How do I start a business?

Starting a business is easy – register a business name and you’re ready to go, but starting a successful business takes a bit more effort.

Over the years we’ve found most successful business owners have followed these simple steps.

Steps in Starting a Successful Business:

  • Get an idea
  • Research customers, competition, market & industry
  • Develop a business plan, estimate cashflow for 1-2 years
  • Create a marketing and digital marketing strategy
  • Talk to experienced entrepreneurs and potential customers
  • Determine if the idea is viable
  • Arrange financing
  • Obtain necessary registrations, licenses, permits and insurance
  • Implement your business plan = Open for business!

More tips: Starting Your Business Checklist

How does the WRSBC work with local tech companies?

WR Small Business Centre works with the local knowledge-based industry to help them with certain barriers to startup and growth. By leveraging our close relationships with local experts, organizations, government, and educational institutions we strive to ensure that all your business needs are met and exceeded in Waterloo Region.

How to I search a Business Names?

A couple of things you can do! Whatever name you choose avoid using the same name as another business regardless whether they are in another city, province or country. Would you want someone to take your name?

What is a business number (BN)?

A Business Number relates to a business as a Social Insurance Number (SIN) relates to an individual. CCRA issues this nine-digit number when you register for any the of 4 CCRA accounts:

  • HST/GST
  • payroll deductions (Income tax, Canada Pension Plan, Employment Insurance)
  • importer/exporter license
  • corporate income tax number

This number is designed to simplify and streamline interaction with CRA. Related information is available at the Canada Revenue Agency website.

FYI: A Business Number (BN) is not to be confused with a Business Identification Number (BIN). If you register your business name, you will receive a Business Identification Number as part of your Master Business License from the Ontario Ministry of Consumer and Business Services. The BN number is issued by the Federal Government.

I want to buy a Franchise where do I start?

Starting a business from scratch can be overwhelming for first-time entrepreneurs. That’s why investing in an already successful franchise may be a good solution for your new business venture.

The original business owner (the franchisor) grants a licence for the use of the trademark or trade name for a fee. The person who buys the franchise (the franchisee) is allowed to use the franchisor’s business name and operating system to set up the business. As a franchisee, you pay the franchisor a certain amount (royalties) from your franchise’s profits.

Provincial vs Federal Incorporation, what’s the difference?

Whether you choose to incorporate federally or provincially depends on the nature of your company’s business. If you own a smaller business operating on a local level and have no plans of expanding across provinces, as well as no national or customers or suppliers, it may make more sense to incorporate within your province. If you register your business only in a single province, you are only protected in that location. If a business is using your name in another province, you won’t be able to register there. Discussing your long term plans with an accountant or lawyer is advised.

Oppositely, if your company regularly conducts business with other Canadian or international partners and you have plans for establishments in more than one province, federal incorporation may be the way to go. Federal incorporation gives you the right to use your business name across all of Canada. It protects you even if there is another business in a different province using the same name. You may also need a provincial registration.

I am a newcomer to Canada. Which business should I start in Canada?

If you’re new to Canada and want to start a business, it’s important to plan carefully. Running a business has many challenges, immigrants face very unique challenges, We suggest three tips for new immigrants to Canada who want to tackle those challenges and start a business successfully

Build your credit score
Being new to Canada means you may not have a history of responsible credit use banks can lean on to lend you money as you get your business started.

Embrace Canadian culture
To run a business anywhere, you need to understand the local culture—who your customers are, what they like to buy and how they like to buy it.

Find a mentor
There’s a lot to soak up when you start a business, especially if you’ve just recently arrived in Canada; a mentor—someone with experience who can offer you advice and guidance—can be a huge help

Set yourself up for success
Narang says it’s important you have enough money to cover your personal expenses while your business is getting started because it may take some time to become profitable. At least six months of personal expenses is a good baseline.

Entrepreneurship Connections®
is now being offered nationally! In addition to our Toronto cohorts, we will be offering this unique program in Hamilton, Ottawa, Vancouver, and Moncton. Some locations will be offering condensed boot-camp sessions both in English and Arabic, luable process in and of itself.

Futurpreneur
If you’re new to Canada, are a Canadian citizen or permanent resident, have lived in Canada less than 60 months, between the age 18-39 you may be eligible to apply for a startup loan.