Have you been dreaming of starting your own business? Do you have that entrepreneurial spirit but have no idea where to start?
That's what we are here for. We've created a step-by-step checklist of how to start a business in rural Alberta for you to follow. You can download it or view it below.
STARTING A BUSINESS CHECKLIST
Develop your business idea
What problem do you want to solve?
Your target market
Your sales channels
Main sources of revenue
Unique value proposition
Business team & key roles (owners, key employees, business professionals)
Research the business idea
Market research supports business
Additional research into political, economic, social, technological, legal, and environmental conditions that may affect business
Write the business plan or business canvas
Detailed plan about the business, including products or services, prices, location (online or physical), and sales channels & marketing activities
Understand your Startup costs
Expenses required for Startup
Cashflow projections (revenues and expenses) for Year 1 & Year 2
Plan your Startup finances
Determine what finances are required, based on Startup expenses & cash flow projections
Establish your net worth & personal budget
Determine your personal investment in the business (cash, equipment, building)
Source financing (personal investment, lenders, guarantors, investors)
Determine your collateral for any lending
Confirm financing for your business (loan, personal investment, other investment)
Add in any loan payments or dividends to cash flow projections
Determine professional or business assistance required
Bookkeeper or accountant
Information technology services
Human Resources services
Independent contractors (construction or core business)
Determine your business structure
Alternatives - cooperative, social enterprise, non-profit
Investigate your legal requirements
What provincial or federal regulations affect your business?
What occupational licenses or training are required?
Determine where your business will be located
Will you rent or buy a location?
Lease or purchase agreement
Leasehold improvements required and quotes to complete
Online or Virtual Space
Create and register your business name
If you are a sole proprietor, operating under your legal name, there is no need to register the name or business
Under all other types of business, you must register the legal corporate or trade name, after conducting a name search
If your business is to be incorporated, file incorporation documents, including the business name
If your business is a partnership, file a partnership declaration, including the business name
Apply for all necessary permits and licenses
A building permit is required by the municipality for the construction of a new building and any major structural changes or additions to an existing building (leasehold improvements)
A development permit is required by the municipality for exterior signs, to determine if the business is permitted in that location, occupying space, or change in use
Business licenses may be required by the municipality
Establish a business bank account
Set up your accounting system
Register for government remittances
Income tax account
GST account, if sales exceed $30,000 per year or quarter
Create a brand, marketing strategy, and promotion plan
Who is your ideal client?
Where does your ideal client live on social media? (which social media channel?)
What problem are you solving for your ideal client?
What results are you offering your ideal client?
A brand includes the brand personality, core values, ideal client, logo, color palette, and unique business positioning.
Develop a basic web presence
Facebook business account and/or website
Google my business
Other social media accounts - Instagram, Twitter, YouTube
Optimize your search engine results
Finish setting up your business
Completion of leasehold improvements
Hiring employees or contractors
We know that this can seem overwhelming, but just take it one step at a time. Remember, we are here to help you and we want you to succeed!
Reach out to our Business Analyst in our office for help, advice, and direction!
BUSINESS ANALYST CONTACT INFORMATION
Book a Meeting: https://calendly.com/cf-business-analyst/new-clients
COMMUNITY FUTURES OFFICE CONTACT INFORMATION
Our Services: www.communityfuturessl.com/loans-and-services
Contact Us: www.communityfuturessl.com/contact-us
Address: #102 - 229 3rd Ave NW, Slave Lake, Ab, T0G 2A1