Entrepreneurs To-Do List


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Entrepreneurs To-Do List

  1. 1. WealthStylesEntrepreneur’s to-do list1. Do your homework – conduct market research, Small Office Home Office Business Groupidentify your competitors, find your niche, and write a www.soho.cabusiness plan, including a financial plan. Try this web “Planning a Home-Based Business”site for sample plans: www.bplans.com/sp. on the BizMove website2. If you’re going to need start-up cash, identify a www.bizmove.com/homebusiness/planing.htmreliable source of funding, whether that means your 5. Contact the appropriate provincial agency to create aown savings or a business line of credit. business name and register it (for example,3. Obtain any permits or licenses that are necessary in Ontario residents would contact the Ministry ofyour line of work. These are usually issued by Consumer and Business Services). Apply for a GSTmunicipalities, so contact your local office or visit the number if you expect to earn $30,000 or moreCanada-Ontario Business Service Centre at annually. You can do this by calling the Canadawww.cbsc.org (1-800-567-2345). Revenue Agency at 1-800-959-5525 or by visiting www.businessregistration.gc.ca.4. Decide how to structure your business by readingabout the pros and cons of sole-proprietorship, 6. Forge a relationship with a reliable financial plannerincorporation and partnerships. These websites are a or accountant who can help you organize your financesgood place to start: and cut taxes. Canadian Council for Small Business and 7. Find out what tax deductions you’ll be eligible forEntrepreneurship www.ccsbe.org/index_en.htm and keep all of your records and receipts.
  2. 2. WealthStyles8. Ensure you have adequate insurance to cover bothyourself and your business. You need to ensure that youcover not only the needs of your own personal income,but business continuation for your customers and anyemployees.9. Make an appointment with your financial advisor tostructure a retirement savings plan. You’re the employer,so it’s all up to you. Compliments of:Manulife and the block design are registered service marks and trademarks of The www.manulife.ca/investmentsManufacturers Life Insurance Company and are used by it and its affiliatesincluding Manulife Financial Corporation. The information contained in this articleis not intended nor should it be considered as providing specific legal or taxadvice. Individuals should consult with their professional advisors to ensure thatany information provided is applicable and appropriate to their specific situation.Commissions, trailing commissions, management fee and expenses all may beassociated with mutual fund investments. Please read the prospectus beforeinvesting. Mutual funds are not guaranteed, their values change frequently andpast performance may not be repeated. The rates of return are used only toillustrate the effects of the compound growth rate and are not intended to reflectfuture values of the mutual fund or returns on investment in the mutual fund.