6 Major Steps to
Start a New Business
Dreaming of being your own boss?
Starting a new business and building your own company can be an exciting and rewarding venture, but it is important to take the necessary steps to turn an idea into a real business. With these steps in place, you'll be well on your way to starting a successful business in Canada.
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1. Create a Business Plan
Apart from having an inspirational idea, you will also need to have a concrete business plan that outlines your objectives and goals, target market, market competition, and cash flow planning and budgeting.
Take a look at:
Government of Canada - Planning a Business
City of Vancouver - Starting or expanding a small business
Small Business BC - Starting A Business
Strategyzer - Building Blocks of Business Model Canvas
Government of British Columbia - Start Your Business
Government of Alberta - Start a Business
Government of Saskatchewan - Start a Business
Government of Ontario - Start a Business in Ontario
RevenuQuebec - Starting a Business
Government of New Brunswick - Setting Up a Business
2. Name Your Business
Selecting the right business name is an important part in the planning process. A well-chosen business name not only gives a nice first impression to the public, but it also helps your company stand out from the crowd. It is worth noting that you should not pick a name that is already trademarked or in use by another business to avoid potential legal disputes.
Take a look at:
Government of Canada - Choosing a Business Name
BDC - How to Name a Company
Small Business BC - Choosing a Business Name Made Easy
AMA - Naming a Corporation in Alberta
SK Startup Institute - Naming your business
Lex Start - How to choose your corporation's name in Ontario?
The Chamber of Commerce of Metropolitan Montreal - Naming your business
Opportunities New Brunswick - Steps to register your business name
3. Register Your Business
Registering your business in Canada provides legal recognition of your business. It can help protect your business name and brand so that others cannot use them without your consent. Registering your business can also establish credibility with customers, suppliers and other business partners.
Take a look at:
Government of Canada - Registering Your Business with the Government
Small Business BC - How to Choose the Right Business Structure for Your Small Business
AMA - Registering a Business in Alberta
SK Startup Institute - Legal considerations when starting a business
Small Business Centre Ontario - How to Register an Ontario Business
Hardbacon - How to Register a Business in Quebec
This is New Brunswick - How To Register A Small Business In New Brunswick
4. Apply for Permits and Licences
In addition to ensuring a safe and legal business operation, permits and licences will be required for a variety of reasons, depending on the nature and location of your business and the activities you plan to undertake. It is important to check with the appropriate government agencies in your jurisdiction to determine which types of permits and licences are required for your business.
Take a look at:
BizPal - Find the permits and licences you need for your business
5. Make a Financial Plan
A viable cash flow and budget plan can be your business's roadmap for financial success. It can help you understand the financial requirements of starting and running a business, such as startup costs and cash flow management. A feasible financial plan is essential when you are going to raise funds for your business from investors or lenders.
Take a look at:
BDC - Build your Financial Plan—Free Template
6. Market Your Business
Effective marketing strategies can help you promote your business to a wider audience in order to increase sales and revenue. A strong brand identity and positive reputation can also help you survive the highly competitive business environment in Canada by standing out from others in your industry.
Take a look at: