KEY TOOLS FOR ENTREPRENEURS
Being a business owner is a big responsibility and usually means a completely different kind of lifestyle. It can be exhilarating and stimulating to be your own boss, but that’s arguably the biggest challenge as well. There are several concerns now, such as HR matters (hiring, payroll), finance (budgets, HST remittance), insurance, health plans, Workers’ Compensation, and many more. It’s not for everyone and it’s important to know what you’re getting into.
These resources are geared toward new or aspiring business owners, but seasoned owners can find plenty of useful content as well.
New Business Checklist
Starting a business is an exciting yet confounding ordeal. There are many things to consider and it’s best to do it at an early stage so that nothing takes you by surprise. Topics to consider include:
- Business structure (sole proprietorship, partnership, cooperative, corporation)
- Your personal situation (finances, family commitments)
- Experience of ownership group
- Location of business
- Obeying City bylaws
- Leasing vs. owning assets (vehicles, space)
- Your competition
- Protecting intellectual property
- Finding labour
- Performing market research
- Financial considerations (bookkeeping, HST, payroll)
- Insurance needed
Most business owners are eager and raring to go, which is great, but the details can be overwhelming. To hit the ground running, you need a sound business plan to be your foundation.
A business plan is a document that describes your offering, key personnel, labour needs, financing, day-to-day operations, and business model (i.e. how does it make money). The plan will take some time to prepare, but it’s not meant to be a chore. Rather, its primary purpose is for your benefit. Without one, you may find yourself like a ship adrift at sea.
The secondary purpose would be for other parties. For instance, if you apply for any kind of incentive or grant, the first thing they ask for is a business plan. Also, some landlords require this as they want to ensure they are leasing to a capable tenant.
Summerside, PE C1N 5L2
902-888-8000 Department of Justice and Public Safety –
Consumer, Corporate and Insurance Division 1st Floor, Shaw Building
105 Rochford Street, PO Box 2000
Charlottetown, PE C1A 7N8
02-368-4550 Summerside Tax Centre –
Canada Revenue Agency 275 Pope Road
Summerside, PE C1N 5Z7
1-800-267-6999 Workers Compensation Board of PEI 14 Weymouth Street, PO Box 757
Charlottetown, PE C1A 7L7
902-368-5680; 1-800-237-5049 Summerside Service Canada Centre 294 Church Street
Summerside, PE C1N 0C1
1-800-622-6232 Canadian Intellectual Property Office (CIPO)
Industry Canada 1575 Brunswick Street
Halifax, NS B3J 2G1