Maurice

Additionally, multiple websites exist that can help you find businesses for sale inside the province, including:

 

• • Gateway Business Brokers

• • Sunbelt Network Business Brokers

Additionally, multiple websites exist that can help you find businesses for sale inside the province, including:

 

• • Businesses for sale by owner through online classifieds in New Brunswick, including Kijiji Businesses for Sale, Craigslist Businesses for Sale, and Business Sell Canada Businesses for Sale.

• • Online marketplaces listing businesses for sale in New Brunswick, including BusinessesForSale.com, Dealstream.com, and BuyAndSellABusiness.com.

• • Online real estate brokerages that list businesses for sale in New Brunswick, including Realtor.ca Businesses for Sale, Fundy Bay Real Estate Businesses for Sale, Point2Homes Businesses for Sale, and SoldWell Businesses for Sale.

If you want the ability to start a business from scratch, but you don’t want to spend all the hours required to set up the business, you might consider purchasing a franchise. Starting a business in this manner gives you access to an existing brand name, but you run the business.

Pros:

 

• • Your business has a brand that customers probably already know.

• • The franchiser gives you instructions for setting up the business, saving time.

• • The franchiser often handles advertising and marketing, saving you time and money.

Cons:

 

• • The cost of the franchise will be higher than starting your own business from scratch.

• • The franchiser likely will have many rules you must follow for setting up and running the business.

• • Some franchise opportunities are scams.

The New Brunswick Financial and Consumer Services Commission has advice and information on purchasing a franchise safely.

You may want to try to operate your new business idea on a part-time basis at first – sometimes called a side hustle – while keeping your current full-time job. If the side hustle takes off, you may be able to make it your new full-time job, running it as a full-fledged new business.

Pros:

 

• • You can test your business idea to see if it’s viable and if you like it.

• • You don’t have to risk giving up your full-time job and its income until you’re sure the side hustle business will support your financial needs.

Cons:

 

• • Trying to run a business on a part-time basis can be extremely difficult, because you aren’t giving the business your complete attention, reducing your chances at success.

• • Some business ideas simply don’t work as side hustle opportunities.

Step #4: Adhering to Government Regulations in New Brunswick

When starting and running a business in New Brunswick, you likely will need to follow multiple regulations the provincial government has. Local governments may also have regulations in place that you need to follow, depending on the type of business you are operating.

Some government regulations may feel unfair or may cost you some extra money when setting up your business, which is frustrating. However, adhering to regulations is a necessary part of starting many types of businesses in New Brunswick or anywhere in Canada.

Registering your business and specifying its legal structure is a key part of legally operating in New Brunswick. Typically, the majority of New Brunswick new business owners will choose among:

 

• • Sole proprietorship

• • Partnership

• • Incorporated company

OpportunitiesNB has advice for selecting the right business structure for your needs. Additionally, BizPaL offers the Business Structures Wizard that can walk a New Brunswick business owner through the process of selecting a legal business structure.

New Brunswick’s provincial government has a number of resources to help you select and register your business name. Some of the rules for selecting a business name in New Brunswick include:

 

• • The name must be different from other business names in New Brunswick.

• • It must not be misleading to potential customers.

• • It cannot include words considered obscene.

• • The name should describe your business’ purpose.

• • You must use certain words if you are naming a corporation.

You can search for currently registered business names in New Brunswick, so you know whether the name you want to use is too similar to another name. If you use a name that’s similar, the other business could sue you later, forcing you to change your name after you start running the business. This can be a problem, leading to confusion for customers.

The business structure you select will play a role in the types and percentages of taxes you must pay. (Yes, you must pay business taxes; no one said all aspects of starting a business would be enjoyable.) Some resources to help you understand common taxes for New Brunswick businesses include:

 

• • Corporate income tax law from New Brunswick government

• • Free tax help for small business owners from Canadian government

• • Federal and provincial corporate income tax rates in Canada

Additionally, depending on the type of business you are running, you could be subject to other New Brunswick business taxes. The good news? You may also qualify to receive tax credits.

Another form of government regulation for New Brunswick businesses occurs in the form of licences and permits. Local, provincial, and federal government officials may require these permits and licences.

The best place to search for necessary permits and licences is BizPaL. This is an online database that is a helpful resource, explaining what you need to operate your business properly. In addition to your provincial licences and permits, you may need local permits and licences in the major cities in New Brunswick, including Saint John, Moncton, and Fredericton.

Businesses must follow regulations when operating in New Brunswick, especially if they will be employing people. These laws include:

 

• • Business Corporations Act

• • Industrial Relations Act

• • Occupational Health and Safety Act

• • Workers Safety Legislation

• • Employment Standards Act

Ensuring that you are following these laws – and any other laws that may be particular to your type of business – can be confusing for a new entrepreneur. If you have legal questions, hire a lawyer to protect yourself and your business.

Step #5: Determine the Costs of Starting Your Business

Starting a business from scratch can involve significant expenses. Some of those costs relate to the items you need to actually operate your business. Others relate to the cost of operating the business legally in the eyes of the New Brunswick provincial government.

The costs required to start operating your new business in New Brunswick vary greatly, depending on the type of business you want to try to operate. Here are some extremely broad estimates for several types of new business ventures.

 

• • Large agricultural farm: Up to $150,000 in startup costs and variable ongoing costs.

• • Small agricultural farm: Up to $10,000 in startup costs and variable ongoing costs.

• • Consultant: Up to $1,000 in startup costs and about $100 per month in ongoing costs.

• • Ecommerce retailer: Up to $5,000 in startup costs and about $250 per month in ongoing costs.

• • Export business: Up to $25,000 in startup costs and variable ongoing costs.

• • Commercial fishing business: Up to $150,000 in startup costs and variable ongoing costs.

• • Freelance writing: Up to $200 in startup costs and about $40 per month in ongoing costs.

• • Grocery store: Up to $100,000 in startup costs and variable ongoing costs.

Some one-time costs that typically occur at startup include:

 

• • Building a site for your operations

• • Remodeling a site for your operations

• • Inventory

• • Website design

• • Telephone system

• • Tools

• • Machinery

• • Vehicles

• • Furniture and desks

• • Computers

• • Software

• • Registering the business

• • Licences and permits

• • Legal advice

• • Accounting firm

You also will have ongoing costs to run your business, including:

 

• • Inventory restocking

• • Rent for your operation

• • Utilities

• • Advertising

• • Marketing

• • Insurance

• • Interest on business loans

• • Employee costs

• • Licence renewals

• • Taxes

• • Payroll generation

• • Business organization memberships

• • Maintenance

• • Upgrades and remodeling

• • Shipping

• • General office expenses

Step #6: Develop Your Business Plan

A business plan fleshes out the specifics behind your business idea.

Properly creating a business plan takes quite a bit of time and research on your part. However, it is a vital aspect of giving your business the best chance at success. Additionally, to obtain business loans, business grants, or financing from venture capitalists, you almost certainly need to have a business plan. Some of the benefits of creating a business plan include the following.

 

• • Verify your idea: A business plan forces you to take a realistic look at your business idea, removing emotion from the equation and verifying that it is a profitable idea.

• • Understand the market: By researching the industry or market you want to join, you may learn something that’s important to making your business a success. You also may learn that the market is not conducive to your idea just yet.

• • Calculate startup costs: Create a list of items you need to have on hand before you can open the business, including employees, along with estimated costs.

• • List potential locations: Put together a list of locations where you may want to operate the business. Determine whether you’d prefer to rent or buy a location.

• • Project your results: As part of the business plan, you will make projections about sales and income, helping you set goals and determining the viability of the business.

• • Selling your idea: You may feel strongly about your idea. However, trying to encourage that same feeling in other people can be a challenge. The business plan lets you sell your idea, backed up by facts and statistics.

• • Develop a marketing plan: You can list your plans for marketing and advertising your business as part of the business plan.

New Brunswick’s provincial government does not require new businesses to submit a business plan during registration. However, you can use the New Brunswick business plan template to help you formulate a plan. The CBDC also provides help with business plan development.

Step #7: Seek Out Financing Options

Financing is the key to any small business option in New Brunswick (or anywhere else). If you don’t have financing to purchase new equipment or to start the business, it will never get off the ground. If you don’t have some money in reserve to help you work through the first several months while you try to establish an income stream, it can leave your business in trouble. Some of the financing sources that you should consider include the following.

The majority of entrepreneurs in New Brunswick will contribute at least some of their own money to a new business venture. This shows that the owner is serious about the business.

You might pull money from your savings, your retirement accounts, or your credit cards. Some people may start the business on a limited basis as a side hustle to begin generating some money that can fund the business full time later.

Perhaps you can take out a personal loan against some of your other assets, or you can sell personal items.

Maybe you can find some financing options that don’t require you to pay them back. Obtaining at least some money that is “free” money can be the difference between success and failure as a business owner. (No pressure!)

New Brunswick business grants from the provincial government, local government, charitable organizations, or corporations may be a source of free money. You may seek donations from crowdfunding or from the 3Fs – family, friends, and “fools.”

New Brunswick business tax credits and rebates, wage subsidies, equipment rebates, and utility rebates all may help you with startup funding as well.

It can be a challenge to qualify to receive loans for your New Brunswick business. However, when you need large sums of money for a certain type of business, a loan may be the only option for gathering enough money.

Loans potentially are available from traditional banks, government (federal and provincial), alternative lenders, and equipment providers. Some people may try purchase order financing.

Some business owners obtain financing by selling shares in the ownership of the business. Understand, however, that someone who purchases shares probably will also want a say in how the business operates.

Step #8: Seek Help Where You Need It

Because starting and running a business has so many different angles to it, you may have some aspects of the business that you do not feel comfortable making decisions about. You may not fully understand financing requirements or legal aspects of operating the business, for example.

You can always hire people to help you with some of these areas. Some of the experts you may want to hire include:

 

• • Lawyer: Have an attorney look over all legal documents and regulations that affect your business.

• • Accountant: A bookkeeper or an accountant will ensure your finances are in order and that you are calculating taxes accurately.

• • Banker: Have a banker give you opinions and advice on when it’s a good time to seek out a business loan.

• • Insurance agent: Insurance works as a safety net, so you can operate the business without risk of a catastrophic event wiping you out. It also protects you from a liability standpoint.

• • Mentor: A mentor is someone who started a business in the past and can give you advice on how to work through areas where you are struggling.

Step #9: Seek Out Inspiration and Advice

When you’re in the midst of starting a new business, it’s easy to lose sight of the reasons why you decided to make this move in the first place. You can become so wrapped up in the day-to-day decisions and obligations that you stop enjoying the process.

Don’t be afraid to stop occasionally and take note of your accomplishments. (You have our permission to feel proud of what you’re doing!)

One way to find inspiration is to seek advice from others. Advisors can show you areas where you are making good progress, giving you extra confidence. And they can keep you from making disastrous mistakes. We’ve listed some resources in New Brunswick you can use to find advice and inspiration to help you make it through the startup process successfully.

The New Brunswick provincial government has a number of new business resources aimed at those considering becoming an entrepreneur.

Opportunities New Brunswick is another option for business startup resources. Many of its resources are aimed at those looking to immigrate to the province to start a new business.

Consider contacting the New Brunswick Association of the CBDC for additional information, including when looking for help from a business expert.

Networking with other business owners may be a way to spark ideas for your new business. Some options for finding networking opportunities in New Brunswick include:

 

• • Black Business and Professional Network Inc.

• • Fredericton Chamber of Commerce Networking Events

• • Saint John Networking Business Events

• • Women in Business NB

Business directories are online lists of businesses in a certain region, such as New Brunswick. Potential customers may find you on these directories, so it’s important to try to have an accurate listing on as many of them as possible.

 

• • New Brunswick Business Directory

• • Yellow Pages Business Directory

• • CanPages Business Directory

• • Dun & Bradstreet Manufacturing Business Directory

When you start your New Brunswick business, joining local organizations and associations can help you connect with fellow business owners and can show legitimacy in the eyes of your customers.

 

• • New Brunswick Business Council

• • The Saint John Region Chamber of Commerce

• • The Chamber of Commerce for Greater Moncton

• • Fredericton Chamber of Commerce

Several organizations in New Brunswick sponsor awards for business owners. Receiving a nomination for some of these awards – or even winning some of them – may help your business gain notoriety. Display these awards prominently at your business location or on your business website.

If you belong to professional organizations, some of them may sponsor awards that are only available to members. Some awards that New Brunswick businesses may want to try to win include:

 

• • Canadian Tourism Awards

• • Expansion Dieppe Awards

• • Fredericton Chamber of Commerce Business Awards

• • Junior Achievement NB Business Hall of Fame

• • Moncton Chamber of Commerce Business Awards

• • New Brunswick Export Awards

• • Saint John Chamber of Commerce OBA Awards

For those immigrating to New Brunswick with the hope of starting a business, the New Brunswick Business Immigration Stream provides the necessary resources.

New Brunswick also has hints and tips for immigrants who want to start a business, as well as a detailed guide for entrepreneurs who want to immigrate.

Step #10: Figure Out How to Avoid Pitfalls

Although most people focus on trying to succeed when they start a business, another useful strategy is simply trying to avoid making a serious mistake. Here are 10 common mistakes that New Brunswick business owners make when starting a new business venture.

 

• • Failing to plan: Deciding one day to start a business and then opening the doors the next day simply isn’t going to happen. You need to put together a plan and take your time to give yourself the best chance at success.

• • Not creating a business plan: The business plan forces you to look in depth at your business idea. Your research may show that what sounds like a good idea at first requires some tweaking to make it a viable option as a startup business.

• • Not considering buying a business: Most people simply assume that opening a new business requires starting from scratch. As other options, though, you could purchase an existing business or a franchise. This gives you a head start toward having success, but you do lose some control over the process.

• • Not finding enough funding: Even if you research your business idea’s startup costs thoroughly, surprises may appear along the way. Try to find a little extra startup money than you think you’ll need to help with emergencies and unforeseen circumstances.

• • Not taking advantage of government research: The New Brunswick provincial government offers some free research that you can use for your business. For example, those exporting seafood can use the research to anticipate market conditions.

• • Not considering a niche industry: Sometimes, a niche industry is the best place to start a business. You’ll have fewer competitors versus trying to start a business with a general focus. However, you likely will have fewer customers, so research the market first to understand how many potential customers are available.

• • Choosing the wrong legal structure: The legal structure for your business determines your tax status as well as any fees you must pay. Some legal structures are far more complex than you may need. If choosing a legal structure for your business is confusing to you, consult with an attorney.

• • Not understanding what investors want: When someone offers your New Brunswick business some investment money, it’s important to fully understand what the investors want in return. Some investors want to buy a piece of your business. Others are offering a loan (with interest). Put any agreements with investors in writing.

• • Not buying insurance: Property insurance protects your business investment from a catastrophe. Should someone sue you, having liability insurance for the business can protect you from significant losses in a judgment.

• • Trying to do too much yourself: Starting a businessis hard work. Doing too much of the startup work yourself can leave you burned out before you even have your first customer. While it is satisfying to do a lot of the setup work on your own, seeking help for areas where you are struggling is a good idea.

Checklist for Starting a Business in New Brunswick

 

• • Brainstorm Possibilities for Your New Business Venture – Take the time to research your options for starting a New Brunswick business

• • Select Your Preferred Type of Business – Decide whether to offer products, services, or both

• • Determine Your Preferred Method of Becoming a Business Owner – Consider options other than starting a business from scratch

• • Adhering to Government Regulations in New Brunswick – Decide whether you need to follow local, provincial, or federal laws

• • Determine the Costs of Starting Your Business – Make an estimate of what it will cost to start your business

• • Develop Your Business Plan – Research the market for your business and make estimates of how it will perform

• • Seek Out Financing Options – Look for startup money for your business

• • Seek Help Where You Need It – Hire professionals who can perform tasks outside your areas of skill

• • Seek Out Inspiration and Advice – Find others who share your vision and entrepreneurial spirit

• • Figure Out How to Avoid Pitfalls – Protect yourself from suffering common mistakes that cause new businesses to fail