How to Start a Small Business in Ontario
Starting a small business in Canada can minimize any language or trade barriers you would experience elsewhere. The economy of Ontario is largely agriculture, English and French are the two main major languages spoken there, and Toronto is the capital. Starting a small business in Ontario is generally the same as if you were to initiate one in the U.S. Here are some steps to get you started:
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Things You'll Need
- Internet access
- Skype
- Pen & Paper
- Local and long-distance telephone service
- Business plan
- Some Basic French
- Bank Account
- Credit
Instructions
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Start a Small Business in Ontario
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Make a checklist. The main idea here is to focus your effort on the following: money you will need and how to get it, the area market (competitors, for example), location and marketing, equipment and supplies.
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Contact the Ministry of Small Business and Entrepreneurship. Both the Ministry of Government Services and the Ontario Business Advisory Services Office are two ways to get you started. These offices have masses of information about how to business plans, growth industries, demographics and also can put you in touch with their local merchants and businesses. Know that a Canadian community, in all likelihood, is quite different from its American counterpart. Learn your area.
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Know your business name and structure. In Canada, there are four types that are often referred to as the “forms of business organization.” Also, according to the Business Names Act of Ontario, business owners must register with the region. In most circumstances, individuals do not need to register. Consider how your structure will influence your tax situation. Additional advantages or disadvantages with personal liability, for example.
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Get a Canadian bank account. This will establish a relationship with the Canadian community and demonstrate a level of commitment to your future lenders. The Canadian Bankers Association (CBA) and the Business Development Bank of Canada (BDC) will help. The Canadian Companies Capabilities database also has information about thousands of new small businesses and how to start them.
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Tips & Warnings
Get Skype. It is a free software program that enables you to make international calls over the Internet for free. If you do not already live in Ontario, you will need to make a lot of long-distance phone calls. Skype is the only way you can do this for free.
