How to Start a Small Retail Business in British Columbia
British Columbia (BC) has the fourth most active retail industry in Canada, according to Statistics Canada. From making pizza to selling scrap-booking supplies, there are many opportunities for retail businesses to succeed in BC. Starting a retail business in BC requires that you choose a unique name, create a business plan and register the business with the BC Business Registry.
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Things You'll Need
- Business plan
- Business name reservation number
- Additional licenses and permits
Instructions
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Research the retail business in British Columbia. Each province in Canada has different rules and regulations for starting a retail business. In British Columbia, you must register your business and then acquire the appropriate licenses and permits before operating your business. Also, most goods sold in retail outlets in BC are subject to provincial and federal sales tax.
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Decide which type of retail business you will register. There are three types of business structures that you can register as a retail business: sole-proprietorship, partnership or corporation. A sole-proprietorship is a business in which one person is responsible for registration, as well as handling all governing decisions. In a partnership, governing responsibility is shared among two or more partners. A retail corporation is a separate legal entity with a board of directors, which is responsible for all governing decisions.
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Create a retail business plan. Before registering your business, you must create a business plan outlining how you will operate and market your retail business as well as how you will make and maintain profits. In your business plan, include what your business will be called, where your retail business will be located, how you will acquire product and product pricing information.
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Choose a unique and descriptive name for your business. Business names in BC must contain both a unique name and a descriptive element. For example, if you are registering a computer repair computer repair company you may choose to call it "Pete's Computer Repairs." After choosing a name, you must have it reserved by completing a Name Approval Request on the BC Business Registry website. Completing this request and paying the $59.95 name reservation fee will reserve your business name while your business registration is being processed.
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Register your retail business. If you are registering a sole-proprietorship or partnership, you can register your business and pay the registration fee online using the British Columbia provincial OneStop Business Registration service, which can be found on the BC provincial website. The registration can also be completed in person at your local government office. If you are registering a corporation, complete an Incorporation Agreement, Articles of Incorporation and incorporation application on the OneStop website.
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Apply for additional licenses and permits. Some retail businesses in BC require additional permits and licenses. For example, if you are hiring employees, you must register the business with the BC WorkSafe program. If the products being sold are subject to provincial or federal sales taxes, you must register for a tax number on the BC Business Registry website. Ensure your business possesses all required licenses and permits before opening your location.
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Tips & Warnings
If you are unsure of how to create a business plan for your business, visit the Small Business BC website for planning guides and example business plans.
References
Resources
- Photo Credit woman with shopping bags over white image by T.Tulic from Fotolia.com
