I Have a Business Idea, Now What?

October 8, 2021

So, you’ve decided to take the leap of faith and start your own business. First of all, congratulations! Entrepreneurship can lead to many opportunities for business and personal growth. However, don’t get too caught up in your excitement and neglect the basics of starting your own business. Certain steps need to be followed to create a legal business and be in compliance with the federal or provincial governing bodies.

Building a Business Plan

After you’ve come up with a business idea, you will need to create a business plan. A business plan will lay out all the operational and financial aspects of starting your business and give you insight on business feasibility. You don’t want to pour your life savings into a business that is not predicted to succeed. A business plan can clearly lay out what you need to do to ensure success. Further, most lenders and investors want to see a business plan, making creation essential.

Deciding on a Business Structure

Once you determine that you can develop your idea into a functioning business, you will need to decide on a business name and structure. You can choose anything for your business name but be sure to keep consumers in mind. Having a name that has nothing to do with your industry could cause confusion. Moreover, you will need to determine which business structure you want to operate under. A sole proprietorship is usually owned by one individual, leading to all the profits, losses and taxes being attributed to you. On the other hand, a corporation can be used for multiple owners, to create liability separation and to change the way you are taxed. MG & Co can help you determine which structure is right for you if you are still confused.

Register Your Business

Once you have all the details worked out, it will be time to register your business with the government. Registering with the federal or provincial governing bodies will allow you to prevent others from using your business name and give you the ability to apply for licenses and permits, both of which may be required depending on your business. Registration can be done online through a quick and easy process. The registration process is critical to complete accurately the first time since mistakes can be costly and time-consuming, which is why it is suggested to hire the right team for the job.

The Experts You Can Trust: MG & Co

Hiring a qualified accountant can take the stress away from business formation. Accuracy is a must when registering with the state to avoid costly and time-consuming mistakes. The experts at MG & Co. retain the knowledge and experience needed to get your business up and running. Not only can MG & Co. help you get your business properly registered, but they can also offer other services, such as business planning, payroll and bookkeeping to ensure your business stays on track. Accounting is the backbone of every profitable company, so don’t wait to build a mutually beneficial relationship with MG & Co.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Related posts

Preparing your Business for Tax Season

Preparing your Business for Tax Season

As the year winds to a close, it presents you with the perfect time to plan for year-end taxes and make necessary adjustments for the new year. Don’t get blindsided by the holidays and neglect to put time and effort into year-end planning. The last thing you want is...

Sales Tax: What is it and how will if affect my business?

Sales Tax: What is it and how will if affect my business?

Do you regularly sell goods and services? If yes, do you collect the proper amount of sales tax from customers? If you are unsure about the answer to the second question, it may be time to reach out to our team to ensure you are compliant with Canada Revenue Agency...