✓ Do you have enough time to put into running your business?
✓ Are you willing to quit your job to run your business full-time?
✓ Do you have a good enough education to run your business? If not try ICS Canada or Sprott Shaw or BDC✓ Do you have an awesome idea? An invention, or maybe an innovation?
✓ If you have an invention idea, I suggest your contact these people for help: InventHelp✓ Do you have the money to start the business? If not are you willing to take out a loan?
✓ Do you know a professional business person who could mentor you? If not try: MentorCity.com✓ Are you able to go a long time before beginning to pay yourself a wage? Sometimes new businesses do not generate enough money to be able to pay the owner! Once your business is established and successful then you can start to pay yourself a wage.
Business Planning
✓ Figure out a niche in the market. Does another business already offer your desired product or service? If so, can you find a way to improve upon what they offer?
✓ Hire a business consultant to help you plan your business.
✓ What makes your business unique and better than the competition?
✓ Do you offer better quality products?
✓ Is there a demand for your product or service?
✓ Research your desired industry.
✓ Try this service: Canada Market Research✓ Research your competitors using SEMrush✓ Identify your target market and customer base.
✓ Create a Business Model Canvas. For a free printable form, click here or try our online form. ✓ Write a 2 sentence USP (Unique Selling Proposition). It should briefly describe how you are better than the competition.
✓ Write a Business Plan using: BplansGov't of CanadaLivePlan✓ Check your business plan for spelling and grammar errors using:
✓ If you are the only owner of your business, then you should form a Sole Proprietorship. If you have partners, then you should form a Partnership.
✓ Pick a start date for the launch of your business.
Your Business Name
✓ Write a list of potential business names.
✓ Find a cool and unique business name using one of these generators: Business Name GeneratorShopifyNamelixBusiness Name Maker✓ Make sure the name is not another business' trademark.
✓ Google each business name to see if it is still available: (Don't use quotation marks) ✓ Check each corresponding domain name to see if it is still available.
✓ NUANS report is the pre-requisite of name pre-approval for certain jurisdictions such as Federal, Ontario, Alberta, New Brunswick, and PEI: Nuans✓ Pick either a .com or .ca domain name. If your market includes people in the USA, then get a .com instead of a .ca
✓ Quickly purchase the best domain name that is available. Just to make sure somebody doesn't purchase it before you.
✓ Don’t choose a business name that is hard to pronounce or spell.
✓ Choose a name that isn't offensive in another country or language.
✓ Get your business name approved and then register your business with your province:
• British Columbia
• Alberta
• Saskatchewan
• Manitoba
• Ontario
• Quebec
• New Brunswick
• PEI
• Nova Scotia
• Newfoundland & Labrador
• Yukon Territory
• Northwest Territories
• Nunavut
Legal
✓ Hire a lawyer for legal advice. NOTE: I am not a lawyer.
✓ Determine whether any industry-specific licenses and/or regulations may apply to your business.
✓ Obtain a Business License.
✓ Pay other fees and permits.
✓ Keep all bills and receipts.
✓ Keep detailed records of all transactions. Money in and money out.
✓ Backup all your documents and computer files. Burn them to a DVD and copy them to a USB drive.
✓ Incorporate your business to protect you legally.
✓ Get business liability insurance. ✓ Get building insurance for your business location.
✓ Get a patent for your invention. Gov't of Canada✓ Get a trademark for your name/slogan. Gov't of Canada✓ All written works are automatically copyright protected. Gov't of Canada✓ Register for GST/HST Account: Gov't of Canada✓ Register for PST Account:
• British Columbia (PST)
• Alberta (GST only)
• Saskatchewan (PST)
• Manitoba (RST)
• Ontario (HST)
• Quebec (QST)
• New Brunswick (HST)
• PEI (HST)
• Nova Scotia (HST)
• Newfoundland & Labrador (HST)
• Yukon Territory (GST only)
• Northwest Territories (GST only)
• Nunavut (GST only)
Keys to Success
✓ Find a niche in the market. Find something that nobody else is doing or selling.
✓ Improve upon products and/or services that already exist in the market.
✓ Come up with a cool name for your business.
✓ Get an awesome domain name for your website.
✓ Pay a professional web designer to make your website. Consider hiring me: Eldaha Technologies✓ Pay for multiple forms of advertising. Without advertising your business will probably fail. I suggest you try:
• Google Ads
• Microsoft Ads
• Facebook Ads
• YouTube Ads
• Yelp Ads ✓ Also consider advertising in newspapers, TV, radio, magazines, etc...
✓ Offer the cheapest prices on the market.
✓ Offer premium quality products and services.
✓ Re-invest your profits into R&D (Research and Development) or improving your business.
✓ Hire the most skilled employees.
✓ Pay your employees awesome wages and offer numerous perks.
Government of Canada
✓ Learn what records to keep for income tax purposes.
✓ Get a business number, which is a unique 9-digit number which identifies a business or legal entity. Not all businesses need a number. Gov't of Canada✓ Get a CRA account. Not all businesses need one. Gov't of Canada✓ Collect GST/HST when people pay you. You only have to do this if your sales are above $30,000 per year. Included in the $30,000 is the revenue of all persons associated with you. Gov't of Canada✓ Federal Gov't Grants: Business Benefits Finder ✓ For more info on grants and financing: Gov't of Canada
Your Products
✓ Innovate and Invent new products.
✓ Come up with a cool brand name for your product and trademark it.
✓ Manufacture your product in China or Canada. China would be cheaper, Canada would support locally.
✓ To learn about manufacturing in Canada check out: Gov't of Canada✓ Premium quality vs. Cheap. People like good quality, but they also like saving money.
✓ Sell your product(s) cheap, but at a high volume.
✓ Patent your inventions. For assistance, try InventHelp✓ Try to cut costs with your products without sacrificing quality.
✓ Create your own store brand, which you can sell more cheaply.
✓ Acquire the rights to your competitor's products.
✓ Consider environmental issues: Gov't of Canada
Your Services
✓ These businesses are simple to get started as you are the product.
✓ Offer your employees on-the-job training.
✓ Be honest and have integrity. Don't lie to your customers.
✓ Offer competitive prices.
✓ Get paid either by the hour or by the job.
✓ Reward loyal customers.
✓ Offer extended business hours.
✓ Be available for last-minute emergencies.
✓ Make a YouTube video about your business/service.
✓ Advertise why you are better than your competitors.
✓ You can run your service business while having a full-time job at the same time.
✓ When deciding how to price your services, you should consider: location, distance traveled to your customers, prices of your competitors, your expertise, and your expenses.
Your Brand & Branding
✓ To learn all about brands and branding, check out Ignyte✓ Hire a marketing expert to help create your company's "brand."
✓ You need to develop loyal customers, who prefer to buy your product.
✓ Your brand is essentially the way others perceive your business, good, bad, or ugly.
✓ You want your business to have a good reputation:
• Employees are friendly and helpful.
• You offer lower prices than your competitors.
• Your products and/or services are premium quality.
• You offer a wider range of products or services.
• You provide awesome customer service.
• Your business matches your competitors' sale prices.
• You offer a good warranty for your products.
Marketing & Advertising
✓ Pay a professional web designer to make you a website. You could hire me: Eldaha Technologies✓ Hire an advertising/marketing agency, such as Brandlume✓ You should hire a graphic designer to make you a business logo. If you are on a tight budget, consider hiring me: Eldaha Technologies✓ Also, get a graphic designer to design your business cards. Once again, consider hiring me: Eldaha Technologies✓Facebook Ads✓Google Ads (For help with this, try WebBloom.com)
✓Microsoft Ads✓YouTube Ads✓Yelp Ads✓ Newspaper Ads
✓ Newspaper Flyers
✓ Magazine Ads
✓ TV Ads
✓ Radio Ads
✓ Brochures
✓ Signage
✓ Posters
✓ Email Marketing
✓ Make sure your desired domain name does not contain any trademarks.
✓ Your domain name should be easy to spell and remember.
✓ Try not to use numbers or hyphens in your domain name.
✓ Pick an awesome domain name that is no more than 15 characters long.
✓ Pick either a .com or .ca domain name. If your market includes people in the USA, then get a .com instead of a .ca
✓ Quickly purchase the best domain name that is available. Just to make sure somebody doesn't purchase it before you.
✓ Hire a Web Designer to create your business website. You want this up and running before launching your business. Consider hiring me: Eldaha Technologies✓ If your website is large and complicated and needs frequent updates, you should hire in-house designers. These people should do your site as a full-time job.
✓ Set up an e-mail address that uses your domain in it: example@your-site.com
✓ Pay for a web hosting service such as: GoDaddy✓ For web hosting, I recommend that you try a “virtual private server” (VPS).
✓ Hire a marketing specialist to write the copy (text) for your website.
✓ Get an SSL certificate for your website. This is essential!!!
✓ Try this to make your site more secure: Securi✓ Your web designer needs to be educated in SEO, Search Engine Optimization. If not, then don't hire him. Check out my teaching on SEO: mySEOresource✓ Use The Best SEO Tool Websites✓ Link to your social media pages from your website using these icons: (Right-click to save!)
Financial
✓ Open a business bank account: RBC Royal Bank✓ Obtain a business credit card: RBC Royal Bank✓ Obtain a bank loan: RBC Royal Bank✓ Appear on Dragons' Den✓ Find someone to invest in your company by selling them a share in it.
✓ Hire an Accountant and/or Bookkeeper.
✓ Federal Gov't Grants: Business Benefits Finder ✓ For more info on grants and financing: Gov't of Canada✓ When starting up a new business, re-invest much of your profits back into operating the business.
✓ Invest some of your profits in GICs as a safe investment for your money. RBC Royal Bank✓ Keep a close eye on cash flow, money going in and out of your bank account. You must plan for the future so that you don't run out of the money needed to keep your business operational.
✓ Create a budget to help you plan your purchases and expenses. It should include your income, assets, and expenses.
✓ Get a Business membership with Staples to save you money on office supplies and equipment.
✓ Offer coupons with sale prices on them.
✓ Offer different sale prices every week on some of your products.
✓ Sell store gift cards. When they buy a card, they can load any amount on it.
✓ Get POS (Point of Sale) machines so that your customers can pay by debit, VISA debit, or credit card: Lightspeed
Startup Expenses
✓ Advertising and Marketing.
✓ Brochures and other materials.
✓ Domain Name Registration: GoDaddy✓ Hire a web design specialist such as me: Eldaha Technologies✓ Website Hosting Fees: GoDaddy✓ Buy or lease office/retail location(s).
✓ Renovate your office and/or retail outlet.
✓ Computer equipment and software: Staples ✓ Microsoft Office software: Office.com
✓ InkJet or Laser Printers: Staples✓ Office machines: Staples✓ Stationery supplies for your office: Staples✓ Furniture.
✓ Business logo and business card design. Hire me: Eldaha Technologies✓ Get your business cards printed at: Staples✓ Obtain a toll-free phone number.
✓ Purchase company vehicles with signs stuck on them.
✓ Gas and insurance for your vehicles.
✓ Get internet access in your office.
✓ Get Land-lines (phone).
✓ Building an inventory.
✓ Employee payroll.
✓ Give cell phones to all employees:
• Alcatel
• Apple iPhone
• Google Pixel
• HTC
• Huawei
• LG
• Microsoft
• Motorola
• Nokia
• Samsung
✓ Find the best employees using indeed or Zip Recruiter✓ Be willing to hire inexperienced prospects and train them on the job.
✓ Administer the payroll. Try this software: Humi✓ Research "Employment Standards" laws to see how you are required to treat and deal with employees.
✓ Deduct your employee's income taxes.
✓ Offer a pension plan.
✓ Offer employee perks.
✓ Treat your employees well.
✓ Give employees smoke breaks or time to stretch and take a break.
✓ Offer employees paid leave.
✓ Offer on the job training.
✓ Pay for college for employees to make them better employees.
✓ Promote the best employees giving them more responsibility.
✓ Offer competitive wages.
✓ Offer profit sharing. Give your employees a portion of your profits.
✓ Reward employees for doing an amazing job and for innovating.
✓ Common employees needed by a start-up are:
• Accountant
• Business Development Manager
• CEO
• Chief Financial Officer
• COO
• Customer Relations
• Customer Service
• Department Managers
• Human Resources
• IT Person
• Janitor
• Marketing Specialist
• Office Clerk
• Operations Person
• Product Manager
• Receptionist
• Sales Manager
• Sales People
• Web Design Team
• Writer
Resources
✓BDC Glossary of Business Terms.
✓BDC Business Courses at the Entrepreneur's Learning Centre.
✓BDC They support small and medium-sized businesses in all industries and at every stage of growth with money and advice.
✓Futurpreneur They provide financing, mentoring and support tools to aspiring business owners aged 18-39.
✓Small Business BC They help British Columbia’s entrepreneurs grow successful and sustainable businesses through expert business advisors, educational services, easy-to-use free resources and engaging community events.
✓Canadian Chamber of Commerce Be part of a network that's committed to a simple goal: helping businesses succeed and our families, communities and country flourish.
✓BC Chamber of Commerce The BC Chamber of Commerce is the largest and most broadly-based business organization in B.C.
✓CIRA Learn how to choose a business name, pick the perfect domain name for your business, build a website and more!
✓BDC eBooks Here you'll find a selection of easy-to-read, concise eBooks written specifically for Canadian entrepreneurs. Covering a wide-range of topics from online marketing to cash flow management...
✓Privacy Laws The Office of the Privacy Commissioner of Canada provides advice and information for individuals about protecting personal information. We also enforce two federal privacy laws that set out the rules for how federal government institutions and certain businesses must handle personal information.
✓BusinessLink.ca Your business plan should be the foundation of everything you do as a business owner.
✓Alberta's BusinessLink.ca Free expert business help in Alberta—whatever stage you are at. Business training, events, financing advice, research, support & webinars.
