A great business idea is not only one that makes a profit. It is one that makes a profit, and is a good fit for you personally, and for your location.
It’s important to know your strengths and weaknesses.
Don’t be shy about seeking out the advice of experts, networking with other entrepreneurs and hiring employees to help you run the business. Build a team around you.
- Come up with a business Idea that caters to your strengths
- Define the “problem” your business is solving
- Define your Target market or ideal customer
- Do you know your industry?
- Estimate your basic expenses and forecast sales to ensure that you can make a profit with your business
- What are your businesses milestones and goals, short and long term?
- Validate your idea
- Are ready to bet the farm on it!!!
So you have decided to go ahead and start your own business. You know what you are good at and what you need help with, and you may have an idea…or not!
The following checklist is meant to be used as a starting point for your business. The list is not considered all-inclusive and is not in any particular order. Check all that apply to your situation:
Meet with professionals
Lawyer, accountant, business consultant, mentor
Choose and register a business name
Choose the name for your business carefully. It will precede you wherever you go! Learn More
Select a location
Will your location be Office, Commercial, or Home based?
Learn about the tax implications for your business from Canada Revenue Agency such as declaring revenue, deducting expenses etc. Learn More
Set up a bookkeeping system or speak with an accountant
- Paying corporate income tax
- Going to have employees
- Collecting GST (making over $30,000 in sales over a 12 month period)
- Importing or Exporting
Set up a business account
Telephone/fax line for the business
Get the right insurance for your business. Learn More
- Industrial Design
Develop marketing materials
Brand/design, logo, business cards, brochures etc.
Create stationary and standard office templates
Letterhead, Invoices, etc.
Alberta’s new Employment Standards Code came into effect Jan. 1, 2018. Learn More
Consider accounting software for bookkeeping
Quickbooks, Sage 50, etc.
Hire a lawyer to assist with creating business contracts or other agreements
Consider which method of payments you will be accepting
Cash, cheque, credit cards, debit, etc.
Purchase a receipt book or track/print via accounting software
Purchase office supplies
Purchase tools and equipment
Prepare necessary signage
Organize business information, paperwork and files using categorized folders/binders
Obtain the rights for website domain name and set up email address
Find a web hosting company
A web design company will do this for you