Ultimate guide to starting a business in BC

Starting a business is an exciting adventure that for a lot of entrepreneurs is one of the most rewarding things they do.

It can be challenging in the beginning to figure out what you have to do. The information that’s out there is often just one piece of the puzzle and is most relevant for businesses in the US, leaving British Columbians scrambling for other sources.

We often hear that business owners wished they’d known certain things before they got started so they could plan accordingly.

We wanted to help out budding business owners by putting all that information in one place along with actionable insights in this detailed, step-by-step ultimate guide to starting a business in British Columbia.

1. Start with an idea
2. Create a business plan
3. Register your business
4. Put your BAIL team in place
5. Find a suitable location
6. Secure financing
7. Promote your business

Every business starts with an idea. Some ideas come out fully bloomed. Others take time to germinate. Either way, the idea is the seed of your business. Capture it. Let it take root. Give it room to grow.

Three years down the line, when you’re in the thick of it, on the verge of burnout and you’re in a rut where business is no longer fun, it can be useful to go back to your original idea, the thing that sparked it all, the original problem you set out to solve.

As your idea begins to develop into a plan, you want to hone in on what’s going to set you apart. That’s usually an integral part of your idea, it’s just not necessarily framed that way.

Or sometimes, as you begin to do research around your idea, you find that it’s not original; other businesses may have beat you to the punch but you’re still able to find something that would make your business unique.

Your unique selling proposition is what makes you stand out. You’re not just a grocery store; you’re a high-end grocery store, a natural foods grocery store, a local grocery store, an 80’s-themed grocery store…

Successful businesses understand that customers aren’t drawn only to products and services, but to values that fit their own. This can lead to social signaling, where businesses leverage a social movement or a trend in a way that is tone deaf and takes advantage of a moment (Kendall Jenner’s Pepsi ad, for instance).

Start by defining your core values (here are ours, for instance). Write them down and make those a core component of your business. These will drive the business opportunities you pursue and the ones you turn down. They will lead you to making hard choices when there might be an easier path.

Even if in the short term it seems like it might stifle your business growth, clearly outlining your core values and acting on them from the beginning will benefit you in the long run.

There’s little doubt, choosing a business is one of the hardest things you’ll have to do for your business. It’s likely that you’ve started thinking about a business name from the moment you had an idea for a business. Sometimes, the idea starts with a business name or the name just falls in place.

But more often than not, it is an arduous process much like naming your child. Here are some ideas to finding a business name you’ll love:

1. Research, research, research: know what’s out there, what’s available and what your competitors are using. Make sure the name is currently available through the BC registry, which is linked in the next section and check to see if the domain is available, too.
2. Use a name generator: this is a useful resource to get you started and might help you strike gold faster.
3. Think outside the box: get creative. Don’t just think about your business literally but play with metaphors and symbols as well.
4. Document your process: even if you think it’s a bad idea or something you’ll definitely remember, write it down.
5. Test it out: as you narrow down your list of potential names, do some user testing, even if it’s informal. There’s likely something either good or bad in one of the names that you had not thought of.

Your business name is something you’re going to have to live with. Make sure you choose a name you’ll like that will have longevity.

Now that you have your business name, it’s time to start planning your business. Your business plan is a document that you’re going to rely on once you start looking for funding, but it’s much more than that.

It’s a tool that helps you think deeply about your business, the direction you’ll want to take it in, the opportunities you’ll want to take advantage of, the challenges you will face. Your business plan is a roadmap for the success of your business.

Much like your original idea will be an anchor to help you weather the storms, your business plan will bear you through the peaks and valleys.

Business plans come in all shapes and sizes, and your particular business will determine exactly what your business plan needs to cover. But in general, there are six main components to a business plan.

Further reading: Guide to writing a business plan (with worksheet)

The executive summary is a one-pager that sets the stage for your reader. It ties together the entire business plan by summarizing the subsequent sections in a way that paints a picture. Because of this, it’s usually the last thing you write. Here are some tips to writing a great executive summary:

1. Tell a story. Where has your business come from and where is it going? The objective for your executive summary is to be crystal clear in telling this story.
2. Start and end strong. Your first sentence needs to hook your reader and draw them down the page. Your last sentence needs to tie up your executive summary while compelling your reader to turn the page.
3. Write in a compelling way. Good writing is clear writing. Whether using mission-driven language or examples, aim to be vivid but concise.

Your profile section puts all your contact information in one place and provides basic background on your business, like an info card. You can also add social media channels where you are active.

1. Registered business name: document your official registered name and use it consistently.
2. Address: keep your registered address consistent across channels.
3. Phone number
4. Email: what is your business’s main email address?
5. Date Established
6. Ownership and legal status: list all owners and legal structure.
7. Company history: outline key milestones.
8. Products and services: provide an overview.
9. Target audience: define who you are targeting.
10. Unique Selling Proposition: articulate in one sentence.
11. Vision and Mission: outline both clearly.

It’s important to understand the market you’re in. The industry outlook section outlines trends, major players, and competitors. This shows that you understand your industry.

Here are the points to include:

1. Industry and description: explain it simply.
2. Industry trends: what’s going on now?
3. Target market: describe your ideal customer and local demand.
4. Key competitors: list competitors and perform SWOT analyses.

Outline your marketing strategy, including:

1. Goals and objectives: define goals and break down into steps.
2. Marketing personas: create semi-fictional audience profiles.
3. Channels:
   1. Blogging
   2. Social media
   3. Email
   4. PR
   5. Ads
4. Budget: outline spending.

Describe your day-to-day operations:

1. Business operations: hours and processes.
2. Management overview: managers and roles.
3. Personnel/Staffing: hiring needs.
4. Suppliers and agencies: key partners.

Create financial projections for the next 5 years, ideally with help from your Business Banking Advisor.

1. Sales forecast
2. Expenses
3. Cash flow
4. Gross margin
5. Operating income
6. Balance sheet
7. Break even point: Fixed Costs ÷ Contribution Margin

For a complete list of registrations and permits, see this resource.

Register your business name in BC using BC Registry Services.

You’ll need a municipal business license and possibly food or health permits depending on your business model.

If your business earns more than $30,000/year, register for GST/HST at this link.

PST applies to software, services to goods, accommodation, legal services, telecommunications, and more.

Your BAIL team includes banking, accounting, insurance and legal.

Your banking advisor connects you to merchant services, payroll, payment tools and borrowing solutions.

Your accounting team will help manage cashflow, structure your business and manage taxes.

Your insurance broker will identify risks and recommend coverage to protect your business.

Your legal partner helps with licenses, trademarks, contracts, privacy policies, and compliance.

Your location impacts customer experience, operations, and growth opportunities.

Determine how much inventory space you need.

Consider space, parking, and customer flow.

Evaluate employee workspace, safety and needs.

Consider shipping needs and whether a home office is suitable.

1. Create a physical workspace.
2. Set and keep office hours.
3. Think about your meetings.
4. Claim home expenses.

Think through your needs to select a location that supports your success.

There are four main funding sources:

1. Bootstrapping
2. Investors
3. Loans
4. Grants

Self-funded businesses control their destiny but must be resourceful and lean.

Venture capitalists and angel investors provide capital but expect returns and sometimes influence.

Many provincial and federal grants exist. Learn more here: available grants.

Explore options like small business loans, lines of credit or credit cards. Book an appointment with a Business Banking Advisor.

Four major marketing categories:

1. Digital marketing
2. Event marketing
3. Traditional marketing
4. Influencer marketing

Includes content marketing, digital ads, social media and email marketing.

Events allow you to showcase expertise and build relationships.

1. Conferences
2. Trade shows
3. Seminars
4. Networking events
5. Product launches
6. VIP events
7. Job fairs
8. Awards and galas

Includes newspaper, magazines, radio and TV. Can be earned media or paid media.

Influencers help reach audiences via sponsored content or endorsements.

1. What are your goals?
2. Who are you trying to reach?
3. Is the influencer a good fit?

Influencer marketing combines word-of-mouth, social proof and endorsements.