Starting a New Small Business in Canada Checklist

Starting a small business in Canada definitely comes with it’s challenges, thus having a checklist to starting your own small business is very important.

This small business startup checklist is a tool which is intended to help you, and guide you though all of the issues you should consider and those which may come up in the process of starting a small business. We recommend you take the checklist and adapt it towards your own small business and add in your own points as well to improve on it.

Examine your motivation for business ownership and choose a business suitable for you

• Personal goals and motivation
• Personal skills

Evaluate the feasibility of your chosen business

• Calculate financial projections that do not count on loans
• Know where your living expenses will come from during the first year
• Make sure your family is on board

Consider start-up requirements and common pitfalls

• Legal forms of organization
• Learn permits, licenses, rules and regulations applicable to your type of business
• Determine the steps to establish a legal business entity
• Determine the types of records to be kept for tax purposes
• Determine the types of recordkeeping and control systems for internal management
• Determine professional needs: marketing, advertising, legal, accounting, tax, insurance and banking

Develop your business plan

• Create a business plan
• Think through details
• Revisit and adapt regularly
• Choose a business name and set a starting date
• Choose an adequate location/office space
• Identify your customers and potential competitors
• Develop a marketing plan

Develop your financing request and obtain initial capital

• Create a investor presentation (consider the Investor PitchDeck)
• Browse all your funding options (personal, private, government)
• Get access to the funding program database