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10 Steps to setting up your Toronto business

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1.   Plan and/or identify your business

First off, you have to identify the exact nature and purpose of your business and create a business plan. This is not only crucial to ensure the smooth setting up process but it will also give you a clear cut idea of the factors you need to consider for maximum optimisation of your business.

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2.   Registration

The next step is to select a name and register your business with the right government entity. It is also important to keep in mind that you have to apply for a business number or tax account.

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3.   Gather all the required licences and permits

Depending on which category your business falls under, you will have to get the appropriate licenses and permits to ensure that all legal ground is covered. The city’s Municipal Licensing and Standards Division is in charge of the application process for new businesses. Additional documents like photo identification and proof of work may also be required.

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4.   Finding the right business partner/associate

Finding the business associate who best aligns with your company’s vision is a key part of the process. Having the right support means getting all the help you need to ensure that your business is moving in the right direction. The partner/associate’s experience and knowledge will be an added advantage for your business.

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5.   Begin hiring process

Every business needs employees and so you’re faced with one of the most challenging aspects: finding a staff that suits your needs. It is important to acquire talent who are as dedicated to your company’s work as you, so you know that the delegated tasks will be done with the utmost responsibility.

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6.   Get investors and financial supporters

Toronto is the headquarters for the country’s banking sector, and those national banks are highly regulated. Whether you are in the search for an investor or any other type of financial support, it is critical to acquire the right support from the start and have a written financial plan.

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7.   Select the ideal location

In addition to districts known for fashion and technology, the city has multiple business improvement areas, with local businesses wanting to attract residents to their goods and services. And at the day’s end, the downtown core would be one of the most ideal places since most employees wouldn’t have to spend a lot of time with commute.

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8.   Find office space

Is it a traditional office space that’s right for your business or a virtual office space? It is critical to find the right office space to ensure the professional growth of your business as well as for maximum employee satisfaction.

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9.   Research on transportation and accessibility

The expansive Toronto Transit Commission’s system of subways and transit routes is a great point of accessibility to areas all throughout the city. Being so close to the U.S. border, Toronto’s highway access makes it ideal for companies specializing in exporting and manufacturing that need just-in-time deliveries.

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10. Figure out costs

The aspect of figuring out costs can appear daunting, but can be made smooth-sailing with the appropriate resources and checklist on hand. The office space rent, maintenance, energy, security, equipment and operations are some of the things to keep in mind

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