I'm from toronto, canada. what's the first thing i do to start a business?

Question

I'm from toronto, canada. what's the first thing i do to start a business?

Answer 1

deciding what kind of corp would be very helpful, along with research on what type of company you are creating, then create a well though out business plan (i could give guidelines if i get an email address). This needs to be done to get financing and usually will dictate the success of the company. Always think of an exit strategy when creating your plan, such as selling, willing on, etc. A great idea would be to exhaust your networks of people for resources and ideas.

There is no real source for this, just my studies. I do have a BA in Economics and focused (minor) in business entrepreneurship, from which many of my professor owned small business. I am currently working on helping expand a small financial company in Denver, CO.

Answer 2

gather a bunch of money from investors, then tell them the business failed, while you sip umbrella drinks in St. Barts with a parrot on your shoulder and a peg leg

Answer 3

Where do you want to start it with and what kind and with who? You need to know this...Sole Propetorship? Parteneship? Limited Liabily Partnerhsip? or what?

Answer 4

Good question. Let me direct-you to the Ontario Ministry of Finance web-site - Link to Resources for Small Businesses. Also I have provided below the link to a government of Canada publication called Guide for Canadian Small Business.

This is an excellent resource to review and will cover a number of your questions. It would be presumptuous of me to offer you specific advise without knowing a lot more about the specifics of what you are trying to do or want to do.

If you are not sure what business to get into the guide will at least provide the framework for which  businesses need to comply. Check out the library or Internet for research material on how to start a business and whether you have the skills and aptitudes required. Many people start businesses around hobbies, areas of interest, or try to capitalize on previous work experience.

I have my own consulting business and I live and work in the GTA. The guide was a good first step for me. If that does not work for you then find a good chartered accountant (referral from family or friends preferably) and arrange a meeting to go over what you need to do to register your business, and the appropriate reporting and tax filing required.