If you’re interested in how to start a business in Ontario, it’s a great time for entrepreneurs. More small businesses are starting up now than ever before, and with so many new market niches to explore, many of them have great chances for success. However, no business accidentally becomes successful. Forethought, planning, and understanding the regulations surrounding Ontario businesses is essential to get off the ground.
Here’s our quick guide to the basics you need to get started.
Five Steps Towards Starting Your Own Business in Ontario
- Have a product or service with appeal
Having a great idea, product, or service to sell is the start of a business, but it’s not the whole story. It also needs to appeal to a large enough number of people to succeed, and fill a market need which is currently going unserved.
- Create a business plan
Planning is at the heart of all successful businesses. Think hard about aspects such as acquiring funding, how to structure your operation, logistics, and outreach. Do plenty of research! Most businesses live or die based on their early planning. (Can we add that we have templates to use or can refer a consultant who can help them with one?)
- Think of a great name
The more unique and memorable your business’s name is, the better. You want a name which will instantly stick in people’s minds while communicating your basic product/service.
- Do your paperwork
Bureaucracy and red tape are unavoidable aspects of starting a business in Ontario, or anywhere else. To be within the law, you’ll need to clear several major regulatory hurdles, including:
- Research and then register your business’s name with the Ontario government. (we can help them here with that if they are not savvy on a computer)
- Get any needed permits and licenses based on your business type. BizPal is a great resource for researching this.
- If your business is likely to make at least $30,000 a year, you’ll need to register for GST/HST or else the taxman will come knocking.
- If you’re going to have employees, create a payroll account with the CRA, and become familiar with form TD1 for personal payroll deductions.
- Get insured
Starting your own business is a huge financial risk, which you shouldn’t shoulder alone. Business insurance will help alleviate that risk. (It’s also required for some business types.)
LGSBEC can show you how to start a business in Ontario! Our services are completely free to residents of the greater Leeds-Grenville area. To schedule a free one-on-one consultation on your business ideas, just contact us.