Critical Business Decisions to Consider
Some Do’s and Don’ts
If you are anything like many people in Canada, you have probably considered being your own boss. You should keep in mind that this is one of those things that are much easier said than done. Before you get started, make sure that you consider each of the following points.
DO make sure that this is something you are ready to give all of your time and energy. Some people believe that being a business owner is all about making money and not having to listen to others, but there is far more to it than that. There will be long hours, mishaps and plenty of blood, sweat and tears. If you are not prepared to invest all of that, it means you are probably not equipped to run a business.
DON’T forget to research more about paying business taxes. There are some people who start companies and they are immediately overwhelmed by the amount of money they owe in taxes. Getting in touch with a financial analyst will ensure that you are clear about what your responsibilities are.
DO create a solid business plan. Even if you have the best ideas in the world, having a terrible plan is just as bad as not having one at all. You need to sit down and create a checklist of all of the things that need to be done, why they are important and the order in which they should be completed. This will prevent you from forgetting any crucial steps along the way. Here’s a business plan template you can use.
DON’T forget to apply for federal funding. This applies to people who are interested in starting small businesses. There are programs in place that can be of assistance to you, but they are not going to hunt you down in order to fill your wallet. It is your duty to do your homework and figure out what steps will be needed to secure financing.
DON’T forget to obtain a license. Depending on the nature of the company you are establishing, it may be necessary for you to apply for permits and/or licenses. Failing to do so could land you in legal hot water. DO not make the mistake of ignoring this piece of advice since the future of your business weighs heavily on this.
DO go online to register for a Canadian business number. The great thing about starting a company in this day and age is the fact that everything is much more convenient. You can sit in the comforts of your own home or office and do all of the tasks you once had to stand in long lines to complete. In order to ensure you are properly registered in your chosen province and there is a way to easily identify you for tax purposes, you will need to have one of these numbers assigned to you.
As you can probably tell, there is plenty of work that goes into starting a new business. If this is a goal of yours, it will be a long road to the end. With that said, make sure that you remember each of these points while you are trying to get things off the ground.