Business

Starting a Business in Canada | Gabriel O. | LadiesCorner Workshops

Ladiescorner.ca launched an exclusive workshop platform on the popular platform whats app recently. The group will eventually feature just women, but at the moment, it is a mixed group of men and women. Their first workshop was on Instagram for Business. This was facilitated by the beautiful Mileydi Cristencho, CEO of LinkladyMedia. The second week was facilitated by Edmonton IT analyst and consultant Gabriel O. The third week was an in-depth analysis of godly parenting. It was more like a lively debate: apt and on the edge. Last week, Lina Stadler delivered six steps to financial independence. I will be writing about that later. 

In this writeup, I would like to consider our second workshop "Starting a Business in Canada". This is the write up Gabriel delivered.

The first step to starting a business is to conceive a business idea. This can range from rendering services (Consulting, Marketing, Barbing/Hair Dressing Saloon, Nail Studio, Spa, Restaurants, Plumbing, Electrician etc.) to selling product(s). Now, I know people may have several ideas on services or products to sell but the key to kicking off a successful business is to ensure you do some feasibility studies to know if your service/product is in high demand in Edmonton/Canada or what your chances of success are. e.g. If you're looking to start an African store to sell African food items and commodities, you need info on how to get the goods to Canada, ideal store location, how to get your store setup etc. As they always say experience is the best teacher, so connecting with someone/people in that same line of business is usually the best way to get first-hand feedback or basic knowledge.
 

Point 2 – Select a business name


Selecting a business name is crucial as this is the first chance you get at branding your business. E.g. If your business renders plumbing services and your registered business name is Facebook Inc. There's a clear disconnect between your business name and your product/service so there's a likelihood that people won't be able to relate your services with your business name which will, in turn, detract customers. A catchy and well thought out business name will ensure the following for your business:
– Attract or detract customers.
– Impact in the branding, marketing and advertising of your company.

The last point – Register your new business or corporation
Registering a business name in Canada is straightforward and all you need are the following:
– The full legal name and address of the owner(s) of the business.
– The type of products or services the business will offer.
– The city, town or village within the province where the business will be located.
– The business name you have selected.
– The date the business started. This date may be in the past or up to six months in the future.
– The registration fee of the business name
– Govt issued means of Identification (Passport, Driver's License etc.)

The govt of Canada encourages entrepreneurship and a lot of businesses are thriving in Canada because you pay taxes on the profit generated by the business only E.g. If you make 10,000 dollars in a year and spend 8,000 dollars in the same year on business expenses, salaries, administrative cost etc. You only need to pay business taxes on 2,000 dollars.

 

Let us know if you would like to join our Closed Workshops group.

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