Rajasri CPA1315 Lawrence Ave E Unit 401 Toronto ON 416-425-0088
Rajasri CPA in Toronto can help you take a great idea and turn it into a profitable small business with some sound start-up tips.
There is a lot more to achieving success with a small business than having a great concept. Some of the greatest ideas fail because of poor planning and financial management, but qualified business accountant Rajasri has a lot of experience helping small business owners get their ideas off the ground and turn them into a lucrative venture with these basic steps.
Determine the market: You think you have a winning idea, but you need to find out if there is a market for your product or service and research the competition.
Write a business plan: A business plan is crucial when starting a new venture. It will provide a detailed road map that outlines the goals of your business and how to achieve those goals with information such as your company mission, a competitor and market analysis and a marketing and financial plan.
Name your business: In order to register your business, you will need a name. Two things to take into consideration when you come up with the perfect name is the marketing or branding potential of that name and the legal requirements.
Determine the legal structure: If you are not familiar with the different types of legal structures for your new business, it’s is a good time to consult with a business accountant. The most common types of business structures are sole proprietorships, partnerships and corporations.
Register your business: Legally, most businesses must be registered and have a business number that is assigned by the Canada Revenue Agency for tax identification. Some activities also require a business licence.
Find financing: If your small business idea involves large start-up costs, you may need to find financing or form a partnership. A qualified accountant can help you with various financing options for a new business.
For more information about commercializing your small business idea, contact Rajasri CPA at 416-425-0088 or visit his office at 1315 Lawrence Avenue East, Unit 401.