Quick Fact Booklet FOR START-UP AND EXPANDING BUSINESSES

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1 Quick Fact Booklet FOR START-UP AND EXPANDING BUSINESSES

2 Getting Started Contents Getting Started 1 Office Locations Satellite Kiosk Locations Registering a Business Name 2 Choosing a Business Structure 4 Small Business Insurance 5 Choosing a Location 6 Harmonized Sales Tax HST 7 Funding for Your Small Business 7 Getting Down to Business 8 Business Plan Building Why is a Business Plan Important? When is a Business Plan Necessary? What s Next? 9 Business Growth and Expansion The Mentorship Program Important Contacts 10 Whether you have been planning the start of your business for years or have been thinking about it for just a few hours, the process of starting, operating and/or expanding a business can be complex and confusing. The goal of this guide is to provide you a starting point from which to answer some of the basic questions you may have about taking the next step towards establishing or growing your business venture. While providing answers to some of your basic questions, this guide should also point you in the direction of resources that can assist you in operating a successful business. Small business starts here! Office Locations The Business Centre provides services to all municipalities in the Nipissing and Parry Sound regions. North Bay 200 McIntyre St. E, P.O. Box 360 North Bay, ON P1B 8H Fax: Satellite Kiosk Locations Economic Partners Sturgeon Falls 30 Front Street Sturgeon Falls, ON P2B 3L Callander Public Library Callander 30 Catherine Street West P.O. Box 149 Callander, ON P0H 1H Parry Sound 1 College Drive Parry Sound, ON P2A 0A Temagami Public Library Temagami 7 Lakeshore Drive Temagami, ON P0H 2H

3 Registering a Business Name Your Master Business License is required to open your business bank account and operate your business with a trade name. There are several options available to you to register your business with the province of Ontario. Where From your home or business, you can access The Business Centre s website at and follow the links to register your business online with Service Ontario. Credit card required. From The Business Centre s offices in North Bay and Parry Sound, you can utilize the public work stations and available staff to access The Business Centre s website at and follow the links to register your business online with Service Ontario. Credit card required. Your business name registration is instantaneous. Upon completion of your registration, you will receive your Master Business License that contains your Business Identification Number (BIN). The cancellation of a business name or an amendment to the address can be made at no cost. A sole proprietor is not required to register if the business is being conducted under the owner s personal name. Example John Smith does not need to register John Smith s Cleaning must register North Bay s Service Ontario office, located at 447 McKeown Avenue, Suite 111 accepts cash, business cheques, debit or credit card payment for the registration of your Master Business License. Parry Sound s Service Ontario office, located at 7 Bay Street accepts cash, business cheques, debit or credit card payment for the registration of your Master Business License. Cost Instant Business Name Registration and Renewal $ 60 Instant Business Name Searches (optional) $ 8 This process searches the database of Ontario sole proprietorships and partnerships in operation only. The Business Names Act does not prohibit the registration of identical business names. However, if you choose to use a previously registered name or if the name you choose is confusingly similar to that of a registered business, this could result in legal action. 2 3

4 Choosing a Business Structure There are three basic structures under which a business can operate. Sole Proprietorship This is the simplest and most popular form of business ownership. Under this structure, there is only one owner. This individual is entitled to all the profits and is responsible for all the liabilities of the business. Small Business Insurance Obtaining insurance for your small business is an essential step to consider before you open your business. It is the job of your insurance broker to tailor a policy that best fits the needs of your small business. Insurance packages are available for Retail/Wholesale/ Service businesses. Some examples of insurance coverage you may need to consider include: Partnership This is a form of business ownership consisting of two or more individuals. There are two different types of business partnership; general and limited. In a general partnership, all partners are involved in the management of the business and are jointly and separately responsible for the debts of the business. In a limited partnership, one or more partners limit their liability for partnership debts beyond their capital contributions by not being actively involved in the management of the business. Incorporation Under this business structure, the business is a separate entity from the owner. The company earns revenue, incurs losses and pays taxes separately from the business owners. The process and fees associated with incorporating a business vary from registering a sole proprietorship or partnership. A NUANS business name search and Articles of Incorporation must be completed and filed to incorporate a business. A corporation is identified by the terms Limited, Ltd., Incorporated, Inc., Corporation, or Corp.. The term used is at the discretion of the person incorporating the business. Comprehensive General Liability Provides for 3rd party liability insurance to cover your business operations. Property Provides for coverage on buildings, equipment and inventory. Most policies also provide many extensions of coverage. Crime Insurance Provides coverage for money, securities and employee dishonesty. Automobile Provides coverage in the event you use your vehicle in conjunction with your business operations. Automobile is typically written separately. For additional information on the different types of business structures, as well as the advantages and disadvantages of each visit the Canada Business website at 4 5

5 Choosing a Location The location of your business will depend on the type of business, the resources you require and where your customers are located. No matter what type of location you are looking at for your business, you should always check with your zoning department to ensure your location is zoned appropriately. Types of Business Locations Home Based Some entrepreneurs start operating their business at home, then move to a commercial space as their business starts to grow. Others start at home with no thought or intention of ever moving. Benefits to this type of location are that you do not need to worry about negotiating leases, commuting, or paying rent every month. Limited room for physical growth and the fact that you may find accommodating employees or meetings with clients difficult are some examples of drawbacks of a home location. Retail Retail space comes in a variety of different shapes and sizes and may be a stand- alone location or located with other businesses. You will find retail space in enclosed malls, strip shopping centres, free-standing buildings and in downtown shopping districts. Mobile Whether your business targets the general public or other businesses, if you have a product or service that you take to your customers, your ideal business location may be a car, van or truck. Commercial Commercial office buildings and business parks offer traditional office space geared to businesses that do not require a significant amount of pedestrian or automobile traffic for sales. Commercial office space can be found in downtown business districts, business parks or interspersed among retail facilities. Industrial If your business involves manufacturing or heavy distribution, you will require a plant or warehouse facility. Possible locations include light and heavy industrial parks and free-standing commercial buildings that are properly zoned. Harmonized Sales Tax HST What is Harmonized Sales Tax? The Harmonized Sales Tax is the name used in Canada to describe the combination of the federal Goods and Services Tax (GST) and the regional Provincial Sales Tax (PST) into a single value added tax. For most businesses, you have to register for HST when your total annual sales of taxable goods and services exceed the limit of $30,000. For registration information specific to your business, please visit the Canada Revenue Agency website at and select GST/HST under Links for business or call Funding For Your Small Business Funding is a critical factor in starting a business. You will require money to cover costs like equipment, tools, leasehold improvements, renovations, as well as the advertising and marketing of your small business. Businesses can be financed through debt (borrowed money) and equity (invested money). The type of financing you will seek out depends on: How much money you need How you are planning to use the money How long you require the money for For more information on the funding options available to you please visit or call us at ext

6 Getting Down To Business Building a Business Plan A business plan is a written overview of your business. It describes both your short-term and long-term goals and objectives for the business you are starting or expanding. A business plan gives the business owners and any others who read the plan a thorough understanding of the product or service the business is offering, the marketplace in which the business will operate, measurable goals and objectives for the business to meet, financial forecasts and more. Why is a Business Plan Important? A business plan helps you think through and evaluate your business idea. It helps you organize and present information on your business ideas and goals, and helps you to communicate it easily to others. Remember that a business plan is not a static document. As market conditions change, new products are added or financial projections surpassed, the plan should be updated to reflect the new situation in which the business is operating. When is a Business Plan Necessary? A business plan is required when you are seeking financial assistance. Whether it is a bank loan or a government grant, you will be asked to submit your plan. What s Next? Business Growth and Expansion As your business grows, The Business Centre is here to assist with updates to your business plan, site location, searches, and access to funding that will enable you to implement your expansion plans. The Mentorship Program The Mentorship Program is a customized program that pairs industry experts with entrepreneurs. Through peer-to-peer learning, mentors provide experience-based knowledge that allows the mentees to avoid time consuming obstacles while expediting the development of their business. Mentees will be looking to expand their business, increase their profits and efficiency, focus their marketing efforts, and expand their professional network while building lasting relationships. For more information on the Mentorship Program please visit or call ext

7 Important Contacts Municipal Information Harmonized Sales Tax Ministry of Finance 447 McKeown Ave. Suite 102 North Bay, ON P1B 9S9 Tel: or Website: rev.gov.on.ca North Bay Parry Sound District Health Unit North Bay Location 681 Commercial Street North Bay, ON P1B 4E7 Phone: Parry Sound Location 70 Joseph Street, Unit 302 Parry Sound, ON P2A 2G5 Phone: Toll Free: Burk s Falls Location 17 Copeland Street, Box 484 Burk s Falls, ON P0A 1C0 Phone: Toll Free: Workplace Safety & Insurance Board (WSIB) Ministry of Labour 128 McIntyre Street West North Bay, ON P1B 2Y6 Tel: or Website: wsib.on.ca Canada Revenue Agency Tel: Website: cra-arc.gc.ca Employer Health Tax Ministry of Finance 447 McKeown Avenue, Suite 102 Tel: or Website: rev.gov.on.ca North Bay & District Chamber of Commerce 1375 Seymour Street North Bay, ON P1B 8J8 Phone: Website: northbaychamber.com Parry Sound Area Chamber of Commerce 70 Church Street Parry Sound, ON P2A 1Y9 Phone: Website: parrysoundchamber.ca City of North Bay 200 McIntyre Street East North Bay, ON P1B 8H8 Phone: Website: cityofnorthbay.ca Municipal Licenses Ext Zoning Planning Ext Ext Building Permits Ext Economic Development Ext Tax and Water Ext Fire Prevention & Safety Ext Vendors/ Parks Permits Ext (Parks & Rec.) Town of Parry Sound 52 Seguin Street Parry Sound, ON P2A 1B4 Phone: Website: townofparrysound.com Municipal Licenses Ext. 235 Zoning/Planning Ext. 223 Building Permits Ext. 221 Economic Development Ext. 216 Property Tax Ext. 226 Water Ext. 217 Fire Prevention & Safety Vendors / Parks Permits Ext. 227 (Parks & Rec.) Additional contact information for townships/municipalities in the Nipissing and Parry Sound districts is available on request from The Business Centre Nipissing Parry Sound Inc