Set Up a New Business in Four Steps

dreaming about starting your own business got a brilliant idea and you just know it could work well you're not alone many Canadians like you have their own business dreams so turn your dream into reality it's time to get started this video is about the four steps you need to set up a formal legal business in Canada here's a simple example let's say you have a dream to start your own business doing what you love designing fun play rooms for kids and let's say you want to keep it simple for now no employees no fancy office just you meeting with clients such a kitchen table sounds pretty simple but what do you need to go from a dream was solid business plan toward official business a good business plan is critical a realistic look at your market your customers and your goals current and future it should map out what success means for your business from there details are the next steps are different in each province or territory so you need to find out how it works where you want to operate your business but a typical new business starts with these four steps the most basic first step for every new business in Canada is to choose a legal ownership structure and for example you may have trouble choosing between sole proprietorship really being the business yourself and incorporation setting up a separate legal entity this decision is very important so visit Canada business dot GC .ca for useful information to help you decide step to is to decide on a name what are you gonna call your business you could choose to work under your own full name and if you're a sole proprietor you may be able to do that with no business license but if you want to use a unique business name you need to apply for a business license step 3's involves getting a business license the document that allows your business to operate in a specific province territory or city step here is registering your business which is different from getting a business license registration is about getting a business number to communicate with government and about setting up your taxes so those are the basics four steps that will get your business started decide on your legal structure and business name then look into business licensing and registration and there you have it you're on your way it need more information please check online or call toll-free one 8 8 8 576 4444 to speak to a Canada business network specialist in your area or click this link for more on this topic and start your business Canada hmm well