How Much Does It Cost To Start A Small Business?

Whenever I am talking to someone with a fantastic idea for a business, or a young entrepreneur I always get the same first question: “Well, how much is it going to cost me?” While this is a valid question, there are so many answers that I could give you, and cost always comes down to exactly what your business is and what you are offering to the country.

First and foremost, you have to understand that it is going to cost you more than you think to start a small business in Canada and actually get it up off the ground.

There are a lot of costs to start a small business that go in, especially at the beginning, in order to make your products (or deliver your service) and register a business name, have an office, etc. However, I have some pieces of advice that I think will help you greatly right away!

Creating A Plan:

I want to direct you towards the Business Plan Builder Tool. This particular tool offered by CanadaStartups offers an interactive way to help you create a solid and firm business plan. In order to truly determine your cost and how much it will cost to start your own personal business, you must have a plan in place. In order to gain capital into your business and have investors interested, they will always ask for a business plan. They want to know how you are going to make money and what exactly it is that you do. Without a business plan it will be impossible for you to discover how much it will cost to run your business. I highly recommend using this tool as it really helps you out, especially if you are beginner entrepreneur with a lot of questions.

Looking For Funding:

While I am almost certain that you will have to invest some of your own personal money into your business at the beginning, I think you need to look into grants and loans available through the government in order to help you out. What you have to understand is the government of Canada wants your small business to succeed. Small businesses have the power to give people jobs and boost our overall economy. The government is willing to invest in a company that they believe in. There are hundreds of business grants available to you at both the provincial and federal level. Try the Funding Database offered by us here at CanadaStartups for help that points you in the right direction of grants and loans you should look at.

Your first initial cost will definitely be registering your name with the government of Canada. While these costs to start a small business vary by province, and also what type of business you are starting (corporation, sole proprietorship, etc.), you will have to register a name first. This generally costs $60-$80 and I think should be the first thing you do. Once you have a name, you can now have a vision, and get started on a business plan in order to deduce exactly how much it will cost to start your small business!