Steps to Starting your Business
Step #1. Determine your entrepreneurial potential
Determine your potential as an entrepreneur by completing the Entrepreneurial Self-Assessment Tool
Step #2. Develop your business plan
A well thought out business plan is the key to success when starting any business. Use the following business plan/cash flow templates as a starting point. At any time reach out to a business analyst to answer any questions you may have or to walk you through the provided templates
Step #3. Determine your financing needs
Once you have completed your business plan and have determined your financing needs, you may be required to apply for a loan. If you require financing to get your business started, click here to learn more about financing available through Community Futures.
Step #4. Apply for a business license
City of Revelstoke Business License: If you are doing business in Revelstoke, you will be required to get a business license with the City of Revelstoke. Learn More
Inter-Community Business License: The City of Revelstoke is part of the Okanagan Similkameen Region Inter-Community Business License Program. This additional license at a cost of $150.00 allows you to operate your business in participating municipalities. Learn more
Step #5. Choose a business name
If you want to use a business name that is anything other than your personal name, you will need to have your business name approved by, and then registered with BC Registry Services. If you need help coming up with a great business name, Small Business BC offers some tips on how to choose the perfect name.
Step #6. Register your business
If your business is a sole proprietorship or general partnership, you can register it easily with the Province of British Columbia online using the OneStop Business Registration Service
Step #7. Secure your online presence
In today’s world it is almost essential for a business to have an online presence, whether through company listings, social media or a company website.
Step #8. Register for PST
PST is a retail sales tax that applies when a taxable good or service is purchased, acquired or brought into British Columbia, unless a specific exemption applies. This means that if you sell or lease taxable goods or services, or provide accommodation, in British Columbia, you may be required to register with the Ministry of Finance to charge and collect PST.
Step #9. Register for GST
If you sell or provide goods and services in Canada and your annual worldwide GST taxable sales, including those of any associates, are more than $30,000, you may be required to register for goods and services tax (GST). To register online with the Canada Revenue Agency, go to the OneStop Business Registry.
Step #10. WorkSafeBC
If you plan to hire employees – or have established your new business as a corporation – you will need to register with WorkSafeBC and pay WorkSafeBC insurance premiums. This will ensure you and your workers are covered in case of work-related injury or disease. If you are self-employed, you may also want to apply for WorkSafeBC’s Personal Optional Protection.
Step #11. Canada Revenue Agency
If you are hiring employees and you are paying salary, wages, bonuses, vacation pay or tips to your employees – or providing a benefit to your employees such as boarding or lodging – you will need to register with the Canada Revenue Agency (CRA) for a payroll deductions account. This account will enable you to make the required Income Tax, Canada Pension Plan (CPP) and Employment Insurance (EI) payments.