Starting a business in Canada
Starting a business in Canada
There are several types of people who are opening or operating a business in Canada. Those who are entrepreneurial and those who just want to own a business.
In Canada it is easy to setup a business starting with a simple proprietorship, which is just a formality because as a legal mechanism is does not afford any protections whatsoever.
Basics of business ownership
Despite a common belief that small business owners are in it for the tax breaks, the business needs to make money and generate a taxable income in the first place.
This starts with the creation of the business in a form that provides the legal protections that you comfortable with followed by income tax implications including various consumption taxes.
In answer to those questions, you will need a lawyer and an accountant. If you are starting out, you may wish to develop a relationship with a business consultant or coach who can help you as a first step.
If you are going to sell products and some types of services, you will also need at the very least register as a collector of provincial taxes.
If your revenues are small, you do not need to register to collect GST in those provinces that do not have HST.
Our company offers a number of services to help you get started, and to keep you going. See our services page.
Getting the word out
If no one knows who you are, or where you are; how will then know what you do? While your first customers may be your mom and dad, followed by the rest of family, then friends and others you know, at some point you will need to move forward and this is where marketing your business requires a skill on its own.
In days gone by, getting the word out stared with an ad in the local newspaper, today it is social media and just about any surface where you can stick your message.
Business failure rates
Due to the pandemic and the great resignation millions of people of started their own business and the majority of that is in the virtual space.
Prior to that, the failure rates can be broken down as follows:
- A whopping number of small business fail (82%) due to cash flow problems.
- Others found what they were selling wasn’t what people where buying (42%)
- (23%) Failed because they didn’t have the right team.
- Only (19%) failed due to competition.
Source: Small Business Funding
Why do business with us?
Our company as of this writing is compiling information from Canadian provinces and local jurisdictions to aid you in starting and operating your business.
We offer various services to help you with your entrepreneurial journey.
We are a federally incorporated company operating out of British Columbia.
Our growing team of domestic remote workers are available to work with you as you focus on what you do best – deliver your product or services.
Shepherd 360! is determined to be there for you, to continually strive to provide value in all the products and services that we can offer.