Well, me and my father are in the middle of birthing a renovation company, he is a carpenter by trade. But had his companies in Ireland, things are different now. I would like to know if anyone can give any advice for small business owners (specifically in Ontario) and anything I should do right away. Etc. etc.
You need a plan. Nothing to elaborate but you need to be able to answer a few questions:
How will you sell your service? Advertising, referrals, bidding.
How will you do the work? Yourselves Subcontractors, vendors?
How will you pay yourselves and your vendors? Cash, line of credit etc.
What type of credit/terms will you give. For example I usually give 30 day terms of payment. Most small subs want to be paid in 15. The man who just completed my patio wanted to be paid upfront before starting! (I advanced him the cost of materials only and paid the balance upon completion)
All stuff that should be worked out first. You may have already done so.
1.) Referrals, and maybe later some advertising i.e. flyers etc. We are already working out negotiations with a project manager of a retirement home that owns over 100 within ontario for contracts etc. We have a few jobs lined up and he says if he likes the work, there will be plenty of it. MY mother is also a real estate agent, which is a great referral.
2.)We will most likely be doing the work ourselves along with the hiring of electricians, and plumbers etc. where there is work we do not want/can do, and a permit is required. Also if we feel that there is a time restraint, and that this can help.
3.)As for paying ourselves, well my father is the sole propeitor, so will both collect income as it comes, and keep track of income for remittance. I will not be employed by him rather, just consider myself a private contract for hire (to avoid paper work) and file my remittance accordingly, while filing against my income tax with my claimable taxes.
Subcontractors will be paid by cheque I believe or whatever other options we have, I'm goin to go to the bank in the next few days to set up a business account. As we have a contract coming up VERY soon and also a electrician to pay. Vendors; I don't really know what these are, i'm probably aware of vendors just not the term.
4.)That is something that I will have to think upon, do you have any personal recommendations for this?