How to Start a Business in Canada Checklist, 2022
With the internet at our fingertips, and digital adaptation at the forefront of the business world, it’s never been easier to start a company in Canada. If you’re missing a specific skill, you can learn pretty much anything online these days, your answer being a quick google search, YouTube video, or online course away. Although the process will differ depending on the type of business you want to start, some steps for starting a new business in Canada remain fundamentally the same.
Once you have your concept & basic business plan, and have determined you have a viable business idea, the to-do list is never-ending. You need to decide how to set up and structure the company, register the name and business, taxes (if applicable), create a marketing plan, and set up your accounting properly in the early stages. The latter is where we come in. At Signal Operations, we believe firmly in the importance of setting up your company with a strong financial foundation. If you’re in a place where you can have us take care of this for you, then we highly recommend this, but at the very least get yourself set up with some cloud-based software like Xero & Hubdoc, so that you can start scanning your receipts, and tracking expenses right away. This will improve your efficiency, keep things clean and organized, and you won’t have to keep the paper copies.
The important thing to remember is that although you may indeed be able to “do it all,” nobody can do it all really well, when they work alone.
“Your business will have a much higher chance of success if you know your finances, and are able to access them quickly and easily.”
Business Start-up Checklist:
Business plan: define your vision, identifying challenges and threats: understand your competition, economic impacts, understand your startup costs, make cash flow projections
Company structure: sole proprietorship, partnership, or corporation? More info on this here from CRA. If you’re thinking about Incorporating, you need to decide whether to Incorporate Provincially, or both Provincially & Federally. If you plan to do business outside of your Province, consider Federal Incorporation.
Resources by Province:
Name search and registration
Business registration for HST & Provincial sales tax (if applicable), and any applicable licenses or permits
Reserve your website domain (address) check out services from Sibername, Shopify, Squarespace, or wherever your site will be built and search for a domain name, and reserve it asap - make sure it’s simple and easy to spell, pronounce, and remember
Set up business bank account + point-of-sale (if needed)
Hire or outsource contractors or employees in areas where you need help (this is often with marketing, bookkeeping, and accounting - wink, wink)
Find your physical location (office, warehouse, storefront) if applicable
Build and maintain relationships with suppliers
Set up your accounting; like a DIY income & expense tracking spreadsheet, subscribe to Hubdoc & Xero (cloud-based software), or get set up with us at Signal Operations
Set personal boundaries, and routines; remember to take breaks and take care of yourself so you can avoid business owner burnout
Create a marketing plan - figure out where your audience is hanging out, and start building your presence there - here’s a marketing plan template we found on Hubspot
3 marketing must-haves:
Consistent Social Media Presence
A professional website
At Signal Operations, we’re passionate about helping business owners grow and thrive. Removing the burden of organizing the daily ins-and-outs of business finances will free up your time and energy, giving you space to do what you do best! Reach out for a FREE, 30 minute call if you’re looking for bookkeeping, payroll, or business accounting services.