Starting a business is an exciting adventure! Whether you have a groundbreaking idea or a passion you want to turn into a business, taking the first step can feel overwhelming. But do not worry, we your back. At Venture Kamloops, we are here to guide you through the process, providing the tools and resources you need to bring your business to life. Let us dive into the six essential steps to get you from concept to launch!
- Understanding Your Business Idea: Before investing time and money, ensure your idea has real potential. Ask yourself:
- What problem does my product or service solve?
- Who are my ideal customers?
- What makes my business different from the competition?
To validate your idea, conduct market research, survey potential customers, or even run a small test launch. Our Understand Your Business Idea Guide will help you refine your concept and ensure you are on the right track.
- Craft a Business Plan That Works: A solid business plan is your blueprint for success. It defines your goals, marketing strategy, financial projections, and operations plan. Additionally, if you require funding, investors and lenders will likely request it. Key sections to include:
- Your vision and mission
- A detailed market analysis
- Your marketing and sales strategy
- Financial projections
Not sure where to start? Download our Business and Financial Plan Templates to build a plan that sets you up for success. Once you have a first draft, go ahead and book a free one-hour consultation with one of our economic development specialists for review.
- Secure Funding to Fuel Your Business: Every business needs capital, whether it is for equipment, inventory, marketing, or hiring staff. Explore different funding options, such as:
- Personal savings
- Small business loans
- Government grants
- Angel investors
Visit our Financing Resource Page to discover funding opportunities available in Kamloops. For general funding opportunities in Canada, click here.
- Choose a Business Structure & Register Your Business: Before you can officially open your doors, you will need to decide on the best business structure and complete the necessary registrations. Here is how to get started:
- Selecting the Right Business Structure: Your business structure affects everything from taxes to liability, so choosing wisely is crucial. Most small businesses operate as a Sole Proprietorship, General Partnership, or Corporation (Limited Company). Some businesses may also register as Societies or Cooperatives. If you are unsure which option is best for you, consulting a lawyer or accountant can provide valuable guidance. Give yourself a head start by reviewing the following resources
- Name Your Business: A great business should have a great name! Before you can register, you will need to secure your business name through a Name Approval Request or by visiting the OneStop Business Registry.
- Registering Your Business: Once you have chosen your structure and name, it is time to register. Whether you are a sole proprietor, general partnership, or corporation, you can register your business online using Visa, MasterCard, or American Express. Prefer in-person? Visit a Service BC Centre or a FrontCounter BC office, or call 1-877-822-6727 to find the nearest location.
- Register for PST (If Applicable): If your business earns more than $10,000 per year, you are required to collect and remit Provincial Sales Tax (PST). Register for PST here or through the OneStop Business Registry.
- Setting Up Payroll (If Applicable): Planning to hire employees? If you are paying wages, bonuses, vacation pay, or offering perks like board and lodging, you need to register for a Payroll Deductions Account with the Canada Revenue Agency (CRA). This ensures deductions for Income Tax, Canada Pension Plan (CPP), and Employment Insurance (EI). For more information, visit Canada Revenue Agency/Payroll.
- WorkSafeBC registration (If Applicable): Hiring employees or incorporating your business? You will need to register with WorkSafeBC and pay insurance premiums to cover work-related injuries. If you are self-employed, you may want to apply for Personal Optional Protection. Register here or visit OneStop Business Registry.
- Importing and Exporting Goods (If Applicable): If your business involves importing or exporting goods, you will need to register with the Canada Border Services Agency (CBSA). Get step-by-step guidance from the Importing Guide or Exporting Guide.
- Get the Necessary Permits & Licenses: You will need the right permits and licenses to operate legally. BizPal is a user-friendly online tool that helps you quickly and easily identify the permits and licenses required to conduct your business activities. By answering a series of simple questions, you can generate a printable list of the permits and licenses you may need from various levels of government, along with general information on each permit and license, as well as contacts and links for more information. Depending on your business type, this could include, but is not limited to:
- Business license from the City of Kamloops
- Health and safety permits
- Industry-specific certifications
- Cover All the Other Essentials: Beyond registration and permits, there are a few other key elements to consider before launching your business:
- Protect Your Business with Insurance: Unexpected events happen—whether it is theft, fire, flood, or liability issues. Securing the right business insurance ensures that you are properly covered. Reach out to insurance providers specializing in small businesses to find the best policy tailored to your specific needs.
- Keep Your Financial Records in Check: Regardless of whether you have employees or operate solo, keeping proper records is a legal requirement. The Canada Revenue Agency provides a full list of the records you need to maintain. To stay organized, consider working with an accountant and consulting a lawyer for legal guidance.
- Know Your Responsibilities as an Employer: If you plan to hire employees, you will need to comply with the Employment Standards Act and Regulations, which outline wage rates, vacation entitlements, and overtime rules. Learn more here.
- Protect Your Ideas with Intellectual Property Rights: Your brand, product designs, and innovative ideas are valuable assets. Protect them by registering patents, trademarks, and copyrights through the Canadian Intellectual Property Office (CIPO).
Starting a business is a significant step, but you do not have to do it alone. By following these six steps, you will set yourself up for success. Venture Kamloops is here to support you with expert advice, mentorship, and networking opportunities. Book a free one-hour consultation today here.