Starting a small business in Ontario requires a number of things, starting from determination and knowledge to the passion that any entrepreneurship demands. If you have all of these and are wondering how to start and operate something, advice from experts who have been there and done that goes a long way. Here are a few tips on what you can do to get the ball rolling.
Go With Your Passion
If you enjoy what you do, the launch of your small business in Ontario will be smoother. Ask yourself if you want to start something from scratch, buy into a franchise or take over an existing business, but also consider the amount of work each of these options involves. Starting from scratch is hardest, but the other options come with limited freedoms as well as other baggage, so think about this carefully.
Business Plan and Structure
Do not underestimate the power of a solid business plan. It’s not necessary, of course, but starting a small business in Ontario without one is a lot like trying to sail a boat with just one hand. A plan gives you direction and allows you to move from one point to the next. It is also imperative for anyone seeking financing from investors or a bank. As for structure, this involves figuring out if you are a sole proprietorship, partnership, limited liability company or corporation, and defines assets, taxation and flexibility in running your business. Finally, make sure you have all the required licenses and permits in place after finding out what your provincial requirements are.
Operating, Advertising, and Insurance
Operating your small business in Ontario will be easier if you set up an accounting system or hire an accountant to understand how things stand financially. Advertising is also important because customers need to know you exist before they buy your product or service. You should also consider securing life and disability insurance, health or renters’ insurance, depending on your situation and circumstances.
Starting A Small Business In Ontario?
If you’re thinking about starting a small business in Ontario, Leeds Grenville Small Business Enterprise Centre is the leading resource center for help and advice. We can offer all kinds of information on how you can get things moving. Get in touch with us today.