As a business owner in the home renovation and repair industry, it’s important to know about the industry standards. Registering your business can not only help legitimize your business but also gain homeowners’ trust and help them to hire you with peace of mind. If you have the entrepreneurial mindset and the right skills along with certifications, there’s no end to your success in this industry. Being a business owner offers many benefits – while there may be challenges along the way, you can reap equal rewards. However, it’s best to start with the registration process if you haven’t already done it.
Here’s how you can register your home renovation or construction business in Canada.
Determine The Details Of Your Company
The first few things you need to establish are your business name, official address, places of operation, and your specialty. When choosing a name for your business, make sure to follow the best practices, as outlined by the Government of Canada. Also make sure that there aren’t other businesses with the same name, to avoid legal troubles. Apart from this, you also have to decide on the type of business you want to register for, under the business name. All this information will also be helpful when you are creating invoices for your clients.
Establish Finances And Business Relationships
A business venture also requires plenty of financial resources and planning, that you need to lay out before you start. It’s important to plan out how you will be funding the business. There are many things under the financial umbrella – equipment, marketing, vehicles, staff and more. At this point, it would also be a good idea to plan business relationships that you would potentially need. If you need any raw materials or need to outsource work to a subcontractor, you can start networking before establishing the business. You can also find subcontractors on HomeStars who you can hire after checking their reviews and Star Score.
Figure Out The Taxes For Your Business
Depending on your business and places of operation, you may need to evaluate taxes before you register your business. Also, look into taxes like GST and HST so there aren’t any surprises later. If your equipment operation needs any additional taxes or maintenance, this is a good time to plan for it. As you are registering your business at an official business address, check out the utilities’ rates and taxes on the same. Look up Business Number details on the Canada Revenue Agency resources for a business that will have employees on the payroll.
Form A Legal Business Entity
There are many ways you can register your business, as follows:
- Corporation (Federal/Provincial) – This is for companies that plan to go public in the future where each owner would be a stakeholder.
- Sole Proprietorship or Partnership – These are easy to establish and include businesses owned by a single person or along with a partner.
- Limited Liability Corporation – This type of business can feature more than one business owner and they mutually decide on whether to be taxed as sole proprietors, partnership or a corporation.
Along with deciding the above, you will need other details as outlined above such as name, address etc. to register your business. Once you have this information, you can look up your province or provinces of operation on the Government of Canada website to find out the specific steps ahead.
Learn More About Licenses And Trade Skills
Every business based on a skilled trade must have the appropriate licenses and trade skills certificate. There are many resources that every provincial government offers in order to enrol in these programs and also guide you on how to employ people and what the required licenses are to practice in that province. These are also certifications that can help you get more jobs, as homeowners look for the same on your online profile.
Now that you have everything to establish your business, spend some time on the marketing efforts to put your brand in front of the homeowners. HomeStars can help you build a robust online presence and put your brand in front of 8 Million website visitors. With a properly registered business and GST/HST details, you can also be eligible for a HomeStars Verification Badge, that can help you earn the trust of homeowners, resulting in more business. Moreover, being a Verified member on HomeStars also makes your business eligible for the HomeStars Best of Awards. These awards are a sign of your brand’s dedication and excellence and are a trust metric for project-ready homeowners, who want to hire the best for their jobs at hand. They also help you build a stronger brand presence online and aid your business’s online reputation.
Want to learn more about how HomeStars helps you grow your business? Get in touch today!
Don’t forget to check out more marketing tips here.