Week 2 setting up your own business

1. Week 2
Setting up your own
Business

2. Things to Think About
● Your Business name
● Website - Domain name
● Registering your Business Name
● Master Business License
● The Brand
● The Business Plan
● Your Tool Bag
● Necessary Inventory

3. Getting Started
The first months to do list:
● Do your business plan
● Select and register your Business Name
● Select and register your Domain Name
● Obtain a business phone and email address
● Open a business bank account
● Select a Business credit card/Line of Credit
● Obtain HST #
● Order business cards/letterhead get branded
● Develop your marketing plan
● Create your website (Check out Vista Print)

4. The importance of your Business Name
1. It sets the scene
2. It informs your market
3. It defines your business
4. It helps Direct your business
5. It motivates you

5. Searching your Business Name
1) To see if a name is available simply Google the name to see if it is taken.
2) Also search several similar versions of the potential name.
3) Eliminate any potential name that is taken or is too close to competitors in the
same or similar industry.
4) Search Facebook as another way to check availability

6. Do’s and Dont’s - Business Names
● Avoid names that are too general or non-specific
● Avoid trying to say too much in the name
● Avoid names that require you to explain the meaning or relevance of the
name
● Avoid spelling a common word differently
● Good names are easy to say
● Certain words flow together and have rhythm
● Select a name that is memorable and catchy
● Great names will evoke a complete image of your brand.

7. Domain Names - Are important
● Your Domain name is your website address
● To see if a domain name is available search www.webnames.ca
● Check the availability of both .ca and .com
● Purchase both if available - to prohibit anyone else from taking that domain
name in the future.
● The shorter the domain name the better
● Avoid using numbers, hyphens or words that are difficult to spell.

8. Registering your name
● Once you have come up with a list of potential names, bounce the names off
of other people to see their reactions.
● Consider doing a Preliminary name search, that will allow you to check up to
3 names for $15 + tax
● Once you have decided on a name, obtain a NUANS Search
WWW.bdc-canada.com/258 Ready within 3 business hours. $39.95 + tax
● Next obtain your Master Business License on the ServiceOntario website;
www.ontario.ca/government/services Print and save as a PDF. $60 for 5 yrs
● Finally purchase the .ca and .com domains (use Webnames.ca) $75 per
domain for 5 years

9. Your Business Plan - 5 top Points
1. Put your Audience First - Make sure you write your plan with your key
audience in mind. In most cases your key audience is investors and lenders.
2. Keep your Business Plan Brief - It should cover the main points of your
business - too lengthy, no one will want to read it. Keep it Simple!
3. Operations Plan - what is your action plan! What direction do you see your
business moving in, how will you market your business.
4. Financial Plan - How much external funding do you need to build your
company. In what areas will these funds be invested? What assets must you
require in order to run your business.
5. Sell - Get the lender/investor excited where he wants to learn more!

10. Banking
Once you have registered your business make an appointment with the business
account manager at the bank to discuss
1. Business Bank Account
2. Business Line of Credit
3. Business Visa/Mastercard card
All business transactions to be done through your business accounts, NOT
through your personal accounts. Keep them separate!

11. Branding your Business
The process involved in creating a unique name and image for a product in the
consumer's mind, mainly through advertising campaigns with a consistent theme.
Branding aims to establish a significant and differentiated presence in the market
that attracts and retains loyal customers.

13. What to Consider when Developing a Brand
Identify Target Market
● Who are you trying to attract, cater to the interests of your potential clients
Legalities
● Do NOT infringe on another company's brand
Logo And Colour Scheme
● Choose simple colour choices and and easy to read font
Catchy Tag- Line
● Your tag- line should be short, easy to remember and send a message to your customer

16. Your Bio!
Use your tri-fold template
● Tell us who you are, your background
● Introduce yourself using your name
● Tell us about your company
● Tell your story
● Share your hobbies and volunteer work
Use a conversational tone - make it light and
easy to read. Let your personality shine
through!

17. Your Tool Bag

18. Always bring your tool bag with you
● Indoor Shoes
● Camera/Phone
● Measuring Tape
● Hammer
● Picture hooks, nails, various sizes (toothpaste?)
● Steamer/Iron
● Pliers
● Level
● Pencil
● Furniture movers
● Step stool
● Windex/Paper Towels/Lysol Wipes/Fabreeze
● Flashlight
● Small container of olive oil

19. Homework
Check out Vista Print, create an account, and think about how you would like to
brand yourself. Create a tri-fold bio about yourself using images, create some
business cards with the branding your have chosen. Keep in mind that you are
going to give this to your potential clients.
Make your essential inventory list and price it. Make a hard copy to hand in the
following week.