How To Start A New Business

NC – If you have some creative ideas for a brand new business, the first step is to find reliable information so you know exactly what is involved. Here are some helpful tips to make your vision a reality:

• Start with a business plan.

A good plan is crucial when starting a business. A business plan is a written account of your business idea and serves to show potential investors or lenders that your idea has the viability to succeed. It should also map out the future growth and development of your company.

To complete a business plan, you need to know which regulations apply to your company. Many requirements, such as licensing, registration and tax accounts, will be based on the individual choices you make about your business type, location and structure. Be sure to have a clear understanding of what your business will do.

• Obtain the right information.

Organizations, such as banks and business centres, offer samples and templates to help you develop your business plan. If you are approaching a specific bank, it would be helpful to find out if they have a preferred format.

Finding reliable information involves a lot of time and research. Canada Business Ontario (CBO) can help make it easier for you. This Government of Canada service offers information on federal and provincial business programs, services and regulations—all at no charge.

For example, CBO offers a free business plan guide in over 10 different languages, as well as a free secondary market research service. Take advantage of free information and resources for entrepreneurs by visiting canadabusiness.gc.ca or calling 1-888-576-4444 / TTY1-800-457-8466.

This service is provided through the Federal Economic Development Agency for Southern Ontario. Further information on related programs and services is available online at FedDevOntario.gc.ca, by phone toll free at 1-866-593-5505, and by email, info@FedDevOntario.gc.ca.