Small Business Week was celebrated in October. Rural Action Centre in Central Bedeque marked the occasion with a workshop called How to Start a Small Business on PEI led by Derek Pierce, Communications Officer with Canada Business Network.
Canada Business Network is a business information resource centre working through the federal department of Innovation, Science and Economic Development Canada. It provides services to entrepreneurs, not-for-profit organizations, students and newcomers looking to find information and data that will help them in their decision making process.
“We are a free, confidential service,” Derek says. “The goal for our small business clients is success through sound business planning.”
Starting the paperwork
He says starting a business is as simple as naming it, promoting the product or service, and charging a fee for the product or service. “It becomes more formal when you want to register the name, begin a partnership, or charge taxes.”
Some of the paperwork is easy to do. “The provincial government has a one-page document to register and protect the name of your business, including the start date, nature of your business, and where it is located. They can help you check a database to see if the business name is already taken. There is a registration fee.”
Derek says as the business grows, you may want to incorporate it. “Incorporation is a legal transaction that separates the person from the business. It further protects your name and your business. One step to incorporate requires separate provincial and federal government forms to be filled out.
“If you plan to hire employees, you need a business number in order to submit remittances for them. A business number is also needed if you charge taxes or plan to export your product. Consult an accountant to see what taxes you may have to pay.”
Permits, licenses & programs
The Canada Business Network website has an extensive listing of permits, licenses and programs. “If you don’t know what permits you need and regulations you need to follow from the start, the impact on your business could be costly later on. For example, if an inspector finds a restaurant doesn’t have the appropriate number of bathroom stalls for its size, the owner would be required to renovate the space to add more.”
Did you know?
There are approximately 10,000 businesses on PEI. Small and medium sized businesses on PEI employ over 92 percent of the private sector workforce. (Statistics Canada, Labour Force Survey).
For more information about Rural Action Centre – Central Bedeque, call 902-887-3400 or toll free 1-855-297-9898 ext. 2.
For more information about Canada Business Network, visit www.canadabusiness.ca.
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