27 Sep How do I Officially Start a Business in Canada?
During the COVID-19 pandemic, people have been less hesitant to start their own small businesses. Many have been out of work or cannot find work and there has been an increase of people who have turned to online platforms to continue their professional careers. The accessibility of online platforms and marketing tools on social media have become great tools for business owners because of their simplicity and the reduced costs they offer. It has given many people a great opportunity to do something they have always loved and make money without having to worry about affording office space and all the costs associated with a purchased workplace.
How to Start an Online Business
Starting a business has become a lot easier, but there are still many things to consider if you want your business to grow and reach its desired potential. Many of these steps can be completed alone, but it is always beneficial to receive professional help, especially when it comes to financial and legal matters.
Steps to consider and follow:
Know your target market and your brand
Knowing your goals and purpose of your brand will help develop the business structure that works best for you. When completing this process, it is also important to think about how you will market your brand. For example, hiring content creators or freelance writers to produce content to get your brand noticed so people want your product or services.
Determine the business structure
Determine the business structure that best suits your operation. The common business structures to choose from are sole proprietorship, partnership, limited liability company (LLC), or corporation. It would be beneficial to consult with KCY at LAW to ensure you are choosing the best structure for your business needs.
Make sure your legal concerns are covered
This means registering your business with the government, getting any permits or licenses that are necessary to sell your product, and completing all tax requirements. It also will mean setting up contracts between you and your staff, service providers, and protecting your interests as an employer. Then contacting KCY at LAW to help you make sure that all necessary contracts have been prepared and executed accurately.
Plan how to or who will deal with your accounting
It is crucial that you have someone handling your money if you do not know how to do so accurately. Making sure your taxes and bills are paid is vital in any business venture.
Know what you are selling and the suppliers you will need
This is a crucial step if you are selling a product because choosing the supplier affects costs and revenue and the quality of the product you want to be selling. For example, if the product is strictly sustainable and eco-friendly, your provider must meet those needs, and will have certain costs associated with them.
Register for a domain name
A domain name is the name of your website that customers will search or click on when they want to visit your site. In this step, it is key to also think about how social media platforms will mirror this name, so it doesn’t get confusing for customers.
Track the information generating from your business and website
Tracking information can be done through a CMS like WordPress. You can track who is visiting your website, how many people visit without purchasing your product or services etc. These websites make it easy for a business owner to create and operate their own website without hiring any additional employees. However, hiring a website developer is also a great option and can relieve a lot of responsibility.
Attach an e-ecommerce platform to your website
This platform makes it possible for people to purchase your products online. When completing this step, it is vital that payment methods are secure, and customers can safely use their payment methods on your website.
Get ready to launch your website!
You can release the news that your business is live through any desired media or online platform, for example, Instagram, Tik Tok, email etc.
If you have any questions about how to best prepare for the launch of your small business, please contact KCY at LAW by filling in an online consultation request or contact us by phone at 905-639-0999 to book your consultation today.