Starting a Business - Page 2 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Caged Great · 05-29-2010, 01:00 PM

I opened my business not that long ago. PM me with what type of business you're opening and some details, I might be able to help.

Ducay · 05-29-2010, 01:52 PM

My Spidey senses tell me your friend's home ebay business isn't going to do so well.

Bill Bumface · 05-29-2010, 04:28 PM

Quote:

Originally Posted by 3 Justin 3

LOL at people informing the government about taxes.

Yeah, god forbid those who are self employed and pay way less of a tax rate compared to everyone else anyway actually contribute to the government services they use everyday.

How stupid.

3 Justin 3 · 05-29-2010, 04:51 PM

Quote:

Originally Posted by hulkrogan

Yeah, god forbid those who are self employed and pay way less of a tax rate compared to everyone else anyway actually contribute to the government services they use everyday.

How stupid.

You couldn't tell the sarcasm? I'm not that dumb.

GrrlGoalie33 · 05-31-2010, 10:27 AM

Thanks for all the advice so far...

So now that she has officially submitted her notice to her current employer, she is ok with getting more info out there.

She is starting a landscaping business. Since I am going to be handling the business side of things for her, how do we start out...go to the province and register with the province, then the city for the appropriate licenses and stuff, then insurance (she needs liability and disability). And there has been some debate on the GST thing. It is likely that she won't hit $30,000 this year, but in the chance that she may, should we file for a GST number?

Slava · 05-31-2010, 10:49 AM

If she isn't going to hit $30k then the GST is a moot point.

As far as disability coverage she'll want that in place asap. It is income based, so the sooner the better...might be almost impossible now that she has given notice however.

I would also advise her to run into the banks immediately and get as much credit as possible based on her current income. As soon as that business is up and running the banks are not going to advance credit for the first two years....better to ask for the money when you don't actually need it.

Locke · 05-31-2010, 10:54 AM

Quote:

Originally Posted by Frankster

Thanks for all the advice so far...

So now that she has officially submitted her notice to her current employer, she is ok with getting more info out there.

She is starting a landscaping business. Since I am going to be handling the business side of things for her, how do we start out...go to the province and register with the province, then the city for the appropriate licenses and stuff, then insurance (she needs liability and disability). And there has been some debate on the GST thing. It is likely that she won't hit $30,000 this year, but in the chance that she may, should we file for a GST number?

NO! Wait until she makes the 30K. Trust me, it'll save you/her a bunch of money.

GrrlGoalie33 · 05-31-2010, 11:19 AM

Quote:

Originally Posted by Locke

NO! Wait until she makes the 30K. Trust me, it'll save you/her a bunch of money.

So until she hits that $30K, we don't charge GST then, right?

Locke · 05-31-2010, 11:21 AM

Quote:

Originally Posted by Frankster

So until she hits that $30K, we don't charge GST then, right?

Thats right. Then you get the GST number and remit for every dollar after 30K.

Huntingwhale · 05-31-2010, 12:06 PM

Here is some advice if your gonna start a crack cocaine business...

-always carry a gun.
-Never front.
-Dont' negotiate price (remember, these people are addicts and will do ANYTHING to get a fix)
-Never step into their vehicle
-Women and teens are the most vulnerable; target them as your main consumer
-Never smoke your own product

Good luck!

3 Justin 3 · 05-31-2010, 02:40 PM

Quote:

Originally Posted by Slava

If she isn't going to hit $30k then the GST is a moot point.

As far as disability coverage she'll want that in place asap. It is income based, so the sooner the better...might be almost impossible now that she has given notice however.

I would also advise her to run into the banks immediately and get as much credit as possible based on her current income. As soon as that business is up and running the banks are not going to advance credit for the first two years....better to ask for the money when you don't actually need it.

Really? So I guess I'll take the loan out before hand even though I have some money.

Damn you HuntingWhale, you ruin every thread with your personal collection of photography.

Flames0910 · 05-31-2010, 02:58 PM

Quote:

Originally Posted by 3 Justin 3

Really? So I guess I'll take the loan out before hand even though I have some money.

Damn you HuntingWhale, you ruin every thread with your personal collection of photography.

Really really. Banks laugh in your face if you come looking for a business loan. Take everything you can now, because if you become a fledgling entrepreneur you're on your own.

Sandra Mallach and Leslie Woods at the UofC both have some great stories about having done this in the past.

Slava · 05-31-2010, 03:24 PM

^ Its a pretty well known fact that the best time to borrow money is when you don't need it. Once you are self-employed to borrow money you need to show two years of notices of assessment....which might mean that you've been in business for longer than two years. I say that partly because of the way the calendar works for tax filing, and also because your first year or two probably won't be pretty. You might start-up and hit a homerun (in which case you won't likely need to borrow money...or the first two years could be no fun at all, and the banks don't want to lend money to a business/business owner who isn't making anything.

GrrlGoalie33 · 05-31-2010, 04:00 PM

The pretty low start-up costs and our outlook at organic growth, make this a business that we really want to succeed, but if it doesn't it isn't going to sink either one of us. Taking out credit is not an option from both personal and business philosophy.

Shazam · 05-31-2010, 04:14 PM

Whatever you do, make sure to make your year end July 31.

Traditional_Ale · 05-31-2010, 05:00 PM

^ Why?

Shazam · 05-31-2010, 05:13 PM

It's much easier to find an accountant for your year end.
You can defer income.

Bill Bumface · 05-31-2010, 05:15 PM

Agreed 100% on making your year end July 31. It gives you wiggle room between tax years while you figure things out, and is perfect to spread the surprise tax hits apart, one due in October and one in April.

Sample00 · 05-31-2010, 05:50 PM

I run a seminar on starting your own business. If you like I can send her a copy of my seminar in note form for her to read through. its about 20 pages with some information in it.
I would need an email address to send it to. Please feel free to PM

squiggs96 · 05-31-2010, 05:55 PM

Quote:

Originally Posted by Frankster

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

Then I can assure you it will fail. All succesful business involve hookers AND blow.