Cost of Starting A Small Business

It is absolutely fantastic that you are doing your research before starting your own idea of your small business in Canada. In order to actually be a successful entrepreneur you need to fully understand what you are getting yourself into in order to avoid major upsets and failures during your initial start up. Today we will be looking at the cost of starting a small business, as you simply cannot start one for free. I hope that through this process you can feel even more prepared to take the initial plunge into being an entrepreneur that will change your life forever.

Starting A Small Business Plan:

So before you can determine the cost of starting your small business, you first need a plan. You may have an outstanding idea but without a plan you will not move forward in beginning to make some money. Figure out exactly what it is you are selling, or the service you are providing, and all the costs that will go with it. If you were starting a restaurant, you need to know how much you will be spending on cooking materials every week, appliances, how many chefs and cooks you will have, building costs, etc. This all goes into your plan so you know exactly how much money you need to make and invest right away in order to be successful at what you do.

Gaining Funding:

The reason I always start with pushing entrepreneurs to do a business plan is because no one will ever give you money to help with costs if you don’t have a concrete plan. However, once you have a firm plan and handle on your business, you can then apply for government funding. There is a fantastic database available for you. Through Canada Startups, you can find all the grants, loans, and funding assistance you need to help you with starting a small business.

Costs Starting Out:

Operating costs aside, when you are just starting out with just an idea and a name there are a few costs to keep in mind. First, you must choose a fantastic business name that is not taken by anyone else in Canada. Once you have a name you must register it with the province you are operating under (for example, if you are in Ontario, the business must be registered through ServiceOntario). The cost usually ranges from $60 to $80, and that also includes a search to make sure you are allowed to use that name. As well if you are looking at incorporating, there are additional costs to that as well.

At the end of the day, you will have to invest some of your own personal money when starting a small business in order to get it off the ground. However, applying to grants and funding through the government is an essential way to help you out in the beginning, especially when you need it most!