Starting a business in Canada doesn't always require a groundbreaking idea; instead, you can succeed by offering an existing product or service more effectively than your competitors. Here are some key steps to consider when establishing your business:
Begin by defining your product or service and setting up a method to accept payments from your customers. Focus on delivering value and finding your target market.
In the realm of business and competition, one fundamental approach stands out - striving to be better than the average competitor. Achieving a level of performance that surpasses the average doesn't always necessitate drastic changes. Sometimes, small, consistent improvements in various areas can cumulatively lead to substantial progress.
When starting a new business, leveraging a variety of payment tools is essential to cater to customers' diverse preferences. Setting up a merchant account to accept credit and debit card payments allows for convenient transactions. Tools like Square or Stripe are great at this.
Moreover, incorporating online payment gateways such as PayPal or Stripe on the company's website ensures seamless digital transactions. These tools not only enhance customer convenience but also streamline the overall payment process for the business.
As your business grows, you may need to look into registrations to formalize your operations and comply with regulations. Some common registrations include:
Business Number (BN): A unique number assigned by the Canada Revenue Agency for your business.
GST/HST Account: Necessary if your business's taxable supplies exceed a certain threshold.
Payroll Deductions Account: Required if you have employees.
Incorporation: Turning your business into a legal entity, providing a degree of financial liability protection and opportunities for tax planning and reinvesting in the business more efficiently.
Municipal Permits: In Canada, businesses may need city permits for specific types in each area. The permits vary based on the business and location, including zoning, health, safety, and the environment.
Business Number (BN):
When to Register: Should be done once you start selling goods or services.
GST/HST Account:
When to Register: Mandatory if your business exceeds $30,000 in annual revenue.
Payroll Deductions Account:
When to Register: If you have employees on payroll.
Incorporation:
When to Consider: As your business expands, consider incorporation for limited liability and tax benefits.
Municipal Permit:
When to Consider: Check BizPaL.ca to enter your municipality and the business that you are looking to create in order to find out what municipal permits may be required.
Remember, starting a business is a dynamic process. While beginnings may be simple, growing enterprises must adapt to changing requirements and scale effectively to stay competitive in the Canadian market.
If you have any specific questions about your situation, please book a free consultation.