October is Small Business Month in B.C. and Better Business Bureau (BBB) celebrates the hard work and sacrifice thousands of British Columbians make every day as hard-working business owners.
According to the government of B.C., there are more than 388,000 small businesses in the province which make up 98 per cent of all businesses in B.C.
Collectively they employ more than one million British Columbians.
That means over half of all jobs in B.C. are the result of small business growth. Not only that, British Columbia has more small businesses per capita than the rest of the country.
“BBB is fiercely proud of the quality of businesses in British Columbia,” said Evan Kelly, senior communications advisor for BBB serving Mainland B.C.
“They are the lifeblood of our great province. Without them there wouldn’t be the robust economy and trusting marketplace that we have today.”
Got that entrepreneurial spirit? BBB offers tips to starting your own business:
• Will it work? A simple question…is your idea feasible? A little market research can go a long way before you really open the coffers and open up shop.
• Business plan. Many people approach their ideas with a ‘fly by the seat of your pants’ attitude where their unwavering belief in themselves can weather any storm. It rarely works that way. Developing a business plan is a simple road map of where you are and where you want your business to be.
• Business name. You’ll have to do a title search to make sure your awesomely recognisable and brilliant moniker hasn’t already been thought up by someone else. This can be done through the BC Business Registry.
• Register your business name. Once you have your name you will have to decide whether to register as sole proprietorship, corporation, limited partnership etc. This must be done through the BC Business Registry as well.
• Domain. An attractive and easy to use website is definitely something to consider this day and age. Once you have a registered name, it might not work as well with a website URL. However, if someone has already owns it or something similar you may have to play around with it to make it work for your business. Even better if you can secure a .com or .ca URL with your business name.
• Licensing. Get the required licensing both through provincial and municipal governments. You are technically required to have the proper licensing for whatever city your business is based in. In Vancouver, you can follow this link to apply for your business license.
• Regulatory licensing. It’s possible your profession requires regulatory body licensing such as with the British Columbia Real Estate Association or the Vehicle Sales Authority. If a regulatory body pertains to your business, check what their requirements might be.
• The government wants its share. Register with the Canada Revenue Agency to set up your GST/HST number, payroll deductions, and import/export accounts.
• WorkSafe BC. Registering with WorkSafe BC is a requirement for any business that hires workers. The benefit of completing a WorkSafeBC registration is that as an employer, you cannot be sued for the costs of a work-related injury or disease.
• Insurance. Make sure your business is protected. Visit the Insurance Bureau of Canada to find out what kind of coverage your start-up needs.
• Claim your BBB Business Profile. Search BBB.org to see if we have you in our records or contact us to set up a profile for you. When your business has been established for 6 months, come talk to us about getting BBB Accredited and reap the benefits! Go to www.bbb.org/mbc for more information.
