The Canadian economy is growing steadily, which is encouraging for business owners. According to an SME report by the Government of Canada, there are 1.18 million small businesses in the country. This figure is likely to grow as the economy proves to be even more resilient.
Canada is actually the second-best country in the world for entrepreneurs. A recent report shows that 13% of Canadian citizens are in the early stages of business ownership. It is relatively easy to create a new business in Canada (although making it profitable is a different issue).
You can follow the advice listed below to start a business.
Starting a Successful Business in Canada
With the growing financial challenges throughout the world, so many youngsters are asking how to start your own business in Canada? The process of launching a business in Canada seems overwhelming with all the things you have to go through. Don’t worry – the process is not as difficult as it seems. We have set up a guide that can be very helpful for youngsters who are looking to start their own business in Canada.
There are six simple steps to follow.
- Come up with the right business idea: Coming up with a business idea that you will be passionate about is the first step. The world has become very dynamic, so you need to come up with a big idea that has the potential to do well in the market. If you think you aren’t creative enough but have the business mindset, then try something basic like making clothes, shoes, arts, and crafts and selling them online. Come up with a sound business name and choose the form of business ownership. There are options for a sole proprietorship, partnership, and corporation in Canada.
- Register your business: To make any business legal, you have to register your new business through a proper legal authority in Canada. Make sure you check all the details on how to get your business register because it may require some paperwork and your status in Canada. You may also need a variety of licenses, which will vary by industry and region.
- Financing for your new business: Most of the time the newly established business is financed with the owner’s own resources but eventually, you have to find the ways to finance expansion. There are a bunch of small business loans that you can try to facilitate your business in the early stages. It is recommended to compare best small business loans for 2020 before you apply for the one. Some businesses can receive grants for startups as well.
- Get yourself a business license: If you have followed through the basic steps of how to start your own business in Canada, then you may not get a business license. There are many kinds of businesses that don’t require a business license. But it is best to know what kind of permit or license you would require for your business. Industry Canada’s BizPal website can help you to know what kind of permit or license you will need. It is recommended to get a license or permits because this way your business dealing will be legal, and you can operate in a particular municipality. Most of the cities or towns in Canada have their own websites that mark their territories but if you aren’t sure if your town has one, try the blue pages of your phonebook and you will know.
- Register for taxes: Depending on the nature of your business, you will be required to pay a certain amount of tax. It could be goods & services tax, harmonized sales tax or provincial sales tax. When you want a business, you have to pay taxes, so make sure you run a successful business.
- Get insured: It is safe to get your business insured if there is a risk involved. Better safe than sorry.
Starting a Business in Canada is Straightforward
The process of starting a business in Canada is not that difficult. You just need to take the steps listed above.