Business Resources

You’ve had your light bulb moment and want to start a business – now it’s time to take that brilliant idea and follow each of these steps to set up your business. First make sure you gather as much information as you can about your competitors and the needs of your potential customers. It’s also a good idea to research the potential demand of your product or service.

Here are some useful resources to help you better evaluate your idea and ensure that you understand all that is required of you when starting your own business:

• BC Business & Investing – The Province of BC is committed to supporting business and investing and has developed numerous valuable resources for business owners and investors at various stages in their endeavours.
• BC Stats – Offers statistics, facts and profiles on British Columbia’s people, economy and environment.
• Business Development Bank of Canada – Helps create and develop businesses through financing, venture capital and consulting services with a focus on small to medium enterprises.
• Canada Business Network – Promotes entrepreneurship and innovation, and provides assistance through an organized network of service centres across Canada.
• Canadian Council for Aboriginal Business – Facilitates positive and sustainable relations between the business sector and the Aboriginal business communities.
• First Citizens Fund – Provides business loans to Aboriginal entrepreneurs in BC.
• Fraser Valley Regional Library: Delta Locations
• Futurpreneur Canada – Provides mentoring and business planning resources for business owners aged 18-39.
• Industry Canada – Provides industry resources specifically for Canadian businesses.
• Ministry of Jobs, Tourism and Skills Training and Responsible for Labour
• Resource Centre for Small Business
• Service BC – Offers Provincial related regulations, registries, authorities, bids, permits, and licensing necessary for conducting business.
• Small Business Accelerator
• Statistics Canada – Offers statistics, facts and profiles on Canada’s people, economy and environment.
• Trade and Invest BC – Works with international enterprises to help them build strong links to the resources, skills and businesses that make British Columbia an attractive place to work and invest.
• Women’s Enterprise Centre – BC’s leading resource for women entrepreneurs offering skills development, business loans, free business guidance, business resources, mentoring, networking and events.

Once you feel ready to take the first step in establishing your business, it’s important to decide on a company structure. The most common company structures in British Columbia are:

• Sole proprietorship: for operating a business on your own, either under a business name or your own name
• Partnership: for operating a business with one or more partners
• Corporation: for operating a business as a separate legal entity, separate from yourself and your personal assets
• Society: for operating a not-for-profit organization, in which any funds or profits will be used only for the society’s purposes
• Co-operative: for operating a business that is owned and democratically controlled by the people who use and benefit from your services

Be sure to visit Small Business BC as they offer a detailed overview of the advantages and disadvantages of all of these business structures.

Now that you’ve settled on a structure for your business, it’s time to write your business plan. A business plan is incredibly useful as it will help you stay accountable to yourself and focused on your goals. A good business plan is a roadmap to launching and growing a successful business. It’s also a valuable communication tool to help you clearly define what it is that you hope to accomplish with your business.

Consider including the following information in your plan:

• Executive Summary
• Business Overview (Vision, Business Description, Objectives, Target Audience, etc.)
• Industry Overview (Competitive Differentiators, Economic/Environmental/Cultural Trends, etc.)
• Products and Services
• Sales, Marketing and Communications Plan
• Operational Plan
• Human Resources Plan
• Financial Plan
• Action Plan (1-3 year plan of tactics and timelines)
• Projected Growth / Risk Assessment

The Business Development Bank of Canada (BDC) can help you get started – check out their downloadable templates and other helpful tips.

It’s important to secure the finances for your business right away. Raising money for a start-up has traditionally been one of the most difficult parts of getting your idea off the ground.  You will need to convince others that you are credible and committed to your new business idea.  With your well thought out Business Plan, you will be armed with the information that shows you are serious and committed to a business worth funding.Now you will need to ask yourself how much money you require to get started. How much of your own money do you have? Who else do you know who are willing to invest in your business?

Financing for business can be separated into two main methods:

• Loans, or debt financing, is money you have to pay back – usually with interest.  This could come from Government funding or a commercial loan from a financial institution (bank, credit union, etc.)
• Equity financing means an investor makes money available in exchange for an ownership share in the business.  Your personal savings, funds from friends and relatives, and business partners are examples of equity investment.  In fact, according to Stats Canada, in 2007, 76% of small businesses in BC financed their business with personal savings.  But be aware – there are laws in BC that apply to companies raising money from investors, so do your research.

There are also new technologies and financing models providing entrepreneurs with a plethora of financing options.  Recognize that new rules and regulations around crowd-funding and other innovative funding models are being developed to protect both the investors and the business owners.   These rules are changing rapidly, so be careful to research each option to determine if they really suit your business model.

The Government of Canada Business Network and the Government of British Columbia also offer great financing options for small businesses. The Ministry of Employment, Business & Economic Development also offers programs to help small businesses gain access to finances.

Startup Canada has launched a call for proposals to partner with grassroots, entrepreneur-led co-working spaces, incubators, and maker-spaces across Canada that will create or provide physical spaces for Startup Canada Members to start and grow their businesses.

It’s important to understand the taxes you will have to pay for your new business. You may want to engage a tax specialist for assistance. Make sure that you have an excellent understanding of:

• what you’ll owe and when you’ll owe it;
• how to keep accurate records of your payments and finances;
• how to make and report payments; and
• if you qualify for tax credits or money back.

The Canada Business Network is a great resource that can help you explore the various forms of tax that you may encounter in your business.