Corpcentre's Blog

October 13, 2009

Common Mistakes of a Start Up

Most of us dream of becoming an overnight success. We have thought of the greatest business idea that will lead us to riches. It may happen. Then again, it may require good, old-fashioned hard work and dedication to make that first million. No doubt, though, that self employed entrepreneurs have that desire and drive to give it a try. By avoiding some common startup mistakes, the chances of success increase greatly.
 
It is vital to set yourself apart from others. You have to convince customers that your business is the right choice. What is your specialty that will entice business to come your way? Being the same as others in the trade won’t cut it. Also, copying someone else’s idea because they were successful at it won’t bring you long term success.

You have to sell your service or product to the public. Don’t expect a colourful flyer or flashy website to do the work. Similarly, your credentials are important for your credibility. But the bottom line is demonstrating what you can do with those credentials.
 
Did you start out with a business plan? Use this document to chart your business and don’t be afraid to alter the plan as necessary. Many new businesses realize in the first few months that change is essential. Although you probably want to see your business in print, don’t sink money into advertising until you’ve worked out the initial kinks and have settled on the long term version of your business.
 
Be sure to advertise your business where it counts. Get out and sell your service or product to the appropriate crowd. Also, don’t let hecklers or criticism deter you. Setbacks happen. Don’t let them overwhelm you. Marketing must be ongoing. Don’t stop after a few tries. You want the public to identify you with your business. Continue the marketing and be persistent and convincing!  Motivate yourself and you’ll succeed in motivating others. 
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July 2, 2009

Why should I incorporate my business in Canada? – Part I

You’re a Sole Proprietor

You’re a small business owner, or thinking of starting a small business. As a sole proprietor, you make all the decisions and earn all the profits, but you also bear all the risks and obligations. Start-up is easy and inexpensive, and dissolving the business would be too, should the need arise. But the big disadvantage of continuing this way is unlimited liability. As the owner, you are liable to the full extent of your personal assets for any liabilities, debts and losses that your business incurs.

Register your sole proprietorship in Canada

You’re a Partnership

Maybe you have a partner in your small business; so there are at least two people to share in all the profits and/or losses. Just like a sole proprietorship, a partnership is easy to form and dissolve and not so formal in general to operate. Again, though the great drawback to a partnership is unlimited personal liability for all the partners for any debt or loss incurred by any other partner in the business; regardless of each individual’s capital contribution.

Register your partnership in Canada

You’re Thinking About Incorporating in Canada?

As a corporation, however, your company would be a separate legal entity from its owners, or shareholders. The shareholders control the corporation because they have voting rights. The extent of those rights depends on how many shares each one holds. The shareholders elect and remove directors and approve major corporate decisions. But the company is run by directors and officers, who may or may not also be shareholders. To incorporate, a company must file the Articles of Incorporation (also called a Charter or Certificate of Incorporation) with the government.

Incorporate your business in Canada

Stay tuned for future posts about selecting a corporation name, trademarking, and more info on incorporating your company.

Incorporate in Canada with CorporationCentre.ca
Click. You’re incorporated ®

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