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Getting Started: What you need to know when starting a business, Part 2in Small Business Information and Statistics
5. Have I determined which business number components I need? Generally, you need a business number for doing business with the government. The business number is a nine-digit number that gives each registered business its own unique identifier. The business number consists of 2 parts – the business number and the account identifier.
6. Have I determined if I need a business license or permit? You will need to determine if you need a license or permit to be able to do business. The best thing to do is to contact the governing body and ask.
7. Do I have a plan for regular bookkeeping, financial tracking and reporting? Businesses must be looked after on a regular basis so make sure you have a plan in place for bookkeeping, financial tracking and reporting. Best to contact KD so we can assist you on these matters.
8. Do I have a good banking relationship? You may need credit for your business or you may need assistance from the bank with regards to your business transactions so establishing and maintaining a good banking relationship is essential.
9. Do I need financing? Determine not only if, but also how much. There are a few options we can offer to you if you need financing. Call KD to let us know!
There are 5 more important key information you need to know and ask yourself when starting a business. We will look into those last 5 things next week so please check back!
Remember, if you are thinking of starting a business, it is important to discuss this first with your accountant is this is a major financial decision and has huge tax consequences. Call us at KD today!