 Starting your own business is an exciting journey—but it can also feel overwhelming. At the St Thomas and Elgin Small Business Enterprise Centre, we guide entrepreneurs through each step of the process. Whether you're launching a side hustle or diving into full-time entrepreneurship, here’s a simple 10-step guide to help you get started in Ontario. 1. Clarify Your Business Idea Every successful business starts with a clear idea. What product or service will you offer? Who are your customers? What problem are you solving? Do your research to understand the market and your competition. 2. Create a Business Plan Your business plan is your roadmap. It should outline your goals, target market, marketing strategy, financial projections, and more. A well-thought-out plan can also help you secure funding, if needed. 3. Choose a Business Structure In Ontario, most small businesses start as a sole proprietorship, partnership, or corporation. Each structure has different legal and tax implications, so choose the one that fits your goals. If you’re unsure, a business advisor can help you decide. 4. Name and Register Your Business Pick a name that reflects your brand and check its availability through the Ontario Business Registry. Once confirmed, you can register your business name online through Service Ontario. 5. Obtain Required Licenses and Permits Depending on your industry and location, you may need special licenses, permits, or zoning approvals. BizPaL is a useful tool that can help you identify what’s required. 6. Understand Tax Requirements Register for a Business Number (BN) with the CRA and determine if you need to collect HST (typically if you make over $30,000 in four consecutive quarters). Learn about payroll deductions, corporate income tax, and other requirements relevant to your structure. 7. Set Up Business Banking Keep your personal and business finances separate. Open a business bank account and, if needed, apply for a business credit card or line of credit. 8. Financing Start-up costs can add up quickly. Consider your options: personal savings, loans, grants, or investment from others. Your business advisors at SBEC can guide you through funding options available to you. 9. Develop a Marketing Strategy Think about how you’ll attract and retain customers. This could include social media, a website, networking, print materials, or online ads. Your brand identity should be consistent across all platforms. 10. Launch Your Business! Once the groundwork is in place, it’s time to launch. Whether you’re opening a storefront, starting online, or going mobile, get out there and start building relationships with customers.
0 Comments
Leave a Reply. |
