Thinking: Your idea
Have you decided to open your own business but aren’t sure where to start? Wondering if entrepreneurship is for you? The following resources can help get you started.
- BDC’s Entrepreneurial Potential Self-assessment Quiz Take the quiz and find out if entrepreneurship is right for you.
- Characteristics of a Successful Entrepreneur Have you ever wondered what all successful entrepreneurs have in common? Check out the 10 Character Traits of Successful Small Business Owners.
Researching Your Market
In addition to having a great idea, you need a target market who is interested in buying your product or service. Are there enough people in your target market to support your business? Are there other businesses in your area already doing the same thing?
- Guide to Market Research, Ottawa prepared by Business Librarians at Ottawa Public Library This guide outlines the resources and techniques available for conducting both primary and secondary research.
- Market Research –Secondary This topic guide includes books you can borrow from Ottawa Public Library plus online resources for research.
- Competitive Intelligence SME Direct: A pdf Guide to Competitive Intelligence. The information in this guide from the former Industry Canada, now Innovation, Science, and Economic Development Canada, remains very useful for understand competitive intelligence.
- Innovation, Science, and Economic Development Canada’s access page for research and statistics.
- U.S. Export.gov Federation of International Trade Associations (FITA)’s country profiles and reports, and international business directories.
Planning
The more you prepare and plan, the better you can focus on what your new business will need to operate to give it the best chance for success. You need to work out all the details needed to put your idea into operation, and be firmly convinced of your ability to make it work.
General
- Business and Industry Canada The Government of Canada’s portal of information on business name and structure, how plan a business, financing, taxation, hiring employees, developing a marketing plan, and more.
- FedDev Ontario Small Business Services FedDev Ontario provides government information specific to Ontario and offers videos and info, how-to, and business-basics guides. They also have a Business Info Line 1-888-576-4444 that connects you with government services you need to start, run and grow your business.
- Business Owner’s Toolkit This US portal contains many articles, templates and checklists to help you start and run a small business. As this site is American, the government rules and regulations do not apply.
- Invest Ottawa Business seminars and advisory services available. Register online and attend in person.
- Topic Guide on Business Planning Prepared by the Business Services Team at the Ottawa Public Library. Browse this list to find books available at the library along online resources available for planning your business.
Writing a Business Plan
A business plan is a road map to point the way to success. The time it takes to create the plan will be more than repaid by the insight you gain. In your plan, you can examine the nuts and bolts of running a business. If you are applying for a bank loan, a financial institution wants to see a sound business plan.
- Templates and guides Futurpreneur's Business Plan Writer is a straightforward template to use. To understand what goes into a business plan, read FedDev Ontario's Business Plan Guide and Atlantic Canada Opportunities Agency's Planning for Success Guide.
- Complete business plans from actual businesses in Gale EBooks Business Plans Handbook, a multi-volume set of real business plans by existing companies. Search the plans by keyword, and download to your computer. Login using your Ottawa Public Library membership card and PIN.
- bplans.com Search free sample plans for a variety of businesses.
If you do not need a formal business plan, here are free tools for planning your business.
Registering
The procedure you have to go through to register a business name depends on what form of business you've chosen. Below are resources for making that decision.
General
- The Balance.com Small Business Information This Canadian site answers many of the questions you may have about starting and registering a business.
- Business Structure Different business structures have different requirements for registration. Decide on the form or structure of business: sole proprietorship, partnership, corporation (federal or provincial).
- Business Name Decide on your business name. Do a name check to make sure your name is not yet used. The following are places to check your business name through online searching:
- To search Ontario corporation names, an Ontario based NUANS Report is required. Authorized service providers are listed on the Service Ontario webpage.
- To search Canada corporation names, request a NUANS search
- To search sole proprietorships and partnerships registered in Ontario use Service Ontario's Ontario Business Registry
For Sole Proprietorships or Partnerships
A sole proprietorship has only one owner. Any business name other than the owner’s name must be registered. For example, if you conduct business as just John Smith, you won’t have to register your own name. However, if you use a name other than your own (e.g., Value Consulting) or if you add any extra words to your name (e.g., John Smith Consulting), you must register.
A partnership is a proprietorship with more than one owner operating a business under a name other than the name of the partners and must be registered.
- Service Ontario 's Ontario Business Registry allows you search, register, and renew your business name online. You need a credit card to use the online service. If you do not have a credit card you can register by mail.
- How do I protect my business name? The Ontario Business Names Act does not prohibit registration of identical names. However, if you decide to use the same or similar name of another business, it could result in confusion or a possible lawsuit, particularly if the business is located in the same city. The person registering a name assumes full responsibility for any risk of confusion with an existing business or corporation. You can protect your business name by incorporating.
For Corporations
Corporations must be registered in all jurisdictions where they conduct business. If you are going to operate only in Ontario, you can incorporate under the Ontario Business Corporations Act. If you intend to do business in other provinces as well, you can incorporate federally. Check the Guide on Incorporation prepared by Business Services Staff at Ottawa Public Library.
- For provincial incorporation, follow the links provided on Services Ontario's Ontario Business Registry page. Links are also provided to authorized Service Providers who can file Articles of Incorporation through the Internet.
- Federal Incorporation Corporations Canada has Steps to Incorporating and Creating a not-for-profit corporation. Corporations Canada enables you to incorporate online or using paper.
- NUANS® (New Upgraded Automated Name Search) This search of corporate names and trademarks compares a proposed corporate name or trade-mark with databases of existing corporate bodies and trade-marks. The search determines the similarity that exists between the proposed name or mark and existing names, and produces a listing of names that are found to be most similar. You may choose to conduct a NUANS search online yourself, or through a registered search house that will help you with the process. Using the registered search house will facilitate a search of other provinces.
Permits and Licences
When starting a business, you may be required to obtain permits or licenses depending on the services you provide or the products that you sell.
- Permits, Licences and Regulations Guide This Business and Industry Canada page links to pages to explore for various permits and licences you may need.
- Business Regulations Guide The FedDev Ontario Small Business Services guide is an overview of the various areas with regulations, with links to further details. The following are specific guides for Labelling and Packaging and Food Labelling.
- City of Ottawa Permits and Licences The City of Ottawa’s links to municipal permits and licences, including business licences and by-laws.
- BizPaL is a one-stop service for finding permits and licences from all levels of government. a one-stop service for finding permits and licences from all levels of government. Answer a series of questions to obtain a list of permits and licences specific to your business.
Financing
The success of your business depends on your having enough capital to purchase needed equipment, buy inventory, and pay overhead costs such as rents and salaries, plus additional working capital to enable you to take advantage of opportunities or survive temporary setbacks. Your financial requirements will generally fall into two main categories:
- Initial costs: land, building, fixtures, equipment, supplies, vehicles, pre-opening expenses and opening inventory
- Daily operating costs: rising inventories, payroll, rents, taxes, advertising, accounts receivable, etc.
Financing your business will come from a variety of sources. The guide to financing, prepared by Business Services at Ottawa Public Library, includes the titles of Iain Williamson’s annual series on financing a business in Canada. Use these for finding specific contact information and unusual funding sources.
The following are government information and programs for financing business
- FedDev Ontario Small Business Services > Financing a Business Guide gives an overview of the sources of financing to explore.
- Innovation Canada's Business Benefits Finder is an interacitve tool allows you to explore options for government funding.
- Canada Small Business Financing Program (CSBF) The CSBF seeks to increase the availability of loans for establishing, expanding, modernizing and improving small businesses by encouraging banks to make financing available to small businesses.
- Business Development Bank of Canada (BDC) The Business Development Bank of Canada (BDC) is Canada’s bank for small and medium-sized enterprises (SMEs), delivering financial and management services, with a particular focus on the emerging and exporting sectors of the economy. The BDC has a number of financing programs for a variety of business needs.
- Export Development Canada (EDC) For Canadian exporting companies, Export Development Canada (EDC) can help you access a performance guarantee for your contract without tying up your cash or operating line. Companies often need financing to support their international transactions: to pay for the up-front costs associated with the production of a large export order, to expand into new markets or to respond to a buyer's request for financing.
- Community Futures Ontario (CFO) Community Futures Ontario administers local investment funds to help finance new or existing small businesses for start-up, expansion or stabilization plans that help maintain or create jobs in Ontario’s rural and northern communities. All CFO financing decisions are made at the community level by the local boards of directors.
Other types of financing
- Micro-Credit Ottawa Community Loan Fund (OCLF) and Alterna Savings, along with Caisse Desjardins, offer micro-loans. These loans are typically for entrepreneurs who have not been able to secure financing through traditional lenders. Microcredit lenders often offer assistance in conjunction with their loans.
- Youth Programs Summer Company is administered by Invest Ottawa and provides hands-on business coaching and mentoring, and awards of up to $3,000. Futurpreneur loan program provides loans and mentoring to young entrepreneurs between 18 and 39.
Taxes
- Business and Industry Canada Taxes Guide Income tax, GST/HST, payroll, business numbers and customs rates..
- FedDev Ontario Small Business Services Taxation Info Guide This guide is specific to Ontario and outlines the different taxes that may affect your business and provides information on tools, programs and services that can help you meet your business tax obligations.
- Business Registration Online (BRO) Created by Canada Revenue Agency, this self service application lets you register for a Business Number (BN), and GST/HST account, payroll deductions, import/export and Ontario programs. For accounting and for taxation purposes and in communication with the CRA, your 15 digit BN identifies your business and your accounts.
- ONT-TAXS, Ontario’s Tax Services Ontario’s online tax service for business. Visit their website or call toll-free 1-866-668-8297.
- Canada Revenue Agency’s E-Services for Business and Payroll Deductions Online Calculator