Getting Started: What you need to know when starting a business, Part 2

by in Small Business Information and Statistics
Getting Started:  What you need to know when starting a business, Part 2
Last week, we published the first part of this blog series where we listed the first 4 things you should know when starting a business.  These first four things include your business structure, your business name, domain for website and if you need a minute book.  Here are the next 5 things you will need to know and ask yourself if you want to start a business.

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! 
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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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