Starting a business can be exciting, but knowing where to begin is key. This checklist is designed to help first-time entrepreneurs in Alberta navigate the essential steps, from planning and registration to legal and financial considerations. Use it as your guide to confidently launch your new venture. Use it as your guide to confidently launch your new venture, and for your convenience, you can download a one-page version of this checklist.
1. Decide on Your Business Idea
- Choose the type of business you want to start.
- Assess whether you need additional education, experience, or certifications to succeed in your chosen field.
2. Conduct Market Research
- Start with basic research to evaluate your business idea.
- Dive deeper with primary and/or secondary market research to better understand your overall market, target market and competitors.
3. Write a Business Plan
- Outline your business goals, strategy, target market, operations and financial projections.
- Consider seeking professional guidance from a business advisor, accountant, etc.
4. Plan Your Finances
- Develop a budget. Determine how much of your own money you’ll invest and how much additional money you may need.
- Explore additional financing options, such as loans, investors or specialized financing programs.
5. Choose Your Business Structure
- Select the form of business structure that best suits your needs:
- Sole proprietorship
- Partnership
- Corporation
- Register your business name and structure through a registry office,
or
6. Obtain Required Business Numbers and Accounts
When you register your business, you should automatically receive a Federal Business Number (BN). You may also need to set up the following with the Canada Revenue Agency (CRA) depending on your circumstances:
- GST/HST Account
- Payroll Account
- Corporate Tax Account
- Import/Export Account
- Other industry-specific accounts
7. Determine Your Business Location
- Decide if your business will be:
- Home-based
- Retail/commercial
- Industrial
- Ensure the location meets zoning, bylaw, or permit requirements.
8. Apply for Licenses and Permits
- Apply for the necessary business licenses or permits at the:
- Municipal level
- Provincial level
- Federal level
- Industry-specific level
- Ensure compliance with all applicable bylaws and regulations.
9. Understand Your Tax Obligations
- Learn about the tax implications for your business, including revenue declarations and eligible expenses.
- Consider consulting with an accountant and choosing bookkeeping/accounting software early on.
10. Handle Legal Considerations
- Meet with a lawyer to address any legal needs, such as:
- Legal risks & liability considerations
- Incorporation
- Commercial leases
- Shareholder agreements
- Employment contracts
- Other legal documents
11. Set Up Your Business Bank Account
- Determine which bank account you will use. Note that incorporated businesses are required to have a separate business account.
12. Get Insurance
- Look into commercial or business insurance to protect your assets and operations.
13. Secure Intellectual Property (if necessary)
- Consider whether you need protection for your business’s intellectual property:
- Patents
- Trademarks
- Copyrights
- Industrial designs
- Trade Secrets
14. Develop Your Brand
- Start building your brand with:
- A logo
- A website
- Business cards
- Signage
15. Plan for Employees
- If you’re hiring employees, understand Alberta’s employment standards and set up payroll and Workers’ Compensation Board (WCB) accounts as needed.
16. Choose Payment Systems
- Decide on the methods of payment you’ll accept and how you’ll process payments (e.g., receipts, invoices, online payments).
17. Purchase Equipment and Materials
- Acquire all the tools, inventory, and office supplies necessary for your business operations.
18. Organize Your Internal Systems
- Develop internal systems for record-keeping, file management, and day-to-day operations.
- Consider which software (e.g., customer relationship management (CRM) tools) will help streamline your processes.
Launching a business may seem daunting, but with the right plan in place, you’re setting yourself up for success. By following this checklist, you’ll cover the key steps needed to get your business off the ground in Alberta. For personalized guidance and expert advice, don’t hesitate to book a free appointment with a Business Link Advisor. We’re here to help you every step of the way.
