What You Need to Know Before Starting a Business in Canada

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Entrepreneur Centre

Making Dollars and Sense of Starting a Business in Maple Country!

TORONTO – The startup phase of a new business is riddled with complexity, and it behooves would-be entrepreneurs to take the time to evaluate their options as strategically as possible. Start with asking yourself, ‘what type of business am I setting up?’

There are many different industries in Canada including:  personal care services, event planning, food truck businesses, snow removal, landscaping, and the list goes on. As you can imagine, each business type is associated with its own set of challenges and opportunities. Be sure to consult this checklist before going independent with your business in Canada.

What Business Are You Best Suited To?

As a new business owner, you may wish to consider this personality test to determine your bent in the business world. Once you’ve determined your niche, it’s time to evaluate your financial options. You may decide to finance your own business, or even buy an existing business. Business owners in Canada have a wealth of resources to consult before choosing a definitive course. You can buy into an existing franchise, or simply grow a new business from the ground up.

In any event, you will need to prepare a blueprint for the road ahead. This business plan needs to map out the tactical and strategic steps necessary for organizational success. Once your business plan is completed, and your funding is assured, you can register your business in one of 10 Canadian provinces or territories. The rules and regulations may vary from one authority to the next, so it’s important to establish your business where it will have the best chances of success.

Get Ready to Be a Business Owner

Ideas are relatively easy to conjure up. Implementing plans to bring those ideas to fruition is an entirely different prospect. It is a well-known fact that 4 out of 5 businesses fail within 5 years of launching. This begs the question: Do you have what it takes to get your own business up and running?

Businesses cannot function without capital. In this vein, it’s important that you have access to lines of credit. Today, more and more Canadian businesses are turning to credit cards as a source of financing for day-to-day operations. These cards cover the full credit card spectrum, including travel cards, cashback cards, low interest-rate cards, retail rewards cards, small business credit cards, etc.

The day-to-day running of a business is expensive and includes line items like rent, wages and salaries, advertising, internet and telephony services, and more. Your business needs a financial lifeline. This list of business credit cards can certainly help you to grease the proverbial wheels.