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Entrepreneur

January 24, 2017 by Candice Benson

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How to register your business in Ontario

When to Register your Business?

You’ve picked a business name, run a name search and figured out how you want to structure your business (if you haven’t done this step yet, check out this CanadaBusiness site for the list of pros and cons of each structure). Now, let’s figure out if you need to register your business?

Under Ontario’s Business Names Act, you must register your business name with the Province of Ontario if you are operating a business under a name other than the legal name of the owner of the business. Registration applies to:

  • Sole proprietorships who are operating a business that is different from the owner’s name
  • Partnerships (except for partnerships operating under the Limited Partnerships Act)
  • Corporations who are doing business under a different name than their corporate name

What do you get?

When you register your business, you will receive a Master Business License. This will identify you to federal, provincial, and municipal governments and can also be used a proof of business registration with financial institutions. The Master Business License is good for five years, at which point it is up to you to renew it.

How to Register your Business?

You can register online by following the link of this page.  You will need a credit card to process the $60 fee, and an email address to send the license and receipt to. Before you start, you will need to know what structure you will be using (sole proprietor, partnership or corporation), the business name you wish to register, business activity, the physical address of your business (cannot be a P.O. box), and your partner’s legal names and addresses (if having partners).

If you register during business hours, you will be able to print a copy of your Master Business License immediately. Otherwise, it will be emailed to you within 2 business days.

If you would prefer, you may register in person by visiting your local small business centre or Service Ontario office. You can also complete the application by mail for a fee of $80 and a 4-6 week wait for your Master Business License (not recommended).

All Done!

**OUR INFORMATION IS SIMPLY A GUIDE TO ASSIST YOU. WE ARE NOT A LAW FIRM NOR ACCOUNTING FIRM. YOU MAY WANT TO SPEAK TO A PROFESSIONAL BEFORE PROCEEDING TO REGISTER YOUR BUSINESS.**

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Filed Under: Entrepreneur

January 17, 2017 by Candice Benson

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Business Name Search

What is a NUANS Business Name Search search and why do I need it?

A NUANS business name search is a vital first step if you are planning on registering or incorporating your business federally in Canada or provincially in Ontario, Alberta, New Brunswick, Nova Scotia and PEI. Corporations Canada requires that your business name adhere to the following requirements:

  • The name must be distinctive.
  • The name must not cause confusion with any existing name or trade-mark.
  • The name must include a legal element.
  • The name must not include unacceptable terms

To incorporate your business, you must ensure that the proposed business name is available and not used by other people as a trademark or a corporate name.

Quick Tip: If you’re not entirely sure of the wording on your business name, you can save money by doing a Preliminary NUANS Search. This allows you to check up to 3 different names for $15 +tax. (Note: it is limited to an exact match and does not reserve the name like the full NUANS search.)

A NUANS Search provides you with a report on all registered names that are similar to your proposed business name. If a match isn’t found, the NUANS search reserves your proposed business name for 90 days.

Ok, how do I do a NUANS Business Name Search?

To grab your NUANS Business Name Search report:

  1. Visit http://www.nuans-canada.ca/ and click on “Order a Name Search Now”.
  2. Click on the province the business will operate in or “Federal Corporation” to get started.
  3. Select method of delivery. NUANS searches are usually completed within 3 business hours.

I’ve received my report and there are no matches for my business name.

Great! That means you can go ahead and register your business or submit your application for incorporation!

There is a match for my business name.

If your chosen name is exactly the same as another business, you must choose another business name.

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Filed Under: Entrepreneur

January 10, 2017 by Candice Benson

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How To Pick a Business Name

Does it reflect the products and services you offer?

Make sure your business name doesn’t give the wrong impression about what your business offers. A clear connection between your business name and your products or services makes customers more likely to choose your business.

Does it reflect your business values?

Does your name reflect your business values and how you want to be perceived? Your business name is your first impression with potential customers. Is your business fun, professional, quirky, simple or complex? Think about your branding, how do you want customers to feel?

Can customers identify with it and remember it?

Who is your target audience? What are their values? Would they buy from a company with the name you are considering? Will your customers understand the connection between your product/services and your business name? Is your name easy to spell and remember?

While it can be tempting to come up with a clever play on words or use a name with personal significance, if it’s not clear to your customers what you sell, you will be passed over. In addition, if your name does not clearly connect with what you are selling, you may have to spend a lot of money on advertising to associate the name with your products/services.

Is there room to grow?

Choosing a business name is challenging because you do not know if or how you will expand your business in the future. Tying your business to a specific location or specific offering could limit you. Will you be adding products or services? Or maybe adding locations? Will the words you used in your business name be popular in the future? Try to pick a name that allows for future expansion and longevity.

Is it unique and distinctive?

Choosing a name that doesn’t exist in your market or is not associated with another business is very important. The more simple the name, the better. Make it easy for your customers to identify you by having a unique and distinctive name. Once you have a couple of ideas, run them through your favourite search engine to look for businesses already operating under the same or similar names to the ones your are considering.

Are the Domain and Social Network Profiles Available?

In today’s world, your business needs to be online. Check with a domain seller to ensure the url you want is available for purchase. Don’t forget to check your favourite social media channels for business, clubs, and pages using your name. You will want to make sure you have a unique name so that you will be able to create profiles on your favourite social media networks.

Are you allowed to use it?

If you are using a name that is the same or very similar to an existing corporate name or trademark, you will need to get permission to use it. By conducting a Business Name Search, you can avoid the costly mistake of using an incorporated business’s name.

If you are not incorporating, running a name search through Service Ontario could still be helpful. The cost is only $8-$26 depending on report type. Note that non-incorporated names are not protected by law.

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Filed Under: Entrepreneur, Popular

January 3, 2017 by Candice Benson

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Do You Have an Entreprenurial Mindset

Have you ever wondered if you have what it takes to be an entrepreneur? Check out nine common traits of people with an entrepreneurial mindset. Do they sound like you? If so, you might just be suited to the entrepreneurial lifestyle.

You’re always learning

In a fast-changing market, it’s imperative that you enjoy learning new things. New technology, new practices and new products are constantly entering the market, so being stagnant is not an option. An entrepreneur that can keep up with, or better yet predict, trends will be unstoppable. If you welcome change and are adaptable in various situations, you have the right attitude to start building your dream business.

You love a challenge

Setting big audacious yearly goals and smashing them is fun for you. You know that by breaking your big goals into manageable chunks, you can make steady progress and knock some big goals out of the park. For example, if your goal is to become a published author, you know you need to complete 2 chapters of your book each month, so you set a goal of having a chapter completed and edited every two weeks. You could even break it into a smaller daily habit like writing 500 words per day.

You’re resilient

As an entrepreneur, you are going to have challenges and setbacks. What matters most is how you deal with them. Can you persevere through them and see them as a learning opportunity? Can you reflect on what went well and what could have went better, without getting down on yourself or quitting? You may not be able to be positive every moment of every day, but you understand difficulties will pass and if you stay the course you will be successful.

You’re resourceful

People are always saying you have a different way of seeing things or doing things. While going against the grain doesn’t always work when you’re a cog in the wheel of a large corporation, as an entrepreneur, it is celebrated! Being innovative and resourceful are great traits of an entrepreneur. Improving upon processes or streamlining your business can lead to better customer relationships and higher profits.

You follow through

An entrepreneur with a ton of great ideas and no follow through will not be successful, but an entrepreneur with just a few great ideas and great follow through will be. Simply following through on what you say you will do will set you above the other entrepreneurs who make promises and don’t deliver. Word-of-mouth marketing and customer referrals are still the easiest and cheapest way to attract new customers. Make that call to a customer or send that follow-up email to the person you met at the conference.

You can play well with others

No one becomes successful on their own. Whether it’s a parent, spouse, colleague, or mentor, reach out when you need help and don’t be shy to offer your help when you see others struggling. Make sure to recognize people that have helped you along the way with a simple thank you or a small token of appreciation, or pay it forward by mentoring others who may just be starting their journey. Good personal relationships are a must when building a business.

You focus your energy on the big wins

With a million things you could be doing every day, you understand what’s most important to your business’s success. You understand you cannot do everything yourself. You hire experts in fields you do not excel at as a way to save time and money. This allows you to focus your limited energy on the important stuff, that only you can do for your business.

You understand the power of your brand

When you are first starting out, your brand is the most important thing you have. You protect your brand by treating everyone with respect, from customers to employees to people you interact with regularly for business transactions. You grow the power of your brand by freely sharing your knowledge and providing value to your potential customers.

You’re bold

You have the guts to go after your dreams. Getting up early, staying up late, making sacrifices and doing whatever it takes to get your business off the ground. You know that your hard work will pay off in the end with a business and life you’ve only dreamed about.

 

So tell us, do you have an entrepreneurial mindset?

 

If you’re ready to take the plunge, check out our Launch a Business series for helpful tips to get your business started. Stop procrastinating and take that first step today towards building the business you’ve always wanted.

matt_and_candice-1024x739

Hello, we're Candice & Matt. We provide tips, tools and resources to help entrepreneurs build their dream businesses. Read More

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What can you do with dropbox papers

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How To Pick a Business Name

Web Design Branding & Marketing Entrepreneur Productivity Weekly Roundup Behind the Scenes Does it reflect the products and services you offer? Make sure your business name […]

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  • Facebook
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Filed Under: Entrepreneur, Mini-Featured

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