Navigating the Process of Starting a Small Business in BC
Are you an aspiring entrepreneur looking to start a small business in British Columbia? It can be overwhelming knowing where to begin. Take it from a leading profit coach in Squamish, there’s more to starting your own business than just getting a great idea and executing it perfectly. Could you use a hand? C.Campbell Agency has you covered. Here is a step-by-step guide for those starting a new venture in BC.
What counts as a small business in BC?
In British Columbia, a small business is defined as an organization that has less than 50 employees. Also, you must be a Canadian citizen or permanent resident to be eligible to run a small business in BC. You must also have lived in British Columbia for at least one year before you apply.
What are the 4 types of small businesses?
The first step to determining what type of business you want to run is to find the right one that will best suit your goals and lifestyle. To help you get started, here's a breakdown of the four main types of businesses:
Sole Proprietorships
The simplest form of business structure is a sole proprietorship. A sole proprietorship is an unincorporated business owned by one individual. The owner has unlimited liability for any debts or obligations related to the business but also receives all profits from the business.
Partnership
Partnerships may be formed by two or more people who decide to pool their money and resources in order to open a new business together. Partnerships are often formed between friends or family members who want to work together on a project or business idea. Each partner in general partnership is liable for all debts incurred by the partnership, and each has an equal share in profits made by the agreement.
Corporation
A corporation is a separate legal entity that can own property and enter contracts in its own name. For example, if you were to incorporate your accounting firm, you would be able to sign leases on office space and hire employees without being personally liable for any debts or obligations. Incorporating also allows you to raise money from investors by selling shares in your company.
Limited Liability Company (LLC)
A limited liability company is a popular choice because it offers some protection from personal liability and makes it easier to secure financing and raise capital because investors aren't directly involved in managing day-to-day operations as they would be if they invested in a corporation.
What’s the first step to starting a small business in BC?
Getting started on your business is a big deal. You’ve put a lot of thought and effort into it, and you want to make sure that the process goes smoothly.
If you’re thinking about starting a new business in BC, there are a lot of things to consider. One of the first things you’ll have to do is register your business name. You can do this online for free through the BC Registry website.
Once registered, you can use your company name anywhere in BC as long as it isn’t already registered by another company.
What are the tools I need to manage my business?
When starting a small business bc or your own business, you will want to make sure you have all the tools you need to manage it properly.
Here are some useful options to help you get started:
A Business plan - A business plan is a written document that describes what your company does, who it serves, how it will make money, and how it will grow over time. It should include information about how much money you need to start up and run your business, as well as projections for sales, expenses, and profit.
A Marketing plan - In addition to describing what your business structures or company does, marketing plans outline how you will reach potential customers and sell them on the benefits of using your product or service.
A financial forecast - This is an estimate of future cash flows: where they're coming from (revenue), where they're going (expenses), and when they'll occur (over what period).
Bank account - You need somewhere to get business loans, store your cash and make deposits, so opening a bank account is crucial for any business owner. A Canadian bank will often offer special accounts designed specifically for small businesses that have lower fees than standard checking accounts, so take advantage of these whenever possible!
Web hosting - This service allows you to host websites at various levels of complexity — from basic sites with no e-commerce capabilities to "fully loaded" solutions with extensive features like shopping carts, membership areas, and more. You won't need web hosting unless you plan on selling products online; if so, Shopify is one option worth considering.
Accounting software - You need to keep track of all your money, and daily operating expenses, so using accounting software can help you stay organized and on top of things. There are several different programs out there, but QuickBooks is one of the most popular options for small businesses.
QuickBooks is an industry standard for accounting software, and it offers both desktop and online versions that are perfect for small businesses. It manages all your accounts payable and receivable, as well as payroll (payroll deductions, paying salary, etc.) and inventory management. You can also do taxes with QuickBooks Online!
When do I need to register for taxes, permits and licences?
The Goods and Services Tax (GST) is a federal tax that applies to the sale of goods and services in Canada. The Provincial Sales Tax (PST) is a provincial tax that applies to the sale of goods and services in BC. You must register for GST/PST if your annual revenue is $30,000 or more.
You do not need to register for permits or licences until you are ready to begin operating your small business in BC. However, it is important to know what permits and licences may be required for your type of business in order to avoid any delays when you start operating your small business bc here.
How do I know if my business idea will be successful?
This is one of the most important questions to ask yourself before starting a business. Not only does it help you determine if your idea is viable, but it will also help you identify any potential problems with your plan down the road.
Begin by talking to people in the industry, your family and friends, and other small business owners about your idea. Make sure that there is enough demand for what you want to sell. If your target market is too small or doesn't exist yet, then you may need to change your idea.
If there are lots of competitors already selling similar products or services, it could be difficult for a new business to succeed. If so, think about ways that you can offer something different from what's already available in the market — perhaps by offering a unique product or service or by providing better customer service than others do.
To help gauge demand for your idea, try doing some online research using Google Adwords Keyword Planner or other similar tools. These tools let you plug in keywords related to what you're selling and get an estimate of how many times people search for those terms each month on Google (or other search engines).
Starting any kind of business is hard work — especially when you're just getting started! You will probably need help sooner rather than later so it's important to find someone who can give you advice and support throughout your journey as an entrepreneur. Consider hiring a profit coach who can help guide your decision-making process and provide tips to help ensure the success of your new business.
Always keep in mind that starting a small business is not rocket science. It's important to develop a sound business plan, walk through the necessary steps, and always strive to achieve your goals. Even if you've never started a company before, the strength of your own business ideas alone will serve as an excellent foundation for success.
If you follow these guidelines, you can be on your way to making your dreams of owning your own business become a reality.
