The Stay at Home Mother

In my last blog, I talked about the different types of businesses you can have when you are starting out. Now I want to mention the steps that you take, and things to consider about your idea.

These are suggestions only - but will get you thinking. Of course, there may be more steps for you, depending on the type of business that you choose, however, it will help illustrate the most common things that small business owners need to do when starting out.

• Do some research on your idea. See if there is a market for your idea. See if other people are doing it, and how they are doing it. How much will it cost to get you started? (Sole Proprietorship can be done fairly inexpensively)

• Create a Business Plan - It can be in point form to start. Just so you have a focused direction with your business idea.

• Choose your Business Name (can be done through the One Stop BC Business Registry online by printing it off and mailing it in - which is the most commonly used.) $30 for three name choices and the first available one will be chosen.

• Register Your Business Name. Can be done online for a Sole/Partnership ($40) at One Stop BC. To incorporate your business ($380)

• You may also have to register for a PST number if you sell goods at retail, lease goods, provide legal services, or provide taxable services (for example, repairs to goods). Also, if you sell or provide goods and services in Canada, and your expected sales are more than $30,000, then you are required to apply for a GST number.

• Most municipalities require the licensing of business premises. You can contact the municipality that you reside in to find out the regulations. The cost is approximately $100.00 annually (depending on your business type).

• Business Chequing Account. This cost varies to set up a bank account. But less than $100 to set the account up and acquire your cheques.

• Domain Registration – If you need to have a presence on the web for your business, you will need to obtain a domain name. This is approximately $35 or less to register a domain name. Web Hosting can be as little as $5/month and you can either create the web site yourself (with some online tutorials) or you can hire someone to do it for you, for as little as $500, depending on your requirements.

Phew! I think that is it for now. If you have already gone through these steps then congratulations - you are well on your way to setting yourself up with your new home-based business!