Starting A Business

.. es and twenty-five pages in length. This business plan will acquire lots of time and effort and for that reason a lot of people do not get one done. Ways to Get Money to Start the Business There are various different funds available for new business ventures to try and create more jobs in Canada. Entrepreneurs are more then welcome and advised to come into the Canadian economy.

To get these funds the business plan has to be completed. The funds available are for many different types of people. There are special ones for immigrant entrepreneurs, womens entrepreneurs, and young entrepreneurs. Loans from the government are available in several different places. Some of these include: ACOA – located on Brunswick Street in Halifax, C/NSBSC – located on Hollis Street in Downtown Halifax, Business Development bank of Canada, Economic Development and Tourism, Business Development Corporation, St. Marys Business Development Center, Black Business Initiatives and Calmeadow.

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The loans from the Government are mostly interest free and unsecured loans. This, in comparison to a bank loan, is much better for the fact that there is no interest. If the only resource left is the bank then it is necessary to get a low interest loan. Start-Up Check List One of the most common questions in starting a business is: where do I start?. The questioner below will help answer that question for new business people.

This checklist will be the road map for starting a business. Most business owners should use this to make sure that everything is done before the opening of the store. Conduct a self assessment of your entrepreneurial suitability. Prepare a business plan. Prepare a marketing plan.

Speak to business information officers and business development officers at any of the business resources in the area. Ask for advice from processionals such as your banker, accountant, or lawyer. Contact your municipal or regional government concerning zoning requirements or special licences or permits. Register the business name with the Nova Scotia Registry of Joint Stock Companies. Check with the C/NSBSC, Access Nova Scotia, The department of Business and Consumer Services, or Trade and Professional agencies to find if there are any special licences, permits, or environmental concerns for your type of business.

Set up a bookkeeping system. If you are occupying commercial premises, notify in writing within one week of opening your business your Regional Director of Assessment, Nova Scotia Department of Municipal Affairs in order to be assessed for Municipal Occupancy Tax. Open a Business account wit the bank under the companys name Contact Revenue Canadas Business Window in order to register for collecting HST, remitting EI, making CPP payments, corporate income tax, and import/export taxes. Arrange for insurance coverage for your business. If you need to register a trade-mark, Copyright, Industrial Design or apply for a patient, contacts the Canadian Intellectual Property Office. If you will be invoicing customers and charging them interest on overdue account contact the Nova Scotia Department of Business and Consumer Affairs.

If you are hiring employees, contact the Labour Standards Office, The Nova Scotia Human Rights Commission, The Occupational Health and Safety Division of the Department of Labour, The Workers Compensation Board and Revenue Canada. (Canada 2) Hiring the Staff If the company is going to have staff hired, the first thing to do is decide on the number Staff that is going to be hired. This can be determined by the size of the store but mostly what type of business the company is involved. This should be one of the easiest things to do when opening a business. The next thing to do is to create a questionnaire to ask people when doing the interviews.

This should be the same for everybody interviewed. If the questionnaire is changed from person to person then the end result will be different for everyone. When doing the actual hiring there are some pros and some cons to hiring friends for the job. Pros Cons – have someone that you can trust – a friend may think that they are able to do anything – someone to tell if anything goes wrong – Harder to get rid of them if they are not suited for the job – Could end a friendship? In the end I do not believe that people should hire their friends into their work place if they are the owner or the manager. This could make things even more difficult when you are starting out then it already is.

In the work place it is important to vary the types of people working for the business. For example: if he new business is a sporting goods store, it would not be a great idea to hire someone who has no interests in the area at all. On the other hand it may be a good idea if the people were of various different genders and cultures with other things permitting. Conclusion There are various different ways to go about starting your own business. In this era of time it is important to understand that it is easy to fail but there are lots of people to help you succeed.

In my own personal opinion I feel that, depending on the business, new business ventures are the way of today. If all of the proper steps are followed, the business should do well and there could be a lot of money to be made from it. In the long run, people who succeed at their own business are far more proud of their accomplishments in the end. Of course there is a lot of extra work t be put into the business but the outcome could be rewarding. Table of Contents 1. Introduction……………………. …………………………… ………….Page 1 2.

Getting Ideas to Open A Business………………………. ………………….Page 2 3. Planning Out the Business Structure……………………… …………………Page 3 4. Ways to get money to Start the Business………………………. ……………Page 6 5. Start-Up Check List…………………………. …………………………… Page 7 6. Hiring the Staff………………………… …………………………… …..Page 9 7. Conclusion……………………… …………………………… ………….Page 10 8. Word Count………………………… …………………………… ……..Page 11 9. Bibliography……………………. …………………………… ………….Page 12 Business Reports.

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