It Starts with an Idea

• Every business begins with an original concept.
• Be aware that your idea may need adjustments or revisions as the market evolves.
• Successful businesses require continual innovation and adaptation to changing market conditions.

Look Before You Leap

• Thoroughly analyze your idea before moving forward.
• Research market trends and potential challenges to avoid costly mistakes.
• Gathering information ensures you're making informed decisions.

Preparing a Plan

• Create a detailed business plan before launching.
• A solid plan helps determine funding needs and sets short and long-term goals.
• A well-prepared plan attracts potential investors and lenders by showcasing your organizational skills.
• Identifying your target market, customers, and competitors gives you a competitive edge and guides your strategy for success.

Protecting Your Ideas

• Secure patents for any unique inventions exclusive to your business.
• Consider trademarks, copyrights, and industrial designs to protect original content such as logos, names, and photographs.
• Legally safeguard your intellectual property to prevent others from copying your ideas.

The Three Types of Business

• Proprietorship: The simplest and least expensive setup, where you alone run the business, keeping all profits and bearing all losses. However, it can be difficult to secure funding.
• Partnership: Ideal for combining skills and resources with others. It requires an agreement but provides easier access to capital.
• Incorporation: The most complex and costly, but offers benefits like limited liability and easier capital access once established.

Buy-Sell Agreement

• A buy-sell agreement ensures your business can continue in the event of your death.
• It can protect your family from excessive taxes and provide financial stability after your passing.
• Consult with an attorney to create this agreement and navigate other legal decisions when starting your business.

Getting Legal Advice

• Consult a lawyer or legal accountant before making major decisions to ensure you're meeting all legal requirements.
• Choose a lawyer who specializes in the type of business you're starting and can provide comprehensive services.

Financial Consultants

• A financial consultant can assist with raising start-up capital and developing a strategic business plan for growth.
• They will also help you understand your tax obligations and insurance requirements.

Employment Agencies

• Employment agencies can connect you with qualified candidates for your business needs, saving you time on recruitment.
• They can help you find the right employees based on your specific requirements.

Payroll Assistance

• Consider hiring a payroll firm to handle payroll and benefits administration, rather than hiring full-time staff.
• Get competitive quotes from local and national firms that offer these services.

Organizations You Need to Know

• Depending on your business type, you’ll need to contact several organizations across different levels of government.
• First Nations Bank of Canada can help guide you to the right resources before you get started.

What's In a Name?

• If you're operating as a proprietorship, partnership, or limited company, you must register your business name with your provincial Corporate Registry to ensure it's unique.
• Registration offices are available in each province to help you complete this process.

Getting a Licence

• Municipalities require a business license, and you may need additional licenses if you operate in multiple locations or use commercial vehicles.
• Fees vary by location, so be sure to check with the relevant authorities.
• Some industries, like food service, will require specific federal and provincial licenses.

Taxes

• Understand the federal tax filing requirements for your business type.
• Sole proprietors file personal income tax returns annually, while partnerships are taxed based on their share of income. Corporations must remit monthly taxes and file annual returns.
• Retail or wholesale businesses need a Social Service Registration Certificate, and if your annual revenue exceeds $30,000, register for the Federal Goods and Services Tax (GST).
• For comprehensive tax information, reach out to Canada Customs and Revenue Agency.

Venture Capital (Equity or Shareholder Loans)

• Equity involves exchanging money for partial ownership in your business. The investor does not expect repayment but shares in the profits.
• Shareholder loans are funds loaned to the business by its shareholders, and both equity and shareholder loans can help leverage further investments and loans.

Capital Asset Financing (Term Loans)

• Term loans are used to purchase fixed assets such as office equipment or vehicles. These assets serve as security for the loan until it’s repaid.

Operating Loans

• Operating loans cover ongoing expenses like wages, rent, and inventory, ahead of revenue collection. Lenders use a percentage of your accounts receivable as collateral.
• These loans are essentially pre-approved, short-term loans to simplify funding for regular operating costs.

Bridge Capital Financing

• Bridge loans help cover the gap between a payable due and an anticipated receivable. The receivable itself serves as collateral.
• This type of financing is typically reserved for low-risk situations and can be a helpful short-term solution.

Loan Privilege

• Lenders assess your business’s financing plan before investing. Misusing loans (e.g., using a term loan for operating costs) could harm your reputation and make it harder to secure future funding, potentially putting your business at risk.