Welcome to Series 2 Part 4

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𝐁𝐫𝐚𝐧𝐝𝐢𝐧𝐠

Now that you have your business name and logo it’s time to work on branding.

Your branding makes your company distinctly yours. Think of it as your business personality. It’s important that clients see a social post and instantly recognize the company providing it – brand recognition. Think of brands that you love like Starbucks, Amazon or Coke. You know the logo and it makes that company distinctly stand out to you without ever reading a word.

Keep on brand by making sure that your font and colouring and language stays consistent whether it’s in a social post, website, blog or newsletters.
Branding can also help simplify marketing decisions because advertising, events or sponsorship will either fit with your branding or they won’t.
This is also an excellent time to consult with a professional to help ensure you also stay on brand!

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Jodi

Welcome to Series 2 Part 3

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𝐋𝐨𝐠𝐨

This is where you may want to start working with an expert.

Colours can evoke emotional responses from people so think back to who your ideal client is. Also, what colour tones work with the theme of your business. Do you want clients to feel that it is a loud and bold business by using bright colours or is it soft and soothing using more muted colours?

Does the lettering and font match the feeling of the experience you are trying to create?

In business everything matters. Is your business card a standard size or do you want it to stand out by using a fun shape or size? Does the quality of the paper reflect your business and the integrity of the product you are providing? People can form an opinion of your business very quickly by simply looking at your logo. Especially during web searches - is it going to make them want to click and investigate or will they quickly move on to the next company because it doesn’t give them the feeling they are looking for.

Make sure your logo reflects your business and that it’s something your ideal client would love.

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Jodi

Welcome to Series 2 Part 2

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𝐍𝐨𝐰 𝐭𝐡𝐚𝐭 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐚𝐦𝐞 - 𝐍𝐞𝐱𝐭 𝐒𝐭𝐞𝐩𝐬

Once you have settled on a few names for your business don’t forget this important step…is it available? Do a google search to see if the name is already being used. If it is, is it in a competing market? You don’t want to choose a name that’s already being used by someone in your industry however if it is a completely different industry you still may able to use the name.

The next step is to see if the name is available on social media sites and if the web domain is being used. If everything checks out then go ahead and register your business name and secure the social sites.

You’re almost there!
Next time let’s discuss logos and branding.

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Jodi

Welcome to Series 2 Part 1 of Our Small Business Info Series

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𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐚 𝐧𝐚𝐦𝐞 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬

Now that you have that great business idea, it’s time to pick a name – sometimes the biggest roadblock to actually getting started! Here are some tips to get you thinking in the right direction.

First, start with what it is you “actually” do and who is your ideal customer. Let’s say you’re a travel agent for example. Although what you selling are vacations what you are “actually” providing is travel experiences and adventures. Who is your ideal client, who do you enjoy working with and want to attract – get as specific as you can. Is it anyone with extra money or is it women that own their own businesses, who need luxury time away from the office?

Now brainstorm words that would attract your ideal client. In the above example, it may be luxury, spa, getaway, adventure or pampering. What words would make your ideal client feel the service you are providing.
The next thing to consider is to make sure it is a memorable name that is easy to spell. A common mistake is using a word that is easily misspelled and therefore you may not get people to your social sites as easily as possible.

Once you have a few ideas down on paper get a group of friends together to get an honest opinion. Have fun with the process and get creative!

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Jodi

Welcome to part 4 of Our Small Business Info Series

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Welcome to part 4 of our 𝘚𝘮𝘢𝘭𝘭 𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴 where we will highlight 𝐒𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐚𝐬𝐢𝐜𝐬.
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A commonly asked question is "𝐖𝐡𝐞𝐧 𝐝𝐨 𝐈 𝐧𝐞𝐞𝐝 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐮𝐦𝐛𝐞𝐫?”
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You will need a business number if you incorporate or if you need to interact with the federal or provincial government on behalf of the company. Think payroll and GST/HST. You can go online with the CRA to register for a business number. You will receive a unique 9-digit business number which will be used to identify your business.

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Jodi

Welcome to part 3 of Our Small Business Info Series

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Welcome to part 3 of our 𝘚𝘮𝘢𝘭𝘭 𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴 where we will highlight 𝐒𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐚𝐬𝐢𝐜𝐬.

This week we continue expanding your knowledge on the types of business you may choose to operate.

𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 – A corporation is a legal entity, separate from the owners. The corporation earns the income and expenses are paid from the corporation. The owners have shares of the corporation and are called shareholders. Shares of the corporation can be bought and sold, and it does not affect the corporation’s existence. To set up a corporation you need to go through legal steps and complete articles of incorporation. You’ll also need to have a lawyer keep a record of minutes annually and you’ll have to file a corporate tax return called a T2.

The corporate year-end does not have to be December 31 but is typically on the anniversary date of the corporate set up. Taxes must be filed within 6 months after the corporation’s year-end.

Because of the costs associated with operating a corporation some people choose to start a sole proprietorship and then move to a corporation as their assets build. It’s a good way to save tax on money that is kept in the corporation.

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Jodi

Welcome to part 2 of Our Small Business Info Series

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This week we continue expanding your knowledge on the types of business you may choose to operate.

𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 – a business that you start with someone else. Could be a friend, a spouse or life partner, or someone you just met, and you have a great business idea together. Could be 2 or more partners, doesn’t matter. A partnership does not have to be a 50/50 split. You can decide the percentages based on money contributions, work, property or skills brought to the partnership. It can be formed with a contract or a verbal agreement, but you should set the terms for entering and leaving the partnership, division of income and other stuff. It’s kind of like a marriage, things always start out rosy and hopefully they stay that way. However, I want you to go in with your eyes wide open and plan for the worst-case scenario – have all of the terms written out so if things go south everyone is protected.
The partnership does not have to file a separate income tax return. Instead each partner includes their share of income or loss on their personal tax return. Each partner needs to file a T1 tax return and a form T2125 Statement of Business or Professional Activities.

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Jodi

𝐒𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐚𝐬𝐢𝐜𝐬

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During these last few months, we’ve noticed that some of our clients have been looking into alternative business opportunities or side hustles as we like to call them.

I’ve decided to start a 𝘚𝘮𝘢𝘭𝘭 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴 to help you with the boring, (hopefully not too boring) but necessary info that you should know if you are starting yours. It will make things a lot easier down the road if you are aware of all the things at the beginning.

Let’s start with some basic knowledge on the types of business you may choose to operate.

𝐒𝐨𝐥𝐞 𝐩𝐫𝐨𝐩𝐫𝐢𝐞𝐭𝐨𝐫𝐬𝐡𝐢𝐩 – a business that you and you alone own, it’s your baby and everything belongs to you. Another word for this is self-employed. You make all the decisions, make all the money and assume all the risk. You pay the income tax on all the profits and include this on your personal tax return. If you have outstanding debts, creditors can come after your personal assets.

Your business can be set up in your name, or you can operate under a business name. If you choose to use a business name, then you should set up a bank account in that name and you may also want to register the name and get a business number. You will need a business number if you have a payroll or need to collect GST/HST.

You will need to pay tax on any income that your business has earned and you may have to make Canada Pension Plan (CPP) on that income.

At tax time you will need to file a T1 tax return and a T2125 form which is a statement of business or professional activities.

Check back next week for part 2 of our 𝘚𝘮𝘢𝘭𝘭 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴!

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Jodi