It takes time, commitment, a good idea, the right personality, and business skills to start and run a small business successfully.
Listed below are websites that can help you to evaluate and test your idea for a new small business as well as valuable information about finding or generating new business opportunities.
Government of Canada – Starting a Business
Small Business BC
Canada One – Starting a Business
Guide for Canadian Small Businesses
Most small businesses are operated as either a:
Listed below are websites that discuss the pros and cons of each business type:
BC Corporate Registry
Invest Canada
Small Business BC
For information on other business structures, such as societies, visit
BC Corportate Societies and Cooperative Associations
Corporations Canada also provides extensive information on corporations, including the benefits of federal incorporation if you want to expand your business to other provinces.
If you are not sure which business structure will be best for your business, talk to a lawyer and an accountant to find out what each type requires, both legally and financially.
A business plan is a written document that details what your business will do, how it will operate, and establishes your business goals. Financial institutions may review your business plan and make lending decisions based on the information you provide. It also helps you make sure, even if you do not need outside money, that you really are ready to launch your new business.
Listed below are a few websites to assist with the development of your Business Plan:
Small Business BC
Canada One
Small Business Canada – About.com
Financing
For your new small business to succeed, you need to have enough money to cover business start-up costs and daily operating expenses. If you do not have enough money for start-up through family, friends, loans or lines of credit, you may need to consider outside sources of financing. Click here to read more about Small Business financing.
The Federal and Provincial Government have funding resources available to assist small businesses. Please visit the following sites to explore your options:
Canada Government Small Business Financing Program
Industry Canada Business Resources
Small Business BC
Community Futures Development Corporation (CFDC)
Below is a list of Financial Institutions that may be able to help you with your financing needs:
Bank of Montreal (BMO)
Business Development Bank of Canada (BDC)
Canadian Imperial Bank of Commerce (CIBC)
Canadian Western Bank
HSBC
Interior Savings Credit Union
Royal Bank of Canada (RBC)
Scotiabank
TD Canada Trust
Business Insurance
Obtaining insurance for your business protects you against liability in case of robbery, fire, flood, and any other type of damage. Find an insurance agent that specializes in insuring small businesses and shop around to find a rate which suits your needs.
If you want to use a business name that is anything other than your personal name, you
will need to have your business name approved by, and then registered online with BC Registry
Services or OneStop Business Registry.
Business names must have both a distinctive and a descriptive element, like “ABC”
(distinctive element) “Manufacturing” (descriptive element). You must add a corporate
designation, such as “Ltd.” if you are planning to incorporate your business.
It is a good idea to have a first, second and third choice for your business name, just in case
the name you want is not available. You can do some preliminary research for potential
conflicts by looking through telephone listings, business directories, or you can research the
name at BC Registry Services - Research Name Choices.
Once your business name is approved, it will be reserved for 56 calendar days. Within these
56 days, you must register your business with BC Registry Services.
Protecting your business name
The names of sole proprietorships and general partnerships are not protected by law, which means someone else could decide to use the same name. Only incorporated businesses have that protection. If protecting your business name is important to you, you may want to incorporate your business. You will need to apply online using Corporate Online and choose File an Incorporation Application. For information about applying for federal incorporation, visit Corporations Canada .
If your business is a sole proprietorship or general partnership, you can register it quickly and easily online using OneStop Business Registry. You will need a Visa, MasterCard or American Express to complete and pay for this transaction online.
Over-the-counter payments to register (using cash, debit card or cheque) are accepted at
OneStop locations such as Service BC Centres and FrontCounter BC offices. Call
1 877 822-6727 to find the location nearest you.
If you decide you want to incorporate, you must file an Incorporation Application with
BC Registry Services and for detailed information on the application process; or to apply online visit Corporate Online, and choose File an Incorporation Application.
You may want to use the Internet to sell or market your goods or services. If you do, you will
need to develop a web presence and secure a domain name (a name that will identify your Internet website). You can research whether the domain name you want is available, and buy the rights to that name.
There are many private web design companies to assist in your website development and maintenance. You can find listings by searching website design in the yellowpages.ca or online.
Visit e-Business Connection for extensive information on such topics as developing a web presence and a web strategy, designing a website and determining your web content.
Depending on the kind of business you plan to start, you may have to charge and collect the provincial social service tax, also called the provincial sales tax (PST), or the provincial hotel room tax (HRT). That means you will need to register with the Ministry of Finance.
To register online for PST or HRT, go to the OneStop Business Registry or call the Taxpayer Services information line toll-free at 1 877 388-4440.
IMPORTANT
As of July 1, 2010, the HST (Harmonized Sales Tax) will replace the PST.
No matter what business you start, if you sell more than $30,000 a year in goods or services through your business in a calendar quarter or four consecutive quarters, you will have to collect and pay the GST and you will need to register Canada Revenue Agency.
To register online with the Canada Revenue Agency, go to the OneStop Business Registry.
IMPORTANT
Effective July 1, 2010, the GST will be replaced with the HST (Harmonized Sales Tax).
There will be other registrations you need to complete other provincial, federal or local government requirements. For example:
If you need to change your business address through the OneStop Business Address
Change Service, or plan to access other government e-services regularly, you will
need a business BCeID. A BCeID is an online service that makes it possible for you to use
one login ID and password to sign in securely to any BCeID participating provincial
government website. You can apply for a business BCeID through the OneStop
Business Registry, click on step 3. For a complete list of government e-services that use BCeID,
visit the Online Service Directory.
Your business may require a local government business licence to operate.
Please check with your local government or First Nation to find out about licence and zoning
requirements in your area. If you do need to register for a business licence, you may be able
to do so through the OneStop Business Registry.
Click here for a list of participating local Governments and First Nations.
Not made up your mind about import/exports yet?
For more information about importing and exporting, go check out the Import/Export Guide available through the Ministry of Small Business, Technology and Economic Development.
This guide introduces you to the places and people who can help you decide whether import/export is right for you, and how you can best set up your business to enter the exciting world of international trade.
There may be other registrations and requirements needed for your business. Listed below are links for you to investigate:
BizPaL is a user-friendly online tool to help you quickly and easily identify the permits and licences needed to conduct your business activities. By answering a series of simple questions, you can generate a printable list of the permits and licences you may require from various levels of government, along with general information on each permit and licence, and contacts and links for more information.
Click here for the City of Kamloops online licencing information.
Ensuring your business operates in the most environmentally-sustainable manner is not only good for the environment, but also reduces costs, increases efficiency, and helps your company develop a strong reputation in the community. Reducing greenhouse gas emissions can also create future business opportunities such as providing cleaner energy sources, more efficient products, and other alternative technologies.
Many actions that companies can take to reduce emissions are common to most organizations and are cost-effective – especially if integrated at the start-up phase of business development. Examples include increasing energy efficiency by making smart equipment choices, diversifying energy consumption with renewable energy, and adopting minimal packaging standards. By integrating sustainable practices into your business plan from the beginning, you can ensure your business operates in the most efficient and environmentally-friendly manner possible.
Canadian Youth Business Foundation – 18 – 34 years
Aboriginal Youth Business Program - 18 – 35 years
Aboriginal Business Service Network
First Citizens Fund
Resource Centre for Small Business
Small Business BC
Strategis Guide to Starting a Business
Getting Started in Small Business
Community Futures Development Corporation
Women’s Enterprise Centre
AsiaPacific Initiative