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Jun 22, 2011 - 3 minute read - Comments - entrepreneurship

How To Start A Business In Saskatchewan

It’s an excellent time to start a business in Saskatchewan. Whether you are in Saskatoon or Regina, Prince Albert or Yorkton, Maple Creek or Tisdale, the prospects for starting a successful business are as good as any time in recent memory. Starting a business can be a daunting task. Like all big projects, things are more manageable if you break them down to a series of smaller tasks. This blog post will attempt to do that for you.

  1. Think about whether you are ready to be an entrepreneur. Talk to your immediate family members to make sure you have their support. You don’t want to enter into a new business with along a reluctant spouse.
  2. Evaluate your business idea. Does it require a new business model or are other businesses currently operating successfully using this model?
  3. If you have a new business model conduct a feasibility study to confirm your idea is sound.
  4. If your business is operating under a proven business model, conduct preliminary research to make sure that the business makes sense given your skills and finances. Make sure it makes sense for the market.
  5. If the your initial research or your feasibility study shows that your business idea has a reasonable chance of succeeding, continue to the next step, otherwise, go back to the idea stage.
  6. Pick a name for your business.
  7. Consult your lawyer and accountant and decide on a legal structure for your business.
  8. Register your sole proprietorship, partnership or corporation.
  9. Register the domain address for your website.
  10. Write a business plan.
  11. Register for a Business Account Number.
  12. Pick a bank and open an account.
  13. Apply for financing, if necessary.
  14. Apply for a business license and any other license you need to operate your business. The Saskatchewan Government has a all encompassing website for this called BizPal It will take care of your provincial and municipal licensing needs. The site will ask you questions about your business and then suggest a list of licenses and permits to apply for.
  15. Start implementing your business plan. Depending on your circumstances, this could mean signing property leases, buying and installing equipment and generally getting your business ready to open to the public.

The process of opening your business might differ slightly from these steps, but the list includes the basic tasks that most businesses will need to complete. As you can see, when a large project such as starting a business is broken down into smaller tasks, things become more manageable. If you feel like you need more information on parts of the process or if you would like us to cover additional tasks not on this list, please leave a comment below.