usage of such services.

Having a Facebook page is also very important. You could inform your clients of the latest news and promotions about your business.

Remember always the first year of a business is the hardest year. Do not get discouraged; always look out for new possibilities and opportunities.

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