Welcome to the Corporate Factors Blog.
Read up on interesting articles on business start up, creative financing, buying and selling a business and venture capital.
Please feel free to post comments.
You can also visit this same blog at:
http://corporatefactors.blogspot.com/
Read up on interesting articles on business start up, creative financing, buying and selling a business and venture capital.
Please feel free to post comments.
You can also visit this same blog at:
http://corporatefactors.blogspot.com/
Starting A Business Check List
Posted 01-12-2009 at 11:31 AM by corporatefactors.net | Category: Small Business & Start Up, Business General
Write A Business Plan
We can not express in words alone the importance of a business plan for the success of a business.
It is a critical component for success. Almost every lender will require some type of plan before lending any money to a business. We offer a number of Business Plan services you may contact us for quotes.
If you wish to try and prepare a business plan on your there are number of Business Plan Software packages that can be downloaded for free.
Alternatively you can purchase a professional business plan software.
We can not express in words alone the importance of a business plan for the success of a business.
It is a critical component for success. Almost every lender will require some type of plan before lending any money to a business. We offer a number of Business Plan services you may contact us for quotes.
If you wish to try and prepare a business plan on your there are number of Business Plan Software packages that can be downloaded for free.
Alternatively you can purchase a professional business plan software.
Choose a business name
We can come up with business name suggestions for you. We follow the 3M Rule. Your business name should be Memorable, Mellow and have Mass appeal.
Verify right to use the name
You could find yourself a victim of a lawsuit if another company is using your business name.
Let us do the proper searches to ensure you won't get into trouble using a company name that may already be in use.
See if the business name is available as a domain name
Make sure the domain name is available on the internet as a .com .net .org .ca etc.. You should register the domain even if you aren't ready to use it yet.
Also set up an email with the new domain name once it is registered.
Establish a mailing address and phone number for the business
You must decide on an address for the business. You need to get this well established before you start investing money in business cards, letterhead etc.. so you won't have to change it later. You may wish to consider renting a post office box if you are anxious to get an address for the business but are unsure if you are going to rent space or work from home.
Registering the business (Sole Proprietorship, Partnership or an Incorporation)
You must decide if you wish to register your business as a Sole Proprietorship, General Partnership or an Incorporation. There are advantages and disadvantages for each form of business as it relates to tax and liability. Let us properly educate you based on all factors of the business set up process. We can register the business for you or do the incorporation filings.
Business cards and stationery
Once you are fully registerd with your business name, address and telephone number. It is at this point where you should consider making a solid investment into business cards and stationery. All business experts will agree that you should put as much as you can afford into your business stationery to give yourself a professional established look. We offer discovery, company naming, product naming, reputation consulting. It would be good to have all your stationery printed before you open your bank account or meet with any business bank account manager.
We can come up with business name suggestions for you. We follow the 3M Rule. Your business name should be Memorable, Mellow and have Mass appeal.
Verify right to use the name
You could find yourself a victim of a lawsuit if another company is using your business name.
Let us do the proper searches to ensure you won't get into trouble using a company name that may already be in use.
See if the business name is available as a domain name
Make sure the domain name is available on the internet as a .com .net .org .ca etc.. You should register the domain even if you aren't ready to use it yet.
Also set up an email with the new domain name once it is registered.
Establish a mailing address and phone number for the business
You must decide on an address for the business. You need to get this well established before you start investing money in business cards, letterhead etc.. so you won't have to change it later. You may wish to consider renting a post office box if you are anxious to get an address for the business but are unsure if you are going to rent space or work from home.
Registering the business (Sole Proprietorship, Partnership or an Incorporation)
You must decide if you wish to register your business as a Sole Proprietorship, General Partnership or an Incorporation. There are advantages and disadvantages for each form of business as it relates to tax and liability. Let us properly educate you based on all factors of the business set up process. We can register the business for you or do the incorporation filings.
Business cards and stationery
Once you are fully registerd with your business name, address and telephone number. It is at this point where you should consider making a solid investment into business cards and stationery. All business experts will agree that you should put as much as you can afford into your business stationery to give yourself a professional established look. We offer discovery, company naming, product naming, reputation consulting. It would be good to have all your stationery printed before you open your bank account or meet with any business bank account manager.
Open a bank account for the business
Not only should you open up a business bank account but you should be setting up relationship with your account manager.
Zoning Bylaws and Building Permits
If you plan to run your buisness from home you may need to check your local city zoning laws. Many cities have limitations on how many people you can have working for you from home. Issues with respect to parking can also arrise.
Not only should you open up a business bank account but you should be setting up relationship with your account manager.
Zoning Bylaws and Building Permits
If you plan to run your buisness from home you may need to check your local city zoning laws. Many cities have limitations on how many people you can have working for you from home. Issues with respect to parking can also arrise.
Choose a location for the business or make space in the house for it
If you are going to rent space in an office building or an industrial unit you may wish to consult with us before signing a formal commercial lease. Commercial landlords may try to lock you into lease terms that is simply way too long i.e. 5 year terms or more. If your business expands you may have to move if you require more space for people and/or equipment.
What happens if your current landlord can't accomidate you? If you are locked into a lease you may find the expansion of your business at a road block if you can't get the extra space you need.
Also beware of personal gurantees that may be in the lease contact that you are unaware of. If you are an incorporated company and you personally guarantee your lease, you could be held PERSONALLY responsible for your debt to your landlord if your business fails. Entering into a commercial lease is very serious and needs to be reviewed by a professional on a number of factors.
Get any required business licenses or permits
Apply for patent if you will be marketing an invention
Find out about health insurance if you will not have coverage under a spouse
Get adequate business insurance or a business rider to a homeowner's policy
If you are going to rent space in an office building or an industrial unit you may wish to consult with us before signing a formal commercial lease. Commercial landlords may try to lock you into lease terms that is simply way too long i.e. 5 year terms or more. If your business expands you may have to move if you require more space for people and/or equipment.
What happens if your current landlord can't accomidate you? If you are locked into a lease you may find the expansion of your business at a road block if you can't get the extra space you need.
Also beware of personal gurantees that may be in the lease contact that you are unaware of. If you are an incorporated company and you personally guarantee your lease, you could be held PERSONALLY responsible for your debt to your landlord if your business fails. Entering into a commercial lease is very serious and needs to be reviewed by a professional on a number of factors.
Get any required business licenses or permits
Register or reserve state or federal trademark
Register copyrights
Apply for patent if you will be marketing an invention
Check into business insurance needs
Find out about health insurance if you will not have coverage under a spouse
Get adequate business insurance or a business rider to a homeowner's policy
Taxation Canada
GST, PST, HST basics. There are two main taxes that businesses collect: the Goods and Services Tax (GST) and Retail or Provincial Sales Tax (PST). Several provinces combine these two taxes into a single tax known as the Harmonized Sales Tax (HST). Check our Useful Provincial Tax Links tool for informative links for the province where you do business.
A Business Number will be assigned to you when you set-up one of the four following accounts with Canada Customs and Revenue Agency (CCRA):
GST, PST, HST basics. There are two main taxes that businesses collect: the Goods and Services Tax (GST) and Retail or Provincial Sales Tax (PST). Several provinces combine these two taxes into a single tax known as the Harmonized Sales Tax (HST). Check our Useful Provincial Tax Links tool for informative links for the province where you do business.
A Business Number will be assigned to you when you set-up one of the four following accounts with Canada Customs and Revenue Agency (CCRA):
- Goods and Services Tax (GST)
- Corporate Income Tax
- Payroll Deductions
- Import Export
Understanding Business Taxation
It is of utmost importance that you have a clear understanding of business taxes. It will be important to understand how and when to remit your monthly taxes to the government. Close to 50% of every dollar earned in your business will be paid out into some form of business tax. This means the tax man is your business partner. If you do not know how to collect and remit your taxes properly you could find yourself on the road to bankruptcy very quickly.
Purchase Accounting/Bookkeeping Software and determine record keeping requirements
You should get in the habbit of good record keeping from day one. If you plan to have employees you will need good accounting software to subtract and remit reductions. Your accounting software should be able to print cheques and invoices as well. You can alternatively hire a company to look after payroll for you if you find the system to time consuming. Some banks offer a payroll service.
You will also need to educate yourself on hiring independent contractors, facts about estimating taxes, forms of organization, etc.
Now would also be a good time to start establishing a relationship with a small business accountant.
You should get in the habbit of good record keeping from day one. If you plan to have employees you will need good accounting software to subtract and remit reductions. Your accounting software should be able to print cheques and invoices as well. You can alternatively hire a company to look after payroll for you if you find the system to time consuming. Some banks offer a payroll service.
You will also need to educate yourself on hiring independent contractors, facts about estimating taxes, forms of organization, etc.
Now would also be a good time to start establishing a relationship with a small business accountant.
Employment Standards, Payroll Information and Workplace Safety
You can usually obtain this information from your local government agencies. You will have to apply for employee identification numbers if you have employees.
You can usually obtain this information from your local government agencies. You will have to apply for employee identification numbers if you have employees.
Find out about workers' compensation if you will have employees
Most businesses in that employ workers (including family members and sub-contractors) must register with the WSIB within a few days of hiring their first full- or part-time worker. It's the law.
Registering with the WSIB provides workplace insurance coverage for all of your workers and gives you access to experts in health and safety for your business sector.
There are a few industries that do not have to register. These include:
Most businesses in that employ workers (including family members and sub-contractors) must register with the WSIB within a few days of hiring their first full- or part-time worker. It's the law.
Registering with the WSIB provides workplace insurance coverage for all of your workers and gives you access to experts in health and safety for your business sector.
There are a few industries that do not have to register. These include:
- <LI type=disc>Banks, trusts and insurance companies <LI type=disc>Private health care practices (such as those of doctors and chiropractors) <LI type=disc>Trade unions <LI type=disc>Private day cares <LI type=disc>Travel agencies <LI type=disc>Clubs (such as health clubs) <LI type=disc>Photographers <LI type=disc>Barbers, hair salons, and shoe-shine stands <LI type=disc>Taxidermists
- Funeral directing and embalming
Start working on an advertisng and marketing plan for the business
This will be one of the biggest projects on your start up list. Your investment into your advertising and marketing plan must be based on the budget your working with. You should have a solid plan and be prepared to make a large investment of your start up budget into your advertising and marketing goals.
Have sales literature prepared
This would include your pamplets, brochures, and other sales literature. It would be a good idea to have these materials completed before you begin to design your web site. This way your developer can just use your sales literature for content when designing your website.
This would include your pamplets, brochures, and other sales literature. It would be a good idea to have these materials completed before you begin to design your web site. This way your developer can just use your sales literature for content when designing your website.
Find a web hosting company & Get your web site up
Depending on your target audience you may want to start designing your website early and getting it registered with all the search engines . While it may not take too much time getting a basic website up. It does take time to get your website registered on all the search engines once the site is established. This might be a good project to have working in the background.
Depending on your target audience you may want to start designing your website early and getting it registered with all the search engines . While it may not take too much time getting a basic website up. It does take time to get your website registered on all the search engines once the site is established. This might be a good project to have working in the background.
Hire Employees
Once you are set up and you have a working advertising and marketing plan in place, it is at this point you may wish to consider hiring employees. This list has discussed, insurance, and payroll.
Once you are set up and you have a working advertising and marketing plan in place, it is at this point you may wish to consider hiring employees. This list has discussed, insurance, and payroll.
Employees and Management Concerns
Once you have a working staff. It is important to deal with issues like management contracts, confidentiality contracts, non competition contracts etc.. We have sample contracts and agreements if you need our help.
If you have staff working behind a computer you may wish to establish your written internet policy as to when and what your employees are allowed to use your computers for when it comes to surfing the internet for personal use at work.
You should also educate yourself on all aspects employment standards.
Once you have a working staff. It is important to deal with issues like management contracts, confidentiality contracts, non competition contracts etc.. We have sample contracts and agreements if you need our help.
If you have staff working behind a computer you may wish to establish your written internet policy as to when and what your employees are allowed to use your computers for when it comes to surfing the internet for personal use at work.
You should also educate yourself on all aspects employment standards.
Did you enjoy this article? If so, then subscribe to our RSS Feed.
Comments 0
Total Comments 0
Comments
Recent Blog Entries by corporatefactors.net
- My RRSPs are Cashed Out Why I Await A Certain Market Meltdown (05-06-2009)
- Count Down to the United States of Europe and the New World Order (03-24-2009)
- Stock up on Euro Dollars (03-19-2009)
- Obama and the Self Employed - More Tax On Business = Less Jobs Created (02-26-2009)
- Starting A Business Check List (01-12-2009)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/tny_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/tny_ag_en_usoz_2.gif)
