Ready to take the next step and start a business? Unsure of where to begin?
Small Business BC provides entrepreneurs with the information and guidance necessary to build a strong foundation for their business. Through a wide variety of products, services, education and resources, there’s a piece that fits with every business. Here is a selection of the ways we can help you start a business.
One of the earliest questions an entrepreneur needs to consider is what structure will their business adopt? Our Starting Your Business Checklist can help you through the process of starting a sole proprietorship or partnership. Don’t understand the differences between business structures? See the advantages and disadvantages of each structure here. We offer one-on-one consultations with an accountant and a lawyer to discuss your circumstances and find the right fit for you.
Basic Legal Requirements
Making sure you start your business off on the right legal footing is essential for saving you time and money. First, you’ll need to register your business name. A Small Business BC Business Advisor can simplify this process by reviewing your choice and filing your request on your behalf. If your gross annual revenue exceeds $30,000, you’re required by law to register your business for GST. We can help with that. If you are selling products you will need to register to collect PST. Find out more here. Our Start Smart Seminar Series explains, in easy to understand instruction, the legal requirements you need to be aware of including WorkSafeBC, intellectual property and insurance legalities.
Market Research allows you to understand the interests and opinions of your customers, as well as the strengths and weaknesses of your competitors. Want to know if there’s a demand for your product or service? Our Market Research expert can prepare a customized research reports. We can also produce detailed prospect lists, or help you understand the data with a one-on-one market research advisory session. We also host regular seminars and webinars on how market research can help your business.
A business plan provides the roadmap for your business. Whether you create a fully fleshed out business plan, or a business map, it’s something you should consider essential. Small Business BC’s Business Plan Consulting and Review Service can help coach you through the process. Our education centre also hosts regular seminars on Business Planning and Business Mapping. Unsure whether a business plan or business map is best suited to your needs? We offer a 30-minute FREE consultation with a business advisor.
It’s estimated that roughly 82% of new businesses fail due to cashflow problems. Entrepreneurs are prone to undercapitalizing their business but there are plenty of resources available to prevent this issue. Start by understanding the 7 Dos and Don’ts of Financing a Small Business. For help making sense of your financial statements, ahead of looking for financing, attend My First Year in Business – A Financial Overview or Business Viability – Analysis and Forecasting seminars. Not sure where to begin to look for financing? Small Business BC’s business advisors can provide information on what programs would be suitable. Industry Canada’s Funding Database should also be considered a valuable resource.
Provincial and Federal Considerations
There are numerous industry specific provincial and federal acts and regulations businesses need to follow. Small Business BC can help entrepreneurs navigate the various requirements. This helpful article explains the legalities involved. Looking to train your staff? Funding is available through British Columbia’s Employer Training Grant. Interested in finding out more about importing and exporting? Our International Trade Advisors can help you understand the legalities and get started on growing your business.
Unsure of your tax requirements as your business changes? In this article, we explain the most common scenarios a business faces and how it impacts on their tax requirements. In our education centre, we offer a selection of seminars on Tax Requirements. Have specific questions we haven’t covered? Why not Talk to an Accountant? These one-on-one advisory sessions are available in person, or via Skype.