December is a very busy month of the year for most businesses. However, there are…
Are you interested in launching a brand new business? If so, our last blog is for you! In it, we listed some important steps to launching a new business in Canada. They included coming up with a sound business plan, securing a strong team of business professionals and teaming up with other companies. In today’s blog, we’d like to take a continued look at how to become a Canadian business owner.
Choose an original name for your business.
This is actually a harder step than you may assume. Perhaps, you’ve already come up with a snazzy name and that’s what catapulted your idea to become a business owner. But has the name already been used? It’s a good idea to Google each of your suggestions in order to ensure that it’s both original and will not potentially infringe upon another business entity. As Susan Ward points out on TheBalanceSMB.com, choosing a business name comes with both legal and marketing considerations.
“In Canada, the government places more name restrictions on corporations than on sole proprietorships, but every business owner will have to consider legal issues when naming their business,” she explains, “Most businesses will at least have to register their name with the Canadian government. In terms of marketing, your business name should communicate what the business does in a way that’s visually interesting, memorable, and positive.”
Become knowledgeable in your industry.
It should go without saying that you’ll need to know a thing or two about the industry you’re entering. Not only should you study the business type but you should look to forge relationships with experts in your chosen field. As the Business Development Bank of Canada contends, the most successful businesses are run by people who know their industry.
“Industry experience enables you to avoid mistakes that newcomers inevitably make in areas such as product distribution, marketing or HR strategies,” informs their website, “Entrepreneurs who attempt to tackle a totally new business should arm themselves with information first. There are countless free information sources out there for start-ups.”
Select a type of business ownership.
Do you plan on going into business yourself? Are you considering launching a new brand with a partner? Do you have a group of people that wishes to start a new business with you? There are three basic types of business ownership in Canada. They are sole proprietorships, partnerships and corporations.
According to Ward, “there are a few options within those, such as a cooperative corporation or the limited partnership, but they all fall under these three umbrellas. Deciding which structure is right for your business will depend on several factors, from your comfort level with liability to the tax deductions you want for your business.”
Are you concerned about the costs that are involved in launching a new business?
If so, please don’t hesitate to contact Synergy Merchants. We would love to speak with you about how our unique merchant cash advance program can help you get your company off the ground. Call us at 1-877-718-2026 or email us at firstname.lastname@example.org. You can also apply online for a free, no obligation quote!