Six Things to Do When Starting a New Business
When starting a new business, there are several things you have to take into consideration. You can have the best products on the market and still not be successful if you haven’t set your business up properly. Below are six key aspects to focus on as you set up a new business and lay the foundation for future success.
1. Naming Your Business
Your business name is one of the most important aspects of any new venture. Your business name holds significant importance, and the most successful brand names can become well-known and associated with quality. When naming your business, keep the following in mind: it should be easy to remember, reflective of what your business does, stand out in the market and have positive connotations.
Also, ensure it is a name that has not already been registered or one that has been trademarked. To check if a proposed name is available, it is advisable to use a NUANS professional for assistance. A professional will first preclear the name and provide you with their opinion on whether the name is available before the NUANS is ordered.
2. Business Registration
Once you have begun the process of starting a new business, you must register online or mail the proper registration forms to the ministry to operate. Business registration operates on several levels, and you can register your small business with your city or municipal area, your province, or the federal government.
You can incorporate your business provincially or nationally. It’s helpful to engage a company that specializes in business registration or a law firm, which is most likely the more expensive option. Upon completion, you will have all the necessary information, including the official registration of your business’s name for your GST/HST account and your Business ID number.
3. Goods and Services Tax / Harmonized Sales Tax
When starting a new business, it is generally advisable to register for a GST/HST account as soon as your business is established. If your business earns more than $30,000 per year, you are required to charge GST/HST. Plan for success; don’t wait until you reach the $30,000 sales threshold. Above all, consult your accountant for expert advice.
NOTE: HST/GST refers to Harmonized Sales Tax/Goods and Services Tax. One tax account is opened for both of those taxes. When selling to customers in different provinces, you are required to charge those customers HST/GST at the rate for that province. You can determine the rates by referring to Revenue Canada’s Provincial Rate Table.
4. Insurance
When starting a new business, insurance is a required part of daily operations. For example, most businesses in Ontario are required to register with the WSIB within 10 days of hiring their first worker. As a business owner, you are responsible for ensuring the safety of your workplace and the well-being of your workers.
You will also want to consider various other insurance plans to cover things such as your business’s physical property, goods, protection against natural disasters, and liability insurance to protect both employees and customers.
5. Communication with Customers
A business needs to have ways for its customers to communicate with it. Naturally, you will want a phone number so customers can call with inquiries about products, services or general information. When setting up a phone number, ensure you choose professional-level services and a number that is distinctive and, if possible, not easily confused with other companies.
A website is also a highly valuable asset. Not only can you use a website to promote your business and provide information to customers, but you can also use it as a storefront in its own right to take orders online.
6. Marketing, Branding and Social Media
Marketing is key when starting a new business. You have to get your business’s name out there in the community to drive sales. It takes more than having a website to reach customers. Marketing is a proactive part of business, and you need to be involved. Now that you have a brand name, it’s time to leverage it on social media.
Setting up accounts on popular social media websites enables you to promote your business, inform customers about upcoming events, respond to customer questions, and engage with the community through contests and other activities. Proper use of social media can increase your company’s visibility and drive sales.
This blog was written by Maureen McCabe, Toronto Marketing Consultant and founder of McCabe Marketing. If you’re setting up a new business and are unsure how to get started, or you are an existing business and want to grow, get in touch with McCabe Marketing to schedule a free marketing consultation. They have clients across North America and can help you create your Marketing Action RoadMap™ for success!