How to Prepare to Start Your Own Business

1. Planning. Starting your own business is an exciting time – full of potential! A great place to start this process is to understand how to create your own business in Canada.

Starting your own business begins with some steps. Firstly, planning your business. The planning phase of your business should include assessing the readiness, deciding on a business structure, researching the specific sales market and creating a business plan. To learn more about the planning stage of business development, visit Planning a business – Canada.ca

2. Find a Unique Business Name: The second step is selecting your business name! Find a good business name that best fits what you are creating, then ensure your chosen name is not already owned – you can then register and protect your new business name!

Learn more about the process of selecting and securing a business name here Choosing a business name – Canada.ca

3. Registration. The third step to starting a business in Canada is registering your business with the government. Your registration requirements and processes will depend on the type of business you wish to operate.  

To learn more about how to register your business, visit Registering your business with the government – Canada.ca

4. Acquire the proper licenses and permits: The next step in starting your own business is applying for business permits and licences. Business permits and licenses can be related to location, industry, and business activities. Depending on the type of business you plan to start or operate, legal documentation will most likely be required. 

To learn more on what permits or licences are required for your new business, visit BizPaL – Home Page.

5. Seek Business Support. The fifth step in opening your own business is getting support. Depending on the type of business you are looking to open, there may be government support available to you – as well if you are an immigrant entrepreneur, former military personal, or starting a social enterprise. 

To learn more about getting business support and financing, visit Getting business support and financing.

6. Learn About the Proper taxes: The final step in starting your own business is finding tax help. The Canada Revenue Agency (CRA) offers a free Liaison Officer service to small business owners and self-employed individuals. Scheduling a visit with a Liaison Officer can help answer tax-related questions/concerns, provide insight into online tools or electronic services, and make recommendations that strengthen bookkeeping.

To learn more, please visit Liaison Officer service 

You also may be eligible for small business grants within Ontario! To learn more about available support services and regulations, visit Small business: advice, support services, regulations | ontario.ca