Last week, we talked about how to begin a business plan and what you should be thinking of to stir the thought process. Once you have a business plan though, what’s the next step? Christine Wiley talks about what to do after on CBC News.
What’s the next step after the business plan and financing?
– Provincially legislated businesses (accountants, doctors, dentists) don’t need a city of Calgary business license, but other small businesses likely do.
– Some questions that will be asked on the application for the home occupancy: are you operating your business out of home, people going to and from the office, storing goods, or couriers?
– If you’re looking for commercial locations, find out with the City if the type of business you have is zoned for the area before signing leases.
– Business licensing are renewed yearly and start at $177 (with additional police checks, fire inspections. etc)
– Get in touch with 311 which is a great resource.
Head into the registry office and do a Declaration of Trade Names which allows you to do advertisement and take payments from customers.
An incorporated company needs to do a name search, although it may get complex with shares– but that’s when we come in and help you out!
If you’re looking towards hiring employees or subcontractors in the future, workers compensation rates may be something to look into.
Workers compensation varies between industries and pay.
Although for those who work on their own, you may be interested in Personal Coverage that starts at $22,000 a level of coverage (also depending on the industry).
Workers compensation can walk you through these coverages as well.
As a Sole-proprietor: goes onto personal tax return
You don’t need to charge GST in the beginning unless you’re spending a lot of money on expenses (supplies and equipment), but it is recommended to register until you make $30,000.
The CRA website is generally user-friendly and is a great resource, or the general business inquiries line: 1-800-959-5525.