Starting a Business

[GrrlGoalie33]

A friend of mine is seriously looking at starting her own business. She has started looking at city of calgary/service alberta websites, but I told her I would reach out to the CP Braintrust.

What sorts of things should a person be looking out for, need to know when starting their own home-based business.

Thanks!

[Slava]

What kind of business?

[jayswin]

edit: maybe a bit too much information.

[Rathji]

The most general advice I can give is don't over extend yourself.

[3 Justin 3]

Tell her "be ready for failure, it is the only way you learn."

Trust me, I have taken a whole year in Entrepreneur classes. =D

[arloiginla]

You need to have money. Sadly, starting a business is more like buying a job, though if you are successful you re-coup that money and more.

So get ready to have more expenses than you originally estimated.

[Da_Chief]

Start making a plan, get a business license might be a start but I don't know much.

[Ducay]

She's got to have insane drive or a killer business idea, or it'll be a better investment to just burn the cash and save her credit and dignity.

[TSXCman]

show us pics of her, then advice will come

[worth]

Business plan business plan business plan.

[GrrlGoalie33]

For a couple of reasons, she'd rather I didn't give specifics on the type of business just yet, but I can assure you it doesn't involve hookers or blow, or escorts or any of that stuff...lol

She already has contracts lined up, but wants to make sure she starts the business above board. Due to the way she is starting the business (not over-extending herself), she figures the start-up costs are fairly minimal and she can cover the costs without a business loan.

She's looking specifically for info on what to do first, city licensing, provincial, gst. That kind of stuff

[Dan02]

there's the city of calgary business license, then she needs to decide if she's going to incorporate or not. Then there's the taxation issues, payroll account if she'll have employees, the GST account if revenues are going to be over 30k this year, better to be on the safe side and get the GST anyway as under certain circumstances you actually might have to remit less to the government then you collect from your clients.

[SeeGeeWhy]

http://www.calgary.ca/portal/server....a+Business.htm

[4X4]

Keep all your receipts. All of them. Even the ones for hookers and blow.

[flylock shox]

Originally Posted by worth

Business plan business plan business plan.

Lisa needs braces.

[Locke]

Do not incorporate....yet.

Be smart about the GST. On a 'low expense' business, dont jump the gun.

[Bill Bumface]

If you are going to incorporate DO NOT pay someone to do it. It's very easy to go to the registry and do it yourself (30 minutes tops) and to go down to Harry Hays to get a GST number.

Also, if your friend is going to have low overhead for the business, use the quick method for filing GST and you basically get to legally skim some of the GST you collect.

[3 Justin 3]

LOL at people informing the government about taxes.

[cSpooge]

Originally Posted by hulkrogan

If you are going to incorporate DO NOT pay someone to do it. It's very easy to go to the registry and do it yourself (30 minutes tops) and to go down to Harry Hays to get a GST number.

Also, if your friend is going to have low overhead for the business, use the quick method for filing GST and you basically get to legally skim some of the GST you collect.

You can't do it in person anymore you have to phone to do it now.

[amorak]

Originally Posted by Locke

Do not incorporate....yet.

Be smart about the GST. On a 'low expense' business, dont jump the gun.

Good advice.


There is a lot more that, with spending a few hundred bucks, a well-recommended accountant would tell you.

Structuring the business appropriately at its beginnings can pay huge dividends down the road.