Welcome to Invest North Fraser! You have just taken your first step to becoming one of the wealthy self-employed residents of Canada. Take control of and prioritize your life. With a flexible schedule you can make it to every baseball and soccer game your kids play. Tell your boss how you really feel and start your own Canadian home-based business.
Here you will find all the necessary tax incentives for starting a business in Canada, instructions on how to start a business and the type of business you should form.
Before you start your business, you will need to think long and hard about what business you want to set up and how. Don’t think about it too long. The number one reason people don’t succeed when they have a great idea is because they don’t do anything or they give a half-assed attempt to create something profitable. I’m not going to tell you how you can build an empire the lazy way because I haven’t managed to find something that actually works like that. If you find one, then please let me know. Through hard work, dedication, motivation and hunger someone can become very successful. So get yourself motivated and get ready to work harder than you ever have before. Start a business in a niche that you are passionate about. If you love hockey then open a shop selling hockey gear or build an online store. If you love cooking, then open a restaurant. This does not mean that an alcoholic should open a bar! Basically, if you are going to spend most of your time working, then it better be something you enjoy.
Now most people here would say right about now that the next step is to write a business plan. This is nonsense. First of all, “business plan” is such a loosly used term that it can mean different things and be written different ways. It can be long or short, it doesn’t really matter. It all depends on your business. It may or even may not have numbers or financial data. Basically, it is a general plan for how you will start and how you will grow your business. Who your target market is and how you will reach them, etc. Remember what I said about doing and not wasting your time thinking? Well, this falls under it. Only write a business plan if it will help get you something, like a loan. It’s not possible to completely plan a business anyway. There are infinite unpredictable variables that can increase costs, lower revenue, or completely destroy a business. The best way to learn is from experience. You can only get experience from doing. Therefore, go out there and do stuff!
So, now that you have a brilliant business idea and are motivated, keep your mouth shut! More competition will result in less money for you and you shouldn’t spend time running your mouth, but spend more time working to get your business set up. Next, head on down to your local government offices to register your business. Or just do it online if you live somewhere in civilization. Businesses are registered on a province/territory basis, so fees and laws will vary. There are three options for types of businesses you can register. Sole propieter, corporation and partnership. A sole propieter can have only one owner and it is taxed at the individual income tax bracket. A partnership has two or more owners. Taxes can vary depending on the type of partnership. There are many types of corporations, but they are all similar in regards to the fact that it is a separate taxable entity. All personal assets are kept separate from your corporation. If something happens at your place of business and you get sued then your personal assets (i.e. house, car, etc.) can’t be touched. This is very important. Start up businesses have been wrecked by a lawsuit that took everything, even the owner’s dog.