Help Your Business Start Smart
Starting up a small business is no small task. Before you begin the journey; ask yourself a few questions.
Are you an entrepreneur? Are you a risk taker? Are you confident? Self-determined? Good at problem solving? Perhaps above all, do you have passion?
Is your Business Viable?
Let’s talk about what it means to Start Smart. Viability is the foundation of any sound business model. Is your idea worth pursuing?
Viability is simply put: when your revenues exceed expenses over an ongoing basis. If a business is not viable then it is not worth pursuing.
There are many reasons for creating a solid business plan. For one it’s a great way to test your viability. You need to know who your target market is, who you are competing against, and what is happening within your industry. Failing to plan is planning to fail.
Choosing the Right Business Structure
It is important to choose the right Business Structure for your business. Each structure has advantages and disadvantages. Sole Proprietorship and General Partnerships are easier to form and have low start-up costs. A corporation has limited liability and some name protection across the province.
Your Legal Requirements
It can be confusing to know what your basic legal requirements are. We at Small Business BC try to simplify that.
Registration and incorporation happens at the provincial level, communications of taxes and revenues, happens at the Federal level and obtaining a business license and permits at the municipal level.
Additional considerations to starting a business: Worksafe, insurance and intellectual property.
Find Out More
To learn more join us for the Start Smart seminar where we delve deeper into these topics in greater detail, helping your business Start Smart.