So, you’ve got this brilliant idea buzzing in your head, and you’re ready to take the plunge into the exciting world of entrepreneurship. Starting a new business can feel like going on a thrilling adventure, but it also comes with its fair share of challenges and uncertainties. This guide will take you through the initial steps of turning your dream into a reality when it comes to naming your business, getting it set up, and how to start getting your name out there too.
Finding the Perfect Name for Your New Business
First things first: what’s in a name? Well, a lot, actually! Your business name is more than just a label; it’s the cornerstone of your brand identity. So, how do you come up with a name that captures the essence of your business and leaves a lasting impression? You brainstorm! Gather your friends, family, or even your pet and start tossing around ideas. Think about your niche, target audience, and the vibe you want to convey. Once you’ve got a shortlist, it’s time to check if your chosen name is available.
How To Check Availability and Register Your Business Name
Before you get too attached to that perfect name, you need to make sure it’s not already taken. A quick online search can save you from potential legal headaches down the road. To do this you will want to search the Ontario Business Registry for free to find out if your business name is already taken. Once you’ve confirmed your name is unique, it’s time to register it.
If your business has employees, facilities, or offices in Ontario, you must register using the Ontario Business Registry. You need a working email address for online registration and a valid debit or credit card for payment. The registration fee depends on the type of business you are registering so you’ll need to know which kind of business structure you want to create.
The first step is to set up an account. The second step is to select your type of business to begin registration. Your options to choose from are:
- Sole Proprietorship
- General Partnership
- Ontario Limited Liability Partnership (this is a hybrid of a partnership and a corporate body. The partners can be individuals, companies, or combinations of both)
- Extra-Provincial Limited Liability Partnership (this is a Limited Liability Partnership previously registered in another province)
- Ontario Limited Partnership (this is a business with at least one general partner and at least one limited partner.)
- Business Corporation
If you are registering as a Business Corporation, you will also need to order an Ontario-biased or weighted Nuans name search report to reserve your business name if you are not using a number name.
You can visit the Ontario Business Registry for a full list of ownership structures and their filing requirements. And, we also recommend putting a call into an accountant and a corporate lawyer if you need help making the decision. Each type of business comes with its own pros and cons and it’s not easily changed after you register so you want to make sure you get it right the first time.
After choosing your structure, you will be registered for a 9-digit Ontario Business Identification Number (BIN) from ServiceOntario. You will need this number to incorporate (if you choose to), to create an import/export account (if you are shipping products), and you’ll also need it to register for an account with the Canadian Revenue Agency (CRA).
How Do Taxes and HST Work?
Ah, taxes – the inevitable bane of every entrepreneur’s existence. Understanding your tax obligations is crucial for staying on the right side of the law and avoiding hefty penalties. In many provinces, you’ll need to register for a business number and collect harmonized sales tax (HST) on your sales (once your sales are above a certain threshold). Keeping meticulous records and setting aside funds for taxes can save you from a headache come tax season but, consulting with a tax professional is a must as well.
Consulting the Experts: Accountants and Lawyers — You need them!
Now, here’s where things get a bit more serious. While you might be tempted to handle everything yourself, consulting professionals can save you time, money, and stress in the long run. An accountant can help you set up your business bank account, navigate tax laws, and keep your finances in order. It’s worth the investment. Similarly, a corporate lawyer can advise you on the best legal structure for your business – whether that’s a sole proprietorship, partnership, or corporation. One thing we can’t stress enough is building your support team around you so that when questions come up you know who to call. You don’t have to nor should you do everything yourself when it comes to the finer details. They might seem expensive to consult out of the gate but a few hundred dollars here and there that save you from making mistakes that could cost you thousands of dollars will be one of the first, smart decisions you make as a new business owner.
Creating Your Brand Identity
With the technicalities out of the way, it’s time to have some fun! Your logo, website, business cards, etc. are the visual face of your brand, so make them count. If you’re not artistically inclined, hire a design or marketing agency (like 3SIXTY!) or at minimum a graphic designer to bring your vision to life. Your logo should be memorable, versatile, and reflective of your brand’s personality. You also want it to be professional because this will stay with you for the lifespan of your business and you don’t want the same old Canva icon that half your colleagues in the industry use. If you want to stand out from the crowd, you have to invest in your image.
Building Your Online Presence AKA Your Website
In today’s digital age, a website is non-negotiable. Think of it as your virtual storefront – the first impression many potential customers will have of your business. Keep it clean, user-friendly, and optimized for mobile devices. Don’t forget to include essential information like your services, contact details, and a bit about your story. Working with a website design and development agency (yep, that’s us too!) that specializes in website design and optimization will allow you to take advantage of the many tools available online – from SEO (search engine optimization) to Google advertising and social media. Building and launching a website is great, but getting it out into the online world takes a lot more effort. And, although there are DIY building tools out there, keep in mind that, you might be the business owner but, you might not have a clue as to what should or shouldn’t be included in a website and all tools have their own pros and cons. So, if you do decide to go it alone, give us a call, and let’s talk options so that you can make an informed decision from the get go and don’t invest a ton of time into something you’ll have someone else recreate a short while later.
Spreading the Word and Bringing in Sales
Now that you’re officially open for business, Congratulations! But now comes the hard part: attracting customers. Start by leveraging your existing network – friends, family, colleagues – and ask for referrals. Social media is another powerful tool for spreading the word about your business. Get active on platforms like Instagram, Facebook, and LinkedIn, and engage with your target audience regularly. Offer promotions, discounts, or incentives to entice those first few customers through the door. You don’t want to be known as a discount business but, discounts will help you get the ball rolling when it comes to attracting your first customers.
When you’re ready to step it up digital advertising, like ads that appear on Google and Facebook, for example, can put the face of your business in front of new customers who don’t know your brand or you but, who know they need what you’re selling. Referrals and asking friends or family to buy your wares will only get you so far. Adding blogs and high quality content to your website will also increase your rankings on search engines. You’ll also want to make sure to take advantage of Google My Business, a free feature that lets you create a business listing, promote your website, and gather reviews, alongside your contact information.
Lastly, Starting Off On The Right Foot With Marketing Experts By Your Side Will Put You Leaps and Bounds Ahead
Starting a new business is equal parts thrilling and scary. But with careful planning, a solid support network of experts, and a healthy dose of perseverance, you can turn your entrepreneurial dreams into reality. Once you’ve started up your business, investing in marketing experts and advertising campaigns that help you get your business off the ground and into growth mode makes perfect sense. That’s where 3SIXTY Marketing Solutions comes in! We know what it takes to grow your business to the next level. Give us a call at 647-250-1494, or book a free consultation, and let’s get to work.
