Starting A New Business

Getting Started

> Analyze your business idea by doing a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats).

> Assess your strengths and weaknesses as an entrepreneur

> Establish business and personal goals

> Assess your financial resources and identify potential sources of funds

> Identify the financial risks

> Document  the startup cost

> Decide on your business location

> Do thorough market research

> Identify your customers

> Identify your competitors

> Develop a marketing plan

Business Transactions

> Select a lawyer and an accountant
> Choose a form of organization (proprietorship, partnership, or corporation, for example)
> Create your business (register your company’s name, incorporate the business, etc.)
> Prepare a business plan
> Select a banker and set up a business checking account
> Apply for business credit cards
> Establish a line of credit (if possible)
> Select an insurance agent and obtain business insurance


> Prepare corporate brochures
> Build a website & register a Domain Name
> Set-up corporate email accounts
> Get business cards
> Obtain a lease
> Line up suppliers (if applicable)
> Get furniture and equipment
> Obtain business licenses or permits (if applicable)
> Get a GST/HST number (if applicable)
> Get an employer ID number (if applicable)
> Send incorporation papers for federal and province tax forms
> Join a professional organization
> Choose a starting date
> Prepare and deploy your communication/marketing strategy

Now You Are In Business! Yayyyy! CONGRATULATIONS!