Five things to know before starting a business in Ontario
Aug 10, 2017
There are incredible benefits to entrepreneurship, but becoming a success story takes a combination of risk, planning, hard work and a great business idea.
If you’re considering starting a business in Ontario, it is important that you have a solid business plan and consider and understand the elements of owning a business.
A Solid Business Plan is Essential
A well defined business plan will guide your business, but before you can sit down to write your plan, you need to consider the following:
- What will you call your business?
- What does the market research say about the plausibility of your business?
- How you will market your business and handle sales?
- What is the ideal location for your business?
- What government regulations in respect to your industry and activities do you need to be aware of?
- What business structure will be right for your business? [link to previous blog on topic]
- Have you considered human resources regulations?
Registering Your Business
You will need to register your business with all levels of government. This can be done online through the Canadian Revenue Agency. It’s best to be proactive in registering your business and obtaining any license or permit requirements . Once you have registered your business you will be equipped with a HST account, a Business Number and a registered business name.
Financial Help for New Businesses in Ontario
The Federal, Provincial and some Municipal governments provide grant and financing options to businesses. This information is available to all potential entrepreneurs online. Before you can apply for financial help, you must have a well-defined business plan in place.
Use your Small Business Enterprise Centre
The government provides new business with support resources and the opportunity to receive financing.Specifically, in Ontario you can apply for a small business grant at your local Small Business Enterprise Centre. Not only will you have access to up to $5000, but also you will receive mentorship, marketing and business plan advisory and access to helpful business services. The employees of your local Small Business Enterprise Centre are experienced in helping business get set-up properly, they can be one of your best resources.
In Niagara, you will find Small Business Enterprise Centres in St. Catharines and Niagara Falls.
Protect Yourself with a Niagara Business Lawyer
Though you do not need a lawyer to start a business, retaining the advice of a lawyer will ensure that you and your business are protected in a number of ways. A lawyer can help you determine licensing needs for your business and draft or advise on legal administrative documents like contracts. Running a business means you’re liable in a number of areas, investing in a lawyer will ensure that you are set up to succeed and protected from future headaches.
Becoming an entrepreneur requires time and dedication. As you set-up your business and watch it grow ensure that time and dedication is protected with advice and direction from your St Catharines Business lawyer.