what small business to start with no money

starting small business guide and what small business is best to start with
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Dr.JesperHunt,United States,Researcher
Published Date:16-07-2017
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Starting a Small Business Starting a Small BusinessStarting a Small Business STARTING A SMALL BUSINESSInternet Access Many of the resources listed in this guide are web-based only. If you do not have your own Internet connection, try your local library or Community Futures British Columbia office. For free Internet access call 604 289-4222 to find the location nearest you. This guide is also available electronically at: www.gov.bc.ca/startingasmallbusiness or for translated versions visit: www.gov.bc.ca/smallbusiness Starting a Small BusinessStarting a Small Business CONTENTS This Guide 1 Your Two Primary Resources 2 14 Steps to Starting Your Own Small Business 6 1. Make Sure Running a Small Business is Right for You 6 2. Decide on a Business Structure 7 3. Develop a Business Plan 8 4. Secure Your Financing 10 5. Choose a Business Name and Have it Approved 11 6. Register Your Business 12 7. Secure Your Online Presence 14 8. Register for Provincial Sales Tax (PST) 15 9. Register for Goods and Services Tax (GST) 15 10. Complete Other Registrations 16 11. Investigate Additional Business Registrations and Requirements 19 12. Identify Permit and Licensing Requirements 21 13. Get Support 21 14. Check Out Other Useful Resources 23 Aboriginal Entrepreneurs 23 Young Entrepreneurs 24 Women Entrepreneurs 24 General Information 25 Starting a Small BusinessStarting a Small Business page 1 THIS GUIDE The strength of small business continues to drive the economy in British Columbia. A remarkable 98 per cent of all businesses in British Columbia (B.C.) are small businesses (those having fewer than 50 employees or self-employed), providing employment for over 1 million people. These jobs account for 54 per cent of private sector employment within the province. In 2014 there were approximately 382,600 small businesses operating in B.C. They range from agriculture to technology, hospitality to tourism, construction to manufacturing, and education to mining and resource management. This publication has been developed as an introductory guide to help you with planning and starting a small business. It provides essential information as well as links to additional resources to help ensure that your new business is successful. Further resources can also be located through the Small Business Section tab of the website for the Province of B.C. located at: www.gov.bc.ca/smallbusinessYour Two Primary Resources Many helpful resources appear throughout this guide. The two that provide essential services and information for B.C. entrepreneurs are Small Business BC and the OneStop Business Registry. Small Business BC www.smallbusinessbc.ca 82–601 West Cordova Street Vancouver, BC V6B 1G1 Tel: 604 775-5525 or 1 800 667-2272 Fax: 604 775-5520 E-mail: askussmallbusinessbc.ca Twitter: smallbusinessbc Facebook: /smallbusinessbc Small Business BC provides entrepreneurs with the information and guidance necessary to build a solid foundation for their business. Supported by the B.C. Provincial Government and Western Economic Diversification, Small Business BC offers a wide range of free and affordable business services, education and resources. No matter what stage or what skill level, when an entrepreneur finds themselves asking “How do I…?,” Small Business BC can help. To register to receive updates from Small Business BC on information, resources and events for entrepreneurs in B.C., visit: www.smallbusinessbc.ca/stay-updated/ page 2 Starting a Small BusinessStarting a Small Business page 3 General Business Information Advisory Service: Book a complimentary 30-minute consultation with a Business Advisor to help answer your business inquiries. Business Plan Advice: Meet with a Business Plan Analyst for a business plan review to help you prepare to approach lenders, or coaching to develop your overall business strategy. Market Research Advisory Services: Schedule a one-on- one consultation with a Market Research Analyst to assist you with market research in areas such as target market analysis, industry analysis and competitive analysis. Ask an Expert: Book one-on-one consultations with professionals in human resources, accounting, legal, market research, branding, social media, websites and more. Import/Export Advice: Meet with a Trade Advisor for a consultation on business requirements and to register your import or export business. Business Seminars and Webinars: Information-packed business seminars on over 50 topics, including import and export topics, delivered by industry experts, who are also small business owners. Seminars are held at the Small Business BC office in Vancouver and are also available through webinar across B.C. Business Blog and Articles: Get up-to-date information from real-life entrepreneurs and business experts on the Small Business BC website. Business Bookstore: Off ering the most popular how-to publications on almost every area of business. Events: Opportunities for networking, celebration and education. In October a series of free business seminars and webinars are offered for Small Business Month. The annual Small Business BC Awards, which celebrate the best small businesses across B.C., opens for nominations on October 1st. OneStop Business Registry www.bcbusinessregistry.ca Help Desk: 1 877 822-6727 E-mail: OneStop.Helpgov.bc.ca The OneStop Business Registry allows new and existing businesses to complete the most commonly required business registrations and transactions online, quickly and easily. Through OneStop (open 24 hours a day, seven days a week) you can: Register a sole proprietorship or general partnership in the Province of British Columbia. Register with WorkSafeBC as an employer or apply for Personal Optional Protection coverage. Register for a Provincial Sales Tax account with the Ministry of Finance. Register for the Goods and Services Tax (GST), payroll deductions, corporate income tax and import/export accounts. Apply for business licences with participating local governments / First Nations. Apply for a business BCeID. This is an online service that makes it possible for you to use one login ID and password to sign in securely to any BCeID participating provincial government website. Renew an existing liquor licence, or view the status of any changes you have requested to your liquor licence. In addition: You can get your Business Number (BN) through OneStop. This is a unique nine-digit “root” number assigned to your business that travels with you no matter what government agency you are working with – making it simpler and easier for you to do business with us. page 4 Starting a Small BusinessStarting a Small Business page 5 OneStop Access If you would like to use OneStop services but do not have your own computer, try one of the Service BC locations across the province, where public access terminals are available along with staff to help, if you need it. To find the nearest location, call the Service BC general enquiries at 1 800 663-7867 Monday to Friday 7 a.m. to 5 p.m. Pacific Time. SMALL BUSINESS SUCCESS STORY: RESTORING DATA INC. Like many small business owners, Ilana and Noam Kenig’s inspiration to start ReStoring Data Inc. in Vancouver, B.C. came from an under-serviced need. Noam’s background is in computer forensics, but after being approached repeatedly by people who had lost their digital data he realized that there was an opportunity to provide professional and affordable data recovery solutions. In business for eight years now, ReStoring Data Inc. started out as a husband and wife team, but they quickly had to add staff to keep up with their growing workload. Even though Noam and Ilana grew their team early on, they still face the same challenge that many entrepreneurs face – more to do in a day than there is time. “The immense amount of work involved in running your own business is incredible,” says Noam. “But no matter how demanding, stressful and challenging your business becomes, remember that being an entrepreneur is a journey, not a destination, so learn to love and enjoy the ride. Never lose the fire, be prepared for ups and downs, and surround yourself with the right people.” For more small business success stories visit: www.smallbusinessbc.ca/success-stories/14 STEPS TO STARTING YOUR OWN SMALL BUSINESS The following are the basic steps most new small businesses need to take before they can begin operating in B.C. 1. Make Sure Running a Small Business is Right for You It takes time, commitment, a good idea, the right personality and at least a few basic business skills to start and run a small business successfully. The Small Business BC website provides direction on how to evaluate and test your idea for a new small business. www.smallbusinessbc.ca To get started, see their “how to” guide on evaluating your business concept. www.smallbusinessbc.ca/resource/ howtos-checklists/evaluate-your-business-idea/ The Business Plan Checklist makes sure you’ve completed your research and thought through your idea. www.smallbusinessbc.ca/resource/how-tos-checklists/ business-plan-checklist/ Another great resource is Small Business BC’s list of Frequently Asked Questions, which answers the most common inquiries heard from entrepreneurs when they’re first starting a business. If you have an idea and don’t know where to begin, visit: www.smallbusinessbc.ca/faqs If you’re interested in starting a business, but you just don’t have that great business idea yet, Small Business BC can suggest a number of resources to help you research key industries, emerging trends, and local competition. page 6 Starting a Small BusinessStarting a Small Business page 7 ASK FOR ADVICE If you are not sure which business structure will be best for your business, we recommend you talk to a lawyer and an accountant to find out what each type requires, both legally and financially. 2. Decide on a Business Structure Most small businesses are operated as one of the following: Sole proprietorship, where you are the owner/operator or self-employed. General partnership, where you join with one or more partner Corporation (also known as a limited liability company) Small Business BC discusses the pros and cons of each business type and structure at: www.smallbusinessbc.ca/resource/ howtos-checklists/business-structures-information-sheet/ You can also find more information about the diff erent business structures through BC Registry Services, visit: www.bcregistryservices.gov.bc.ca Information on other business structures, such as societies and cooperatives, is also available at this site. Corporations Canada (part of Industry Canada) provides extensive information on corporations, including the benefits of federal incorporation if you want to expand your business to other provinces. Visit: www.corporationscanada.ic.gc.caSMALL BUSINESS SUCCESS STORY: THE EDGE FOOD ENERGY COMPANY For Matthew Traynor and Chloe Peake of Qualicum Beach, B.C. the lure of partnering to start a 100% organic nutrition bar business had a lot to do with setting their own pace and hours. “I love knowing that every action I take has a direct impact on the future of our business. It’s a lot of pressure, but also offers a lot of freedom,” says Chloe. Matthew and Chloe’s partnership has proven to be a great fit, and has been essential to their early business success. “We recognize strengths and weaknesses in one another and we communicate very effectively,” says Matthew. “She’s a fantastic business partner and friend.” The secret to their success? A solid partnership and a dedicated team. For more small business success stories visit: www.smallbusinessbc.ca/success-stories/ 3. Develop a Business Plan You’ve no doubt heard the expression, “Failing to plan is planning to fail.” Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable roadmap for launching and growing your business. With a plan, not only can you spot potential weaknesses, opportunities and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially. If you’re unfamiliar with business planning, start by reviewing Small Business BC’s “how to” guide on business planning: www.smallbusinessbc.ca/starting-a-business/how-write-a- business-plan page 8 Starting a Small BusinessStarting a Small Business page 9 To have someone review your business plan, make an appointment with a Business Advisor at Small Business BC. They offer business plan review services if you’re seeking financing, submitting a business proposal or just looking for a professional assessment. Small Business BC also offers services to review sections of your plan, such as the executive summary or the marketing plan. All information submitted to Small Business BC will be kept in total confidence and will not be distributed or communicated without first obtaining your express written consent. Go to: www.smallbusinessbc.ca/products-and-services SMALL BUSINESS SUCCESS STORY: MASON INDUSTRIES Jason Mason, of Surrey, B.C. loved snowboarding in jeans, which posed a slight problem: if he fell, he’d be soaking wet for the rest of the day. Unsatisfied with the “look-a-alike” denim outerwear options available, he decided to take matters into his own hands in the summer of 2011. That was the spark that led to the creation of Mason Industries. Jason took the time to lay a solid, research-based foundation for his business, and he advises other entrepreneurs to do the same: “Everybody’s got a million dollar idea. Can you show the work? Walk the walk before you talk the talk. Write a business plan. Have a business plan. Update your business plan. Business plan. Business plan. Business plan.” His Classic Rock Pants are now worn by well-known snowboarders Wes Makepeace and Jeff Muirhead, and Jason has also been featured on CTV’s Steele on Your Side and in Business in Vancouver magazine.  For more small business success stories visit: www.smallbusinessbc.ca/success-stories/4. Secure Your Financing For your new small business to succeed, you need to have enough money to cover business start-up costs and daily operating expenses for at least three months. If you don’t have enough money for start-up through family, friends, loans or lines of credit, you may need to consider outside sources of financing. For information about government, private and venture capital sources of financing, go to: Small Business BC at: www.smallbusinessbc.ca/article/how- finance-your-start-business/ or Canada Business Network website at: www.canadabusiness.ca/eng/program/search/ In addition, financing for small business is available through the following: The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions. The Government of Canada shares the risk with lenders to make it possible for more entrepreneurs to receive financing. For more information on eligibility call 1 866 959-1699 or visit: www.ic.gc.ca/csbfp Futurpreneur Canada provides youth aged 18-39 with start- up financing (loans up to 45,000) and mentorship to help launch and sustain successful businesses. www.futurepreneur.ca Women’s Enterprise Centre (WEC) provides business loans up to 150,000 to women in B.C. who own a business or are thinking of starting or buying a business. www.womensenterprise.ca  If you live in rural B.C., visit your local Community Futures British Columbia office. To find the one nearest you, call 604 289-4222 or visit: www.communityfutures.ca/location-finder page 10 Starting a Small BusinessStarting a Small Business page 11 The Ministry of International Trade off ers programs to help small businesses gain access to investment capital, from those just starting out to those wanting extra capital to compete in global markets. For more information call 1 800 665-6597 or visit: www.mit.gov.bc.ca/icp Banks and credit unions can provide you with information on products and services designed to help your business operate eff ectively. 5. Choose a Business Name and Have it Approved Choosing a business name is one of the most important decisions you’ll make when starting your business, and most likely one of the hardest. If you want to use a business name that is anything other than your personal name, you will need to have your business name approved by, and then registered with BC Registry Services. Business names must have both a distinctive and a descriptive element, like “ABC” (distinctive element) “Landscaping” (descriptive element). You must add a corporate designation, such as “Ltd.” if you are planning to incorporate your business. If you need help coming up with a great business name, Small Business BC offers some tips on how to get the perfect name. Visit: www.smallbusinessbc.ca/article/choosing-a- business-name-made-easy/ It’s a good idea to have a first, second and third choice for your business name, just in case the name you want is not available. You can do some preliminary research for potential conflicts by looking through telephone listings, business directories or similar publications. You can also search for existing names on the BC Corporate Registry to see if the name you’ve selected has already been registered. View: www.bcregistrynames.gov.bc.ca/nroYou can download the Name Approval Request form at: www.bcregistryservices.gov.bc.ca/bcreg/corppg/forms.page The form also includes guidelines for choosing a name. The form is also available and can be processed at most OneStop locations. To find the OneStop location nearest you, call 1 877 822-6727 or visit: www.bcbusinessregistry.ca/sites.htm You can also apply for a Name Approval Request at: www.bcregistrynames.gov.bc.ca/nro Submit your name approval request electronically to the Name Reservation Unit for examination at the Corporate Registry. Payment online is by credit card (VISA, MasterCard and American Express). There is online information available to assist you through the process. Once your business name is approved, it will be reserved for 56 calendar days. Within these 56 days, you must register your business with BC Registry Services. 6. Register Your Business If your business is a sole proprietorship or general partnership, you can register it quickly and easily with the Province of British Columbia online using the OneStop Business Registration Service at: www.bcbusinessregistry.ca/registrations.htm You will need VISA, MasterCard or American Express to complete and pay for this transaction online. Over-the-counter payments to register (using cash, debit card or cheque) are accepted at OneStop locations such as Service BC Centres. Call 1 877 822-6727 to find the location nearest you. If you decide you want to incorporate, you must file an Incorporation Application with BC Registry Services. See the registry’s website for detailed information on the application process at: www.bcregistryservices.gov.bc.ca page 12 Starting a Small BusinessStarting a Small Business page 13 Apply online using Corporate Online at: www.corporateonline.gov.bc.ca (pick “File an Incorporation Application” on the home page). For information about applying for federal incorporation, visit Corporations Canada at: www.corporationscanada.ic.gc.ca SMALL BUSINESS SUCCESS STORY: WHAT I SEE PHOTOGRAPHY For Michelle Moore – a White Rock-based photographer and videographer – being in business is all about connecting with other people. As the owner of What I See Photo & Video, she gets to make those personal connections with her clients every day, while leveraging her passion and talents to document their lives with eye-catching photos and videos. When she started her business, Michelle was drawn to entrepreneurship for two reasons: “I loved the idea of having the flexibility to work at my own pace and schedule, and also the freedom to create.” Michelle has learned a few other lessons while operating her business over the years. Chiefly, she has learned the importance of not shying away from setting the right price for her services. “Value your time and talent,” she says. “The value comes from your technical knowledge, creative vision, time, experience and the facilitation of the service.” Michelle says, “Know who you are, as a person and brand. I would describe my brand as sophisticated fun, every photo and video is captured with vision and love. This may not resonate with every client and that is okay, you want to make sure you have the right fit before working together.” For more small business success stories visit: www.smallbusinessbc.ca/success-stories/7. Secure Your Online Presence In today’s world it is almost essential for a business to have an online presence, whether through company listings, social media or a company website. Creating a website for your business is no longer the expensive and time-consuming activity it used to be; plenty of templates exist in which you can simply input your business information and publish. If you do choose to set up a website for your business, you will need to secure a domain name (a name that will identify your Internet website) and hosting. You can research whether the domain name you want is available, and buy the rights to that name. For a guide on how to launch your website, see Small Business BC’s Guide to Going Online at: www.smallbusinessbc.ca/article/launching-your- website-a-guide-going-online/ It’s also important to secure your presence on social media early on in your business, even if you don’t actively use it until later. Social media, although very effective for many entrepreneurs, can also be extremely time consuming, so think about your product or service and decide which social media platform will make the best use of your time. Small Business BC offers seminars and webinars for business owners who want to learn more about how to use social media to grow and develop their business. To register for an upcoming session, visit: www.smallbusinessbc.ca/seminars/ You can also book a one-on-one session with a social media expert through Small Business BC as part of their Ask the Expert series. Sessions are available at their Vancouver office or via Skype from anywhere in B.C. www.smallbusinessbc.ca/ products-and-services/advisory-services page 14 Starting a Small Business

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