It is daunting to setup a new business from scratch. I thought I’d fire off a few items that I give my clients to account for in the strategic planning of their new start-up. Some may seem logical but many are often overlooked.

First Steps

  • Choose a really, really good name for your business
  • Do a name search of your new sole proprietorship or corporation (in BC its around $40)
  • Once you’ve searched your business name, Register it (around $40)
  • If you have a partnership, incorporate and setup shares for each partner
  • Incorporate if your business may have a lot of risks attached to its operation , e.g. Food related
  • Do you need a business license – ask the city (careful if you own a Strata condo)
  • Get a Canadian Revenue Service (CRA) Business Number
  • In BC get an HST number so you can charge and remit taxes on sales
  • Do you have Home insurance with a business component added
  • Is your vehicle insured for Business Use?
  • Going to Customer’s home when they are not there? Consider Bonding

Your Home Office

  • You need a specific place to work that is comfortable and YOURS
  • Others in your home? Set up some Rules around you when you are working
  • Do you have or need a designated Business Phone? Try Skype, I have a 3 line one at home
  • Cell Phone – of course, bu use it wisely, some use the cell as their sole business phone
  • Multiple email accounts, personal and business
  • Do you need to budget for speciality equipment to run your business? Think Lease!

The Business Plan

  • This is the guide to your entire operation and its future. Outline templates can usually be found on most bank websites There are crucial components:
  • Vision/Mission, how you see and envision your business
  • Operations Plan, consider future staffing needs
  • Marketing Plan , inc. Competition & Industry analysis, SWOT, Sales/Marketing tools needed
  • Financial Plan, inc. Budgets for start-up and operation for 2 years min., Sales forecasts
  • Risk Management, you need to consider eventualities

Collateral Marketing Materials

  • A nice Logo professionally designed is worth the money (around $400)
  • Consider a dynamic interactive Blog versus a boring Website
  • Business cards – critical- think of adding a QR Code to the back
  • Brochures/Flyers -I think their time has come and GONE
  • A Social Media presence on FaceBook, Twitter, LinkedIn and YouTube ++

Support

  • Do you have a Mentor, Coach or at least someone to bounce ideas off?
  • How about a relationship with a lawyer and a banker?

 

Loading Facebook Comments ...

8 Comments

  1. Simply wish to say your article is as amazing. The clearness in your post is just nice and i could assume youre an expert on this subject. Well with your permission let me to grab your RSS feed to keep updated with forthcoming post. Thanks a million and please keep up the rewarding work.

  2. Simply wish to say your article is as amazing, clear and timely. Thanks a million and please keep up the rewarding work.

  3. I was just looking for this information for some time. After continuous Googleing, finally I got it in your site. I wonder what is the Google’s issue that doesn’t rank this kind of informative websites closer to the top. Normally the top web sites are full of garbage.

  4. I think other web-site proprietors should take this web site as an model, very clean and wonderful user genial style and design, let alone the content. You’re an expert in this topic!

  5. I was curious if you ever considered changing the
    layout of your blog? Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content so people could connect with it
    better. Youve got an awful lot of text for only having one or two images.
    Maybe you could space it out better?

Leave a Reply

Your email address will not be published.

*