How to Run a Small Business in Canada

Running a small business in Canada is not much different as compared to doing the same in any other country; however, some rules and regulations are subject to change. Just like any other country, an individual must follow a certain set of rules to start his own small business in Canada and he is good to go. Most importantly, one should try to be as innovative as he can and bring something different to the customers as this is the key to success.

Instructions

  • 1

    Explore your options

    Getting into a particular business just because others are earning huge profits from it might be the worst decision you have ever made in your life. You must explore all your options and critically evaluate them before wasting your time and money. An individual is more likely to risk all of his life time savings when starting a small business, thus you must ensure that it is your area of interest and you have the potential to run the business.

  • 2

    Choose a name

    After you have explored all of your options and you have chosen a suitable business idea for yourself, you must think of a suitable name for your business. Note that a business name is the reflection of business in the current and long term scenario; therefore, you must take everything in consideration while selecting a name for your small business. It is suggested that you choose more than one names and list them down according to your preferences. After you have made your list, you must check the availability of all names and immediately register the name which is available.

  • 3

    Make a business plan

    The most important thing after registering your business name is to make a sound business plan. Some people often misunderstand the importance of a business plan and suffer later on. Note that a business plan includes all of your expenses, the ways you plan to earn profit, your strategies, your target market, marketing strategy and the staff requirement.

  • 4

    Secure funding for your business

    It is unlikely that an individual bears all the expenses from his own pocket, thus you must start securing additional funding required for your business. For this, you should contact investors and lending institutions.

  • 5

    Register your company

    After a feasible business plan, you must register your business.

  • 6

    Obtain business license

    After you have registered your company, you must obtain the license to start your operations in a lawful manner.

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