Starting a Business in Red Deer, Alberta

One of the first things to think about when starting a business in Red Deer is the legal structure of the business that you want to start.  Are you going to start a sole proprietorship, partnership, corporation or limited partnership?

Depending on the type of business you are starting might dictate what structure would best suit your needs.  For instance if you want to limit the liability you will have with your business then you might want to set up a corporation or limited partnership.  For information on Starting a Business in Sherwood Park, Alberta click the link.

If you are starting small and working out of your home then setting up a sole proprietorship might be the way to go.

You will want to name your business.  To do this you will need to do a nuans  search to make sure the name you want to register is not already taken by another company.

Before starting your business in Red Deer you should do some market research to make sure the business idea is viable.  If you are starting a business that already has successful companies in Red Deer then you can start and compete for business within your niche.  If you have a business that is completely different then you will want to know that you can make money, so you need to do some market research.

Don’t ask your friends what they think, instead create a short survey and give this to all of your friends and family.  This way they can return the info to you without you knowing who said what.  By doing this you should get some replies that are much more truthful.

Next you will want to get a license with the city of Red Deer to do business in.  This license allows you to do business and pull any permits that might be required.

Check with the city to see what bylaws might be in place for the different kinds of businesses or industries that operate in Red Deer.

Next you will need to get insurance for your business.  If you have a partner you should think about getting life insurance on each other so that the business does not fail because one of you passes away.  You should also get disability insurance on each other in cases one of you gets hurt.  In fact, even if you do not have a partner you should have disability and life insurance.  This will help offset any costs of selling the business for your family.

You will also need business liability insurance.  Every industry has a different type of liability insurance so you will need to check with the business department of your insurance company to learn more.

Once you have your name, licenses, insurance, provincial registrations if needed, then you need to create a business plan.

A business plan will help you to stay on track with running your business.  Inside of your business plan you will want to create a marketing plan.  The marketing plan will tell you what you plan on spending on marketing over the next 6 months to 5 years.  Of course your budget will change over the next five years, so focus on what you want to do for the next 6 months.

What will be your web presence?  A website?  A blog on a web2.0 property?  A Facebook Fanpage?  Or all three?

How are you going to get customers?  Mail?  Paper? A Sales Team?  Social Media?  Yellow Pages?  All of this has a cost and all of this may or may not work, so don’t put all of your money into one method of marketing.

Check the directory portion of this website to find services that can help you with anything that you need for starting and running a business in Red Deer Alberta.

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