In 2021, small businesses made up 98.1 percent of all employer businesses in Canada.
But starting a company may seem like an impossible task. You need a basic working knowledge of business and finance, as well as the drive, creativity, and determination to see your business take shape.
And where does one begin?
If you’re thinking about starting a business in Canada, then this basic guide for business startup ideas may be for you.
Choosing a Business Structure
The most appropriate structure for your business depends on factors such as the size and scope of your business, the level of liability protection you need, and the amount of red tape you’re willing to deal with.
Sole proprietorships are the simplest and most common type of business structure. They offer the least amount of liability protection, but they’re also the easiest to set up and require the least amount of paperwork.
Partnerships are similar to sole proprietorships, but they involve two or more people. Partnerships offer more liability protection than sole proprietorships, but they also require more paperwork and tax filing.
Corporations are the most complex type of business structure.
Register Your Business with the Canadian Government
There are online and paper applications to register your business. You will need to provide your business name, contact information, and type of business.
Once you have your business registered, you will be given a business number. This number will be used for all future interactions with the Canadian government.
Know-How to Apply for Business Permits and Licenses
To ensure your business is compliant with all Canadian laws and regulations, you must obtain the proper permits and licenses. Depending on your business type and location, the permits and licenses you require will vary. To determine which permits and licenses you need, contact your provincial or municipal business license office.
Know Your Financing and Business Support Options
One option is to apply for a business loan from a financial institution. The Canadian government also offers several programs to support small Canadian businesses, including the Small Business Loans program.
Another possibility is to seek out angel investors or venture capitalists. These individuals or organizations may be willing to invest in your business in exchange for a percentage of ownership.
Insuring a business can offer lots of financial support even to successful companies.. You need a dedicated expert to work with your business to enjoy the benefits that insurance offers. Check out cmbinsurance.ca for the professional service you need.
Business in Canada is Possible
Congratulations on taking the first step to start your own business in Canada! The process may seem daunting, but with this guide in hand, you are well on your way. Remember to take your time, do your research, and consult with experts when necessary.
And most importantly, don’t forget to register your business with the government. Once you’ve done all that, you’re ready to get started!
We have lots of articles that can give the tips and advice you need. Check them out on our website!
Learn more about Business and Small Business at Digital Business Grow.