In this article I’ll tell you about Business Start Up Canada. The key to starting a business in Canada or any other country is to have loads of determination, motivation and perseverance. You need to follow a systematic series of steps to get your business started on an even keel.
The first step while you set out to start your Canada business is to get a list of business options from the net and choose one which gives you the opportunity to do what you like to do. In short you need to search for an option that gives you the opportunity to do what you enjoy doing and thus develop your overall personality.
The next step after you have finalized what business venture you are going to open is to build up a stable financial base with requisite financial planning. The financial and Canada business planning when in place, will allow you to gain information about the industry at large and thus it will help you know the nuances and grant you ample business sense. It is a good opportunity to have this financial planning in place as it gives you the much needed stability where finances are concerned giving you an advantage over other non planning business ventures.
After you have built and decided the finances that you will be requiring for your venture you need to gather the startup funds. The initial amount that is required is different for each business. Money is a bug problem unless you own an oil well or you have property amounting to millions of dollars.
There are many outlets for money from which one can get the required amount to help start the business. Loan programs like the Canada business loan program enable small business get that initial amount after tying up with financial institutions and money lenders.
There are however many aspects that need to be taken care off before the loans are approved by the bank. Some of the criteria for gaining approval of a business funding loan scheme are as follows:
– Business venture hoping to gross over $4 million and above are considered.
– Business ventures like agriculture, charities and religious organizations are not eligible for this scheme.
– After the loan is sanctioned for which the amount may vary from $100,000 to $500,000 certain amount may not be used to renovate the existing property. The limit is up to $350,000 which can be used to improve the property and not more.
– In order to be eligible for this loan scheme you need to fill in the loan form which is available at your local bank branch. Among the many banks that are associated with the Canada business loan program are the National bank of Canada, HSBC and Canada’s Credit Unions.
After your loan is done, you need to look out for the location, accounting system, taxes, employer obligations and most importantly the business insurance scheme which will help you to get over the financial problem if at all disaster or financial crisis strikes your company.
There are however certain criteria that needs to be met before you are eligible for loans from these institutions. Some of them include sound business knowledge; guarantee of profits and sales at a period of six months and the most important is a gross annual turnover of about $5 million or less.