Startup Checklist: Bring Your Business Idea to Life

By AMA Staff

Ready to bring your amazing business idea to life?

Business Link, Alberta’s entrepreneurial hub, offers a handy startup checklist for starting your own company. Here are some of the things you should do:

• Create a business plan, including market research and financing options.

• Select a business name and business structure—usually a sole proprietorship, partnership or corporation.

• Visit an AMA centre to register your business.

• Decide on a location for your business—home, based, retail, industrial.

Five important steps to starting your small business

• Apply for required business licenses and/or permits with your local municipal government.

• Select accounting software for your day-to-day needs and hire an accountant to process your books for income tax and GST returns.

• Apply for a business number to pay corporate income tax and GST.

• Set up a website, phone number and social media accounts for your business.

• Speak to an AMA Insurance expert to find out whether business or personal insurance (health, liability, business insurance for your vehicle) might be necessary for your business.

What you need to know about business insurance

• Determine your payment processing system and what forms you’ll accept—cash, cheque, credit card, debit card, PayPal, etc.

• Hiring employees? Be up to date on human resource requirements, including employment standards, payrolls, and workers’ compensation.

• Hire a lawyer to help with business contracts or other agreements.

• Consider how you will market your business and who your audience is. Develop marketing materials to advertise.

Sound daunting? We can make it easier. AMA Registries and Business Link experts have teamed up at certain AMA locations to help you check most of these items off your list. Visit us online for more information or to make an appointment with Business Link.