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Considerations for a New Business:
Business Plan
A business plan will give the would-be entrepreneur a better vision of the chosen business as well as its feasibility and possible future pitfalls. The plan should contain details on such items as:
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Business description |
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Structure of the business |
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Product and service descriptions |
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Competition |
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Suppliers |
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Customers |
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Credit policies |
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Financial projections |
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Budgets |
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Location and size of market |
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Marketing |
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Economic and social factors |
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Environmental and technological factors |
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A formal business plan is a valuable tool for arranging financing, setting goals and assessing viability and progress.
Business Structure:
A business can be operated as a proprietorship, partnership or a corporation. Professional advice should be obtained prior to making this decision.
Government Registration
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Business name registration |
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Business number (Federal) for HST, payroll, corporate tax, import/export |
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Vendor Permit (Provincial) for retail sales tax collecting |
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WSIB, Workplace Safety and Insurance Board |
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EHT, Employer Health Tax, currently the first $400,000 in wages is exempt |
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Government regulations that may apply to your business include Employment Standards Act, Occupational Health and Safety Act, Pay Equity or Labour Relations Act
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Professional Services
As both a Certified General Accountant and a Certified Financial Planner, John Costen can help your business to:
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Determine which form of business structure (proprietorship, partnership or corporation) will best meet your requirements |
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Prepare a business plan |
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Develop an accounting system including internal controls |
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Maintain compliance with financial and government reporting |
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Monitor the progress of your business and provide business advisory services |
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