10 Steps to Launch Your Small Business
Starting a small business in BC requires a strategic approach, a solid concept, and core business skills.
We've created a comprehensive step-by-step guide to set a foundation to start your new business.
1. Evaluate Your Business Concept
Ensure your business idea is a winner. Start with Small Business BC's insightful how-to guide, designed to help you evaluate your business concept.
2. Develop Your Business Plan
Create a roadmap that includes research and planning using this business plan checklist.
3. Choose the Right Business Structure
Identify a business structure that aligns with your objectives, acknowledging that there's no one-size-fits-all solution. Explore the pros and cons of each business type using Small Business BC. For personalized guidance, consult with a legal professional and/or an accountant to determine the structure best suited to your needs.
4. Select and Register Your Business Name
Choose a distinctive business name, recognizing the importance of making a memorable first impression. Gain insights and tips on choosing the perfect name to set your business apart.
5. Secure Your Financing and Open Business Bank Accounts
Secure your funds and establish financial operations with a bank that shares your values. Ready for the next step? Book an appointment with our business team for personalized guidance.
6. Launch Your Online Presence
Plant your flag in the digital space. Small Business BC provides valuable insights on how to take your business online, emphasizing the importance of connectivity in the digital landscape. Consider getting started with a website, your social media presence, and posting your regular business hours on Google.
7. Complete Business Registrations
Ensure the hassle-free operation of your business by completing all necessary registrations. This includes online registration with the BC Government for sole proprietorships, general partnerships, or incorporations. Additionally, complete other essential registrations, such as Sales Tax (PST/GST), WorkSafeBC premiums, and/or Canada Revenue Agency payroll deduction accounts.
- Register your business with the BC Government online: Sole Proprietorships and general partnerships or Incorporations.
- Complete other registrations, such as Sales Tax (PST/GST), WorkSafeBC premiums, and/or Canada Revenue Agency payroll deduction accounts
8. Get Permits and Licenses
Navigate the permit and licensing landscape for your business, utilizing tools like BizPaL to streamline the process. This ensures a smooth launch without unexpected red tape hindering your progress.
9. Identify Key Professional Contacts (ex. Accountant and Lawyer)
Engage with a knowledgeable accountant to organize your business records and accounts, while also consulting with a lawyer for any legal considerations pertinent to your small business.
10. Network in Your Community
Forge connections within your local business community as a new entrepreneur. Building relationships with fellow business owners provides valuable support and insights, making your entrepreneurial journey more manageable.
By following these essential steps, you lay the groundwork for a successful small business launch. Good luck, and reach out to our team with any questions.
Source: https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-development/business-management/small-business/starting_a_small_business_guide.pdf
