Business setup involves creating a viable business idea, drafting a comprehensive business plan, and choosing a legal structure. It includes registering the business name, obtaining necessary licenses, and complying with tax requirements. This foundational process ensures legal operations and sets the stage for future growth and sustainability.
Business Setup & Plan
Business Setup
Business Plan
A business plan is a detailed document that outlines a company’s goals, strategies, market analysis, financial projections, and operational structure. It serves as a roadmap for launching and managing a business, providing direction and helping to secure financing or investments by demonstrating the venture’s potential viability.
1) Come up with a good business idea
2) Write a business plan
3) Choose a winning name for your business
4) Choose a form of business ownership
5) Register your business name
6) Find small business financing
7) Get a business license
8) Register for the Goods and Services Tax/ Harmonized Sales Tax (GST/HST)
9) Prepare to have employees
10) Buy other kinds of business insurance
• Search business names
• Register federal business
• Register Ontario business
• Register self-employed business
• Apply for business number
• Apply for business license
• Apply for HST number
• Apply for payroll deductions account
• Apply for corporate income tax account
• Apply for Import/Export account
• Choose fiscal year end
• Register WSIB account
• Order business stamp
• Business alternation (Name, address,shareholders,etc..)
• Apply for trademark
• Prepare business plan
• Provide mailing address
• Register federal business
• Register Ontario business
• Register self-employed business
• Apply for business number
• Apply for business license
• Apply for HST number
• Apply for payroll deductions account
• Apply for corporate income tax account
• Apply for Import/Export account
• Choose fiscal year end
• Register WSIB account
• Order business stamp
• Business alternation (Name, address,shareholders,etc..)
• Apply for trademark
• Prepare business plan
• Provide mailing address
The business plan helps business owners to think through business idea before actually start business. Once start business, it helps business owners to evaluate progress against business goals. When it’s time to obtain additional financing, the business plan will show banker how business owners will be able to pay back the loan.
When negotiate a commercial lease, business owners have to set their business up for success. Business owners must know what future business plans will demand from a piece of real estate. Geographical location, property size and monthly fees are all important and business owners should know what their organization will require.
