Steps 3 & 4

3) Government regulations
When starting a business one of the most important things you need to know about are the government regulations for opening up your business in your province. Do your homework, check online on the government websites, make an appointment to talk to somebody knowledgeable with the subjects your business deals with. You want to make sure you have all your You need to make sure everything else is up to code. If you don’t have the proper documentation for your business, you can stand to lose a lot of money in fines if you are not following the regulations. This could potentially make your business go bankrupt. Make sure you understand all the steps you need to take in order for your business to be safe and legal. Go down to the court house, or City Hall and make sure you know your stuff and its right.

4) How much will you need to start?
This is very important question you need ask yourself, can you actually afford starting your own business? When starting your own business you need to do your research and find out how much starting costs are for similar businesses like yours. You can go online, books, or going to businesses like yours and asking for their start-up costs. “There are nearly 2.4 million small business establishments in Canada”. (“Industry Canada,” 2011)You need to know things like how much your rent is going to be, how many employees you’re going to have, and how much their wages are going to be, how much equipment and products you are going to need in order for your business to be successful. You should always prepare ahead and make sure you have enough money from month to month to be able to run efficiently. If you don’t have enough money you can look to family, friends, investors, banks or find a partner and become a partnership. You should do mock cash flow statements to see if you will have enough money to be able to run.