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Setup a Small Business in Canada

Setting up a small business in Canada requires determination, motivation, high moral and know-how of the business. Following are the steps you need to follow to start up with small business.

Identify Your Business Opportunity: Identify the best possible business for you from the multiple opportunities. It is important to find where you desire lie to understand your personality type.

Prepare a Business Plan: Business plan is must for any business, a business plan permits you to gain a better understanding of your industry structure, competitive landscape, and the capital requirements. Business Analyst observes that companies with business plan have 50% more profits and revenue than non-planning businesses. Writing a business plan just makes good business sense.

Get Start-up Money: To start any business, capital investment is must. Start-up funds for every business is different depending on type of business selected. Finding the money you need may come from a source you never thought of. In Canada the sources of getting money are following:

Canada Small Business Loan Program:

It helps you with your financing needs. Under this program, the Government of Canada makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders. Program works following ground:

- Who is Eligible: Business which can carry profit with gross annual revenues $5 million or less.

- Who is not eligible: Business which does not fall under Canada Small Business Financial Program is farming business, non-profit organizations, charitable trust and religious organizations.

- How much financing is available?: Provides up to $500,000 of financing, from this no more than $350,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment.

- How to apply for Loan?: You need to apply for loan at your bank. If the bank decides to grant you a loan, they register it with Industry Canada. The list of lenders are ATB Financial, Bank of East Asia, Bank of Montreal, Caisses populaires Acadiennes, Caisses populaires de l’Ontario, Canada’s Credit Unions, Canadian Imperial Bank of Commerce, Canadian Western Bank, GE Capital Financial Services, HSBC, Laurentian Bank of Canada, Mouvement des caisses Desjardins, National Bank of Canada, Royal Bank of Canada, Scotiabank, TD Canada Trust.

Note: Agri-Food Canada has a similar program for the farming industry.

Canadian Youth Business Foundation:

- It is a national charity that provides young entrepreneurs.
- Young entrepreneurs from 18 to 34 may get up to $15,000 as a start up capital, with flexible three to five year repayment schedules.
- 2-year mentoring program need to be attended where you are matched up with dedicated business mentors or business professionals.

Business Development Bank of Canada (BDC):

- It is a financial institution wholly owned by the Government of Canada. BDC plays a vital role in delivering financial and consulting services to Canadian small and medium-sized businesses.
- Co-Vision loan can be up to $100,000, which can be repaid over 6 years. If needed, entrepreneurs can postpone principal payments for 12 months.
- Co-Vision specifically targets businesses in the manufacturing, distribution, services and tourism sectors.
- Projects such as working capital, acquisitions, fixed assets, marketing and start-up costs, or the purchase of a franchise can also be financed under Co-Vision.

Name Your Business: What’s in a business name? Find the right name which will distinguish you from your competitors, provide your customers with a reason to hire you, and aid in the branding of your company. Learn what you need to know to find a name for your business.

Select a Business Structure: Deciding on the Business Structure is very important decision; this decision should not be taken lightly. Whether you choose the popular Limited Liability Company (LLC), a sole proprietorship or form a corporation; your choice will have an impact on your business liability, fund-ability as well as taxes due.

Get Your Business License and Permits: Depending on your chosen business structure, may need to register your business with the state authorities. Setting up your small business may require an employer identification number (EIN) which is also used by state taxing authorities to identify businesses. Additional paperwork can entail sales tax licenses, zoning permits and more.

Set Up Your Business Location: One of the multitude of tasks in starting a business is the setting up of your office. There are many steps in office set up including where to locate your office (home or office space), buying the necessary office equipment, designing your work space and getting supplies.

Get Business Insurance: As a new small business owner, you have the responsibility to manage the risks associated with your business. Don’t put your new start-up at risk without getting the proper small business insurance to protect your company in the event of disaster or litigation.

Maintain Accounting System: Unless you’re from accounting or finance background, the accounting and bookkeeping aspect of running your business can’t be avoided. Maintaining your Accounts will help you to understand the financials of running a business and advert failure.

Along with the above you also need to know business legal structures, taxes like GST, PST, Payroll tax and Corporate Income Tax and employer obligations. You can also acquire information from any Business Directory Canada, Online Directory Canada, Yellow Pages Canada or Business Telephone Directory Canada.

Conclusions: There are many entrepreneurs who have lost their everything due to failure in their business. This article will help as a pathway to those who need to Setup a Small Business in Canada.

Business Opportunity Expo – Marketing Fairs, Business Fair Planning

Find Business At “Business Shows”

Trade exhibitions are a wonderful place to locate new people. You can always make up in large numbers what you need in skill. The number of recruits that you meet in a few hours at a home party business expo will give you skills that will increase your results.

Find People @ Home Party Business Events

The business opportunity expo is an amazing situation to discover a immense quantity of leads in one sitting. The sheer amount of potential customers gives a repetition of the network marketing experience that it makes the sales area an occasion to develop your skills and to acquire recruits all at the same time. Not only is the home party business expo the perfect situation to perfect your networking skills but it is also an tremendous time to train new reps. Working with a sales leader, a new distributor will take note, be trained and put into practice the networking aspect of operating a trade exhibition and get new business many times throughout the day. This is a education opportunity that should be put into into the entire team’s instruction start up system because the large size of networking opportunities will give new consultants the skills that they need to achieve success.

Set Up Business Shows Booth

As a vendor at a trade event your stand is your showcase. Take the time to plan your cubicle and make an investment in some nice table cloths and skirting so that you look like a professional. Do not over do your expo area.

As a sales business owner you do not have to win the award. Keep your booth unpretentious, simple and delightful.

Do not over fill your area. Fair guests & attendees are experiencing visual overload, so keep it unadorned.

Home Business Fairs Tip

The one most significant tip for all business opportunity event participants to take into account is to always be IN FRONT of your table. This simple strategy will make your stall more approachable than if you were standing at the back of the table. The table is a separator that you can break by positioning yourself in front of it. The easiest way to create your booth comfortably is to set up your table about 4 feet back from the guest walkway aisle as opposed to at the back curtain of the area. By doing this when you are stationed at the front of your table you are able to stand on the imaginary line that separates you from the guest walking aisle and so breaks another obsticle. By doing this you will notice that it is easier to connect and become friends with your guests.

Network Marketing At Home Party Business Events

Another way to attain business at Business Opportunity Shows is to network with the other vendors. This method of discovering business leads is low-priced and it works. Instead of attaining a booth just go to the fair or expo as a walk in guest. Now you only spent a couple dollars to come in and do not have to set up a spot at the event, yet still have a lot of the network marketing opportunities existing in one place. The booth vendors are there to chitchat to the guests and you are a good lead so they would love to chitchat with you. The only thing you have to do is determine is how to move into your business! It’s wonderful!

Business Events Network Strategy

Every business opportunity business owner should market their business at Business events twice monthly. Once as a vendor and once as a guest. This sales business marketing plan will bring you recruits and alsoimpart you with a tactic to develop your skills at network marketing.