We want to help encourage entrepreneurs on how to start up a business. Below are steps, information and resources that will help you start up your own business!
Key Steps for Launching Your Business
Step 1: Develop a Comprehensive Business Plan
Crafting a solid business plan is essential for laying the foundation of your enterprise. This blueprint evolves over time, guiding your business's growth and changes. It serves as a vital tool to assess your business idea's feasibility during the market analysis and competitive analysis phases.
Click HERE for a sample business plan structure
Step 2: Select Your Business Structure
In Canada, businesses can register under three primary ownership structures, each with distinct features:
- Sole Proprietorship: Owner solely controls the business
- Partnership: Shared management and responsibilities
- Corporation: Limited liability for owners
Step 3: Obtain Business Licenses & Permits
Ensure legal compliance by securing the necessary licenses and permits within your municipality. Different locations may require separate licenses, even for daily operations. Discover your obligations through BizPaL for comprehensive guidance.
Get your District of Elkford Business License HERE
Read the District of Elkford Business License Brochure HERE
District of Elkford
PO Box 340
744 Fording Drive
Elkford BC V0B 1H0
Step 4: Registering for GST/HST
Businesses earning over $30,000 annually need to register for GST/HST through the Government of Canada. Understand the process and requirements for GST registration, ensuring access to Input Tax Credits. Some provinces may necessitate PST registration.
Learn how to get a GST Number in Canada HERE
Step 5: Business Insurance & Legal Considerations
Protect your business and personal assets by evaluating suitable insurance coverage. Seek legal counsel to comprehend liabilities, contracts, and essential legalities for seamless operations.
Step 6: Secure Funding & Establish Banking
Explore financing options for your startup costs. Whether through personal funds, debt financing, or government grants, align your financial strategy with your business plan. Open a dedicated business bank account and consider accounting software like QuickBooks for streamlined financial management.
Get Financing Information HERE
Get Grant Information HERE
Step 7: Implement Your Marketing Strategy
Execute the marketing plan outlined in your business strategy. Set targeted goals and strategies to ensure a successful business launch.
Learn how to create your Marketing Plan HERE
Check out the links below for some additional resources to support you in starting your own business.
Starting A Business In Canada
Business and Industry
Corporations Canada
Business Resources in British Columbia
Aboriginal Business Entrepreneurship and Skills Training (BEST) Program
All Nations Trust Company (ANTCO)
First Citizens Fund
www2gov.bc.ca/gov/content/governments/aboriginal-people
Futurpreneur Canada
Women's Enterprise Centre
Small Business BC
Service BC
Front Counter BC
WorkBC
Concierge Service
www.concierge.innovation.gc.ca
Community Futures British Columbia
Canada's Pacific Gateway
Societe de developpement economique
Small Business Branch
Trade and Invest British Columbia
OrgBookBC
Western Economic Diversification Canada