Getting Started

You've done your research; now you're ready to start your business. Here’s a list of things you need to do:

1. Start up capital

First you'll need money to start up and run your business. This is money for a computer, a desk, office supplies, a fax machine, an additional telephone line, internet service and anything you'll need to produce your product or service. This amount could range from a few hundred dollars to several thousand and, if you're going to buy an established business or a franchise, it could be much more than that.

2. Business plan

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

3. Choose a logo/name

With a well-designed logo, potential clients can instantly discover how your business can serve them. Your logo is a visual representation of everything your company stands for. A good logo can build loyalty between your business and your customers, establish a brand identity, and provide the professional look of an established enterprise. Once you have chosen a logo that embodies your company's mission, make sure you trademark it to protect it from use by other companies. You can apply for a trademark at the Canadian Trademarks Office in Ottawa.

Once it's protected, use it everywhere you can on business cards, stationery, letterhead, brochures, ads, your Web site and any other place where you mention your company name. This will help build your image, raise your company's visibility and, ideally, lead to more business.

Creating a logo sounds easy, doesn't it? It can be. Just remember to keep your customers and the nature of your business in mind when you put it all together. In time, you'll have succeeded in building equity in your trademark, and it will become a positive and recognizable symbol of your product or service.

4. Incorporation

The main advantage to incorporating is the limited liability of the incorporated company. Unlike the sole proprietorship, where the business owner assumes all the liability of the company, when a business becomes incorporated, an individual shareholder's liability is limited to the amount he or she has invested in the company. If you're a sole proprietor, your personal assets, such as your house and car can be seized to pay the debts of your business; as a shareholder in a corporation, you can't be held responsible for the debts of the corporation unless you've given a personal guarantee. On the other hand, a corporation has the same rights as an individual; a corporation can own property, carry on business, incur liabilities and sue or be sued.

While corporations can borrow and incur debt like any sole proprietorship, they can also sell shares and raise equity capital, a big advantage because equity capital generally does not have to be repaid and incurs no interest. (Of course, by issuing shares, you are reducing your percentage of ownership in the company.)

5. Partnership agreements

If you and your partners don't spell out your rights and responsibilities in a written partnership agreement, you'll be ill-equipped to settle conflicts when they arise, and minor misunderstandings may erupt into full-blown disputes. You and your partners can establish the shares of profits (or losses) each partner will take, the responsibilities of each partner, what will happen to the business if a partner leaves, and other important guidelines.

6. Virtual office

Virtual office is a term for shared office services, which normally includes business address, mail & courier services, phone services, fax services, answering services or Intelligent Assistants, web hosting services, and meeting & conference facilities.

7. Business cards, letter head, invoices etc.

This is a form of advertising for you and also gives the impression that you are a professional.

8. Accountant, bookkeeper

An accountant is an individual who performs accounting tasks for individuals or companies. The exact material that an accountant handles varies depending on the size of the company and the accountant's specialization, but generally includes financial records, taxes, and responsibility for the issuing of financial reports. An accountant is one of the primary figures in a business that he or she works for, whether it is a multinational corporation or a small family owned business.

In a small firm, an accountant may be responsible for keeping all financial records. These records include payroll information, accounts payable, accounts receivable, retail sales, and information regarding investments held by the company.

Bookkeepers perform general accounting duties. They maintain complete sets of financial records, keep track of accounts and verify the accuracy of procedures used for recording financial transactions. They are employed by private businesses, governments and virtually every other type of institution.

9. Marketing strategy

Marketing is everything you do to place your product or service in the hands of potential customers. It includes diverse disciplines like sales, public relations, pricing, packaging, and distribution. Marketing is about meeting the needs and wants of customers.

10. Online business/Web design

Our team of website designers are based in Toronto and have the experience and knowledge to create a website design that fits your brand, your market and your budget.

To ensure the right outcome, our methodology guides each step of the process from analyzing your requirements through to planning, developing and supporting your site. Our team includes programming and website / graphic design staff whose mission is to deliver a website that not only looks great, but encapsulates the unique personality of your business and what it stands for.

11. Choosing a domain name

A good domain name should be easy to remember, easy to spell, and preferably short. The name of your company is always a good choice. Naming a site after its domain name is important, for the simple reason that when people think of your website, they'll think of it by name. If your name is also your URL, they'll automatically know where to go. For example, when people think of edlconsultingservices.com, they don't have to wonder what URL to type into their browser to get there. The name of the site is also the URL.

EDL Consulting Services can assist you with choosing the right domain name.

12. SEO

What is SEO? Search Engine Optimization. SEO is the process of increasing traffic and attracting the right visitors to your website. In essence what you are doing, is trying to get your website to the top of the search engines. SEO has proven to be one of the most cost-effective forms of marketing available.

We offer search engine marketing services to help you exceed your online marketing goals. Increase your organization's online presence using our complete search engine marketing services. We position your site to attract your ideal client. Our strategic web site marketing brings in, not just web traffic, but optimum profit. What are you waiting for?

13. Budgeting (personal/business)

EDL Consulting Services will help you manage your personal and business financial affairs. We will sit down with you and create a day-to-day or monthly budget. A budget should have a purpose or defined goal that is achieved within a certain time period. The process for preparing a day-to-day or monthly budget includes:

• Listing of all sources of monthly or bi-weekly income
• Listing of all required, fixed expenses, like rent/mortgage, utilities, phone
• Listing of other possible and variable expenses

We will create a budget template on excel and teach you how to use it.