Starting a Business on the Sunshine Coast
Congratulations on taking the exciting step towards starting your own business on the beautiful Sunshine Coast! We understand that embarking on this journey can be both exhilarating and daunting. That’s why we’re here to lend a helping hand and guide you through the process every step of the way.
1. Develop Your Business Idea
Your business idea is the cornerstone of your venture. To ensure its success, it’s crucial to thoroughly evaluate its potential. Here are some resources to assist you:
- Evaluate Your Business Idea Template: Utilize this free template from Small Business BC to assess the profit potential of your business idea.
- Turning Your Idea into a Successful Business: Gain insights from BDC’s article on transforming your idea into a thriving business.
- The Government of BC has a guide on Starting a Small Business
- The Government of Canada has many resources on Planning a Business
2. Research the Market
Understanding your target market is key to positioning your business for success. Here’s how you can conduct effective market research:
- Practical Guide on Market Research: Explore BDC’s practical guide to conducting market research.
- Market Research Checklist: Download a free checklist from Small Business BC to streamline your market research process.
- Sunshine Coast Tourism Resources: Find valuable market research resources on Sunshine Coast Tourism’s informative page.
3. Write a Business Plan
Crafting a comprehensive business plan is essential for mapping out your strategies and goals. Even if you’re not seeking external financing, a business plan can provide invaluable clarity. Here are some guides to help you streamline the process:
- How to Write a Business Plan Start with Small Business BC’s comprehensive guide, perfect for beginners.
- BDC also has a template on How to Write a Business Plan
- Business Plan Checklist Ensure you cover all the bases with Small Business BC’s handy checklist.
- Business Plan Template Save time with Small Business BC’s simple fill-in-the-blank document
- Business Plan Writer Use Futurpreneur’s interactive tools to tailor your plan to your custom needs.
4. Choose a Name and Register Your Business
In certain instances you can operate under your personal name. However, there are advantages to registering a business name: it enhances marketing efforts and enables transactions under a business identity with banks. Should you decide to register a business name, the initial step involves seeking approval and registering your chosen name. Ensure a smooth registration process with these steps:
- Request approval for your business name in BC. Small Business BC can also guide you through this process.
- Once approved you can RegisterYour Business.
- Government of Canada has an overview on Naming a Corporation.
- Protecting Your Business Name: Consider incorporating your business for legal protection of your chosen name. Use this tool to help you decide which structure is best for your business. The three most common structures are sole proprietorship, partnership, and corporation
5. Seek Financing
Financing is often a critical aspect of launching a business. Explore various financing options tailored to your specific needs:
- Sunshine Coast Community Futures can provide you with a loan or equity investment
- Government of Canada’s Business Benefits Finder: Discover suitable financing assistance through the Business Benefits Finder.
- Small Business Financing Program: Learn about the Small Business Financing Program with guidance from the Government of Canada.
- WorkBC has many different resources for loans and grants you can explore.
- Community Futures BC has a program for entrepreneurs with disabilities.
- Local Banks and Credit Unions on the Sunshine Coast include:
5. Choose a Name and Register Your Business
In certain instances you can operate under your personal name. However, there are advantages to registering a business name: it enhances marketing efforts and enables transactions under a business identity with banks. Should you decide to register a business name, the initial step involves seeking approval and registering your chosen name. Ensure a smooth registration process with these steps:
- Request approval for your business name in BC. Small Business BC can also guide you through this process.
- Once approved you can RegisterYour Business.
- Government of Canada has an overview on Naming a Corporation.
- Protecting Your Business Name: Consider incorporating your business for legal protection of your chosen name. Use this tool to help you decide which structure is best for your business. The three most common structures are sole proprietorship, partnership, and corporation
6. Secure Your Online Presence
Establishing a strong online presence is essential in today’s digital landscape. Here’s how you can secure your domain name and social media handles:
- Launching a Website: Follow guidance from Small Business BC on launching your business website.
- Local Recommendations: Reach out to us for recommendations on local businesses specializing in website creation, social media management, and other online areas you may want to have a business presence.
7. Register for PST and GST
Navigating provincial and federal tax requirements is crucial for compliance. Register for Provincial Sales Tax (PST) and Goods and Services Tax (GST) through the provided links.
8. Apply for a business license on the Sunshine Coast
Depending on where your business is based, you may need to apply for a business license. Additionally, there’s an option for an Inter-Community Business License, which offers flexibility. Through this license, you can pay for one license and operate your business across the lower Sunshine Coast, regardless of the specific municipality.
- While the SCRD doesn’t require businesses to have a license, they must be in compliance with zoning. New business owners are encouraged to contact Planning & Development Division to discuss their future business plans to confirm compliance with the zoning.
- You can find the Town of Gibsons business license information here.
- You can find the District of Sechelt business license information here.
9. Hire Your Team
Assembling the right team is crucial for the success of your business. Here’s how to navigate the hiring process:
- Payroll Information: If you’re hiring employees, access payroll information through the Canada Revenue Agency Payroll website. For payroll deduction accounts, visit the BC Business Registry
- Understand Employment Standards: Familiarize yourself with The Employment Standards Act, proving information on hiring employees and certifications your staff may be required to have.
- Connect with WorkBC: WorkBC serves as a bridge between job seekers and employers. Utilize their platform to find the perfect talent and foster the growth of your business.
10. Additional Registrations and Requirements
Ensure you fulfill all necessary registrations and requirements pertinent to your business, including:
- WorkSafeBC: Obtain coverage for work-related injuries or diseases if you’re self-employed or have employees.
- Licensing and Permits: Identify and apply for relevant permits and licenses through BizPaL. Check out the BC Government’s information on permits & licenses. Some of these may be time consuming, so it’s best to apply as soon as possible.
- Keeping business records: You are required by law to keep records of all your transactions to be able to support your income and expense claims. The CRA’s business records page goes in to detail.
- Corporate Income Tax Account: Corporations must register for a Corporate Income Tax account with the Canada Revenue Agency
- Import/Export Goods: If your business involves importing or exporting goods, registration with the Canada Border Services Agency (CBSA) is essential. As a member of the Sunshine Coast Chamberyou gain access to various Import/Export services such as, the Chamber Import Bonds Program, E-ATA Carnet, and TradeCert: Document Certification. Explore these benefits on our Member Benefits page.
Further Resources
Explore additional resources to support your entrepreneurial journey:
- Sunshine Coast Community Futures: Offering lending and advisory services to founders and business owners.
- Women’s Business Support: WeBC (Women’s Enterprise Centre) provides women business owners with skills development, financing, and mentoring support.
- Financial Services: All Nations Trust Company offers trust, agent, and administrative services, with a focus on Indigenous communities.
- Government Support: Service BC acts as a frontline support for various provincial government programs and services, ensuring you have the assistance you need to navigate regulatory processes.
- SkilledTradesBC: This provincial government agency governs and develops the industry training system in British Columbia, ensuring a skilled workforce for the province’s businesses
- Intellectual Property Guidance: The Canadian Intellectual Property Office (CIPO) offers a series of guides on registering your business’s patents, copyrights, and trademarks, safeguarding your intellectual property rights.
- Emergency Preparedness: Be proactive and create an emergency preparedness plan for your small business. Small Business BC has a template and a guide for more information on potential emergencies in BC to ensure you and your employees are ready to handle emergencies effectively.
- Mentorship Support: Seek guidance from experienced mentors through mentorshipbc.ca and enhance your business acumen by becoming a member of the Chamber.
Remember, starting a business is a journey, and we’re here to support you every step of the way. Feel free to reach out for assistance or guidance as you embark on this exciting endeavour!