Your business, whether it is on a brick and mortar set up or on a website processing orders for your customers, should be made legal and official at all costs. If you have started from brick and mortar and you eventually decided to expand online, meeting legal requirements and business regulations is not a problem here since every brick and mortar set up is governed by certain business laws and policies that are almost the same as the online business set up. However, as your business grows more mature and successful, you will soon realize that you will then need both the brick and mortar advantage coupled with your website’s powerful edge to serve your business’ ever-growing demands for more successful results.
Here are the top 15 valuable steps that every business-minded person should start with in building a strong business that will satisfy long-term goals and deliver products and services to customers with lasting impact.
1. Research well. Conduct your business feasibility study. Evaluate on such important business factors as customer types, your competitors, suppliers, products or service rates and charges and marketing strategies. A careful analysis will give you an edge in the business world.
2. Plan everything, write your plans out. Information is vital in all your business endeavors and the best to handle this step is to create your business plan in full detail. All information gathered from your feasibility study must be included here. Other things that you should never forget in your business plan are the company description, visions, missions, goals, target market, competitors, financial data and the manner of meeting all these business goals.
3. Know how you will finance your business in a solid way. Bank loans, personal credit cards or your own savings are your legal options here.
4. Decide on the business structure you need to establish. Will you go for partnership, sole proprietorship or incorporation? Be sure to know really well all of the advantages or disadvantages of each before you made up your mind for the final structure.
5. Choose accompany name. Create a name that is highly unique but effective to your business standing.
6. Register for federal or provincial zones. You can get registration forms from your local government office or even download or complete them online along with its corresponding fees.
7. Contact your national revenue bureau to register for corporate income tax, payroll, GST/HST or import/export process. You can also obtain your business number here.
8. Submit documents pertaining to “Registration as a Vendor” if you wish to collect PST.
9. Check with your local municipality if there are still special permits and licenses you might have missed to register.
10. Work on developing your marketing tools to enhance the credibility and integrity of your business plan. These tools must be composed of a profound website, press hit and your company identity package.
11. Set up a reliable system for keeping your records and establish your business bank account.
12. Purchase insurance for the security of your business.
13. Contact potential suppliers to discuss about credit terms.
14. Get a physical location for your business.
15. Purchase all the necessary equipments and office supplies to run your office and business pursuits systematically.