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Jul 6, 2011 - 3 minute read - Comments - entrepreneurship

How To Start A Business In Alberta

Albertans have always had an entrepreneurial spirit. If you are thinking of starting a business and joining your fellow entrepreneurs, you have come to the right place. A large undertaking like starting a business can be daunting at first but if you focus on one step at a time you’ll find that things will become more manageable. This blog post will attempt to do that for you. Follow the links for a more in depth look at each topic.

  1. Think about whether you are ready to be an entrepreneur. Talk to your immediate family members to make sure you have their support.
  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. The Alberta Government has a site that will help you register your business name. This can be done at your local registry agent.
  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 Alberta 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, building a website 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.