Have you ever been interested in starting a business? If you are an entrepreneur with roots in Canada’s capital, you are probably already familiar with Ottawa’s well-rounded economy, featuring two sectors that stand out far more prominently than the rest: the federal government and high technology. No matter which industry you’re looking to feature in, or what talent you’re planning to bring to the table, getting a startup off the ground in Ottawa is no small feat.
Ottawa is a safe city with a welcoming atmosphere. Its largest employer is, of course, the federal government, but it features a wide range of different industries (especially tourism and healthcare) and has a relatively diverse economy next to other cities in Ontario. If you’re looking to start a small business in Ottawa, look no further – Bullfrog has some tips for you, including all things from starting your business road map, purchasing small business insurance in Ottawa, and so much more.
Do your research.
Before you settle on any one idea for your business, it’s important to do your research. Doing so will give you a good idea as to whether your business has the potential to turn a profit or not. You can also use market research to gauge some insight into potential competitors, future customers, and more. This can all give you an early edge before you’ve even done any of the real heavy lifting.
Start your roadmap.
How are you planning to get your business off the ground? What’s the structure, plot, plan – the “why?” A detailed roadmap should convince others with work with you or invest in you.
One of the most important things to start with when launching a new business is to gauge what your new organization’s “why” is. Why does the world need your business? What problem are you solving for your customers? Is it worth it? Your business may satiate a personal why, but in order to sell to customers it should also serve to answer a marketplace why as well.
Part of your roadmap should include small business insurance. In Ottawa, and anywhere else in Canada, a loss could mean risking going out of business if you don’t have adequate insurance.
Invest in insurance.
Small business insurance in Ottawa is a must-have, no matter what field you’re looking to go into. See, a business takes hard work, money, time, and effort, and having comprehensive coverage can protect you from common losses including vandalism, property damage, theft, employee injury, liability, and so much more. By having adequate small business insurance, your Ottawa startup can recover far easier from these losses and get back on its feet easier.
What small business insurance in Ottawa do you need?
Small business insurance in Ottawa can look like a wide range of different things, but it all really depends on the business that you are running. If you offer a professional service or advice, you may need to invest in an E&O policy. Common coverages for small business insurance in Ottawa include:
- Commercial property
- Commercial vehicle
- Commercial general liability
- Business interruption
- Worker’s compensation
- Cyber liability
Bullfrog Insurance is the go-to for Ottawa small business insurance for good reason. As a licensed insurance brokerage in Canada that specializes in commercial protection packages for small business enterprises, we give you the solution to find fast protection easier. Begin on your small business insurance in Ottawa today with Bullfrog Insurance.
Navigate your funding.
In order to determine how much money you will need to start your business, it’s important to figure out your finances and determine where you’re going to get that money. If you don’t have it right off the bat, you can borrow it or find an investor who will support your business ventures.
It’s also important to consider that your business will require more than your daily operating costs to boot, especially as your business will still require equipment, supplies, opening inventory, vehicles, fixtures, a building (rented or owned), etc. After that, there’s your daily costs – including payroll, rent, taxes, advertising, and so forth. Make sure to account for both of these when determining your overall financial requirements.
Choose your legal structure.
Depending on your business’ structure, your registration, taxes, and personal liability may vary. At this point, it’s imperative to choose a legal structure that provides your startup firm with the right balance of benefits and legal protections.
Register and licensing.
Once you have a name chosen and a legal structure picked, protect your brand by registering it with your federal government. You may need to do so with your provincial government as well. An EIN is a good idea at this point too, as it can help you to open a bank account and pay taxes.
You’ll also want to ensure your business is staying legally compliant by applying for any relevant licenses and permits. Depending on where you live and what you do, the exact requirements will vary by your industry, province, etc., so do your research before you begin applying.
Make a business checking account.
Having a business bank account makes it much easier to handle tax and legal issues, as well as to differentiate your personal finances from your commercial ones. After you’ve been registered and licensed, this step isn’t all that difficult to accomplish.
Once you’ve completed all the above, you can open up shop. That was the easy part – and now comes the difficult part: running your business and growing your operations! Bullfrog can help you keep your peace of mind under wraps with small business insurance Ottawa firm, as well as provide you some risk management insight for your organization.