Canadian Small Businesses

6 Reasons to Buy a Canadian Business for Sale

Buying an existing small Canadian business for sale can be a great decision towards achieving your financial independence and pursuing a passion you may have.  It is not for everyone though – there are risks involved that you must address.  Buying a small business requires capital, time, hard work and the ability to handle some moderate risk.  Please use care regarding the Canadian business for sale you are interested in – consider if purchasing the business is the right decision for you.  That being said, this article lists some of the more common reasons that people decide to buy a small business.

Customers. When you buy an existing Canadian business for sale there are typically existing customers already in place.  Many times start-up ventures fail for the simple reason that after the initial investment and work to get the business started that customers don’t arrive for quite some time (or not at all).  Having an existing customer base with an existing business is a major reason to buy an established Canadian business for sale.

Company reputation. When you start a company from the ground floor there is no existing reputation.  As a business owner in this scenario, you must work on building up your business’s reputation.  With an existing small business, there is usually an established business relationship existing in the marketplace.  Be careful to only buy a business for sale that has a good reputation!
Trained employees.  An established company will usually have staff in place that know their jobs and are fully trained.  Use caution and diligence when you buy a business to be reasonably sure that the staff will remain in place after the sale.  Mitigate any risks you think might be a factor.

Vendors are in place. Having good vendor relationships are crucial to the success of many small businesses.   When you consider buying an existing business for sale you may find that these critical relationships are already setup and the work to set these up has been done.  Confirm this during the due diligence process.

Operating systems are established. Starting up a new venture requires some trial and error with respect to the operations and usually involves some work in getting the ‘bugs’ out.  When you buy an established Canadian business for sale then there is a strong chance that most or all of the operational ‘bugs’ are already worked out of the system.

Well known existing location. Buying a small business that has been in operation for many years out of the same location has significant benefits.  Example – buying retail clothing score in a well-known Toronto or Hamilton, Ontario location that is recognized as a ‘destination’ spot to buy clothes has significant value to a business buyer. 

Cashflow. Buying a business with existing sales volume means cashflow on day one of owning the business.  Cashflow is the key to any business success so this is certainly a key benefit to buying an established company.

When you buy a Canadian business for sale it is important to recognize the clear benefits that come from acquiring an existing operation.  Please use caution and do a thorough due diligence before you sign on the dotted line.  Working with business brokers is a wise decision and you should always consult with a lawyer and accountant before you buy a small business.

Why do CANADIAN CONSERVATIVES support SINGLE PAYER SYSTEM?

casue small business’s are sadled down with
HEALTH CARE COST

Can I sue a company in Pakistan for not shipping products I paid for?

My small business purchased products from a company that was suppose to be based in Canada. We later found out that they had since closed their Canadian facility and were based out of Pakistan now. They have since ceased all communication from us and are not shipping our products which we paid in full for. Can we sue them to get our money back?

How can a Candian get a United Stated credit card?

I live in Canada, but work in the United States ( I own my own small business and located it in Niagara falls, ny to save money).Unfortunately some of my suppliers require a credit card but wont accept a Canadian one, as my products are shipped to my location in Usa.How can a find a bank that will issue me a Usa credit card and bank account, so I can do local business?

US Tax laws for foreign workers in Canada?

I have a small business in US. One of my freelancers is Canadian in Canada (non- US Citizen). If he does not get 1099 and W9, then how do I report his expense?

Business news in brief

Business news in brief
Johnson & Johnson is creating a position to oversee companywide quality, manufacturing, and compliance issues. The health-care giant’s once-stellar reputation for quality has been tarnished by repeated recalls of nonprescription medicines.

Read more on Philly.com

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A Graduate of the Holland College Culinary Course, Brian Alan Burhoe has cooked in Atlantic Coast restaurants for over 30 years. He is a member of the Canadian Culinary Federation. Brian’s articles reflect his interests in food service, dreamstudy, imaginative literature, History and our best friends — our dogs.

His Home Page is A CULINARY MYSTERY TOUR – A Literary Chef. His articles have been reprinted on numerous culinary websites and various Blogs, including the popular Romantic Relationship site WUVING.com.

Freelancer.com is a global marketplace for online and freelance jobs where businesses connect with independent service providers and freelancers to outsource their work. Freelancer.com connects over 1.5 million employers and freelancers globally from over 234 countries and regions.

Through their website, employers can hire freelancers to do work in areas such as software, writing, data entry and design right through to engineering and the sciences, sales and marketing, and accounting and legal services. Freelancer is the leader in the micro-outsourcing market, with the average job size being under US$200.

This is extremely cost effective for small businesses, which often need a wide variety of jobs to be done, but cannot justify the expense of hiring full time.

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- Brian

I sell in American Currency with Paypal, but I’m Canadian…?

I have a few online games, and sell stuff on the games for $$$ in USD. This is my own personal small business (trying to be), and I’m canadian. So I’m wondering what do I tax? Like do I tax each item I sell on the game, or just tax the amount that gets withdrawled into my account.

Do I even need to start a business? I’m very lost, been developing games since I was a kid, and now im 21 and don’t understand taxes, last month I made over $15,500.

Why Is Bookeeping For Your Business So Important

In order to have bookkeeping skills and experience, you should have the basic experience of handling bookkeeping jobs as well as proficient in bookkeeping procedures. Although it is not mandatory that you should possess qualification in accounting or bookkeeping, it is an added advantage if you have some form of formal training in this field.

Starting and running a business in bookkeeping is one of the most profitable businesses that you can start from home. Apart from being low cost, you also do not need to rent office space for you to provide these services especially when you are just starting out. However, what is required is the knowledge and understanding of bookkeeping procedures as well as possessing the personal quality of being able to pay attention to detail.

There are two types of bookkeeping: single entry and double entry. In single entry bookkeeping, the record of each transaction is carried to either the debit or credit column of a single account. In double entry bookkeeping, two entries of each transaction are carried to the ledger: one to the debit side, and one to the credit side, of the corresponding account. This is so the two entries can be used to check each other.

Many small businesses now work with CPA firms and qualified bookkeeping firms online. By working with a provider remotely, your small business can still get top-notch service at a lower cost. In fact, many of the larger CPA firms have outsourced bookkeeping to lower their own costs. Some savvy small business owners have chosen to follow suit with their own bookkeepers outside of their local market.

When you start a small business out of your home, offering products or services like business consulting, photography, selling on the web or a MLM? You are now faced with tracking all your expenses and revenues for your business and you certainly don’t have the money yet to engage a bookkeeper or accountant. If your business is a sole proprietorship, whether it be a Canadian Proprietorship or a US-based Proprietorship, you do not require an accountant to submit your company financials to the IRS (USA) or Revenue Canada). Your business revenue and losses are reported as part of your annual personal income tax. For this small business start-up, you won’t need to buy fancy accounting software, like Quick Books or AccPac to track your business.

If you think about it, bookkeeping from home makes total sense. You will be hard pressed to find companies whose accounting systems are not computer based. Every companies ultimate goal is to cut costs and increase profits. So in order to keep these overhead costs low, many companies are willing to hire work at home employees these days. So it only stands to reason that many businesses would be interested in providing someone with the right skills and knowledge with a virtual bookkeeping job.

The steps in creating a business plan for your bookkeeping business are ideally the same as for any other venture. Firstly, market research is key. See what your competitors are doing right, and wrong. Research can be easily performed on the web, or you could call up your competitors feigning interest as a potential client to see what services they offer. Learn from your competitors mistakes so you don’t follow the same pitfalls, and improve on the positive aspects of their business.

How to avail the grants money offered by the Canadian government?

In the present economic situation, nothing can be better and more secured than a self employment. If you are in Canada and thinking of starting up your own business, the small business grants Canada government approves can be of great help. Canadian federal government has Self-Employment Program which is probably the best choice for any would-be business owner of a small industry or company in Canada. The federal government approves grants money to the young and ambitious Canadians to develop their own businesses.

While in Canada it is really hard to find out a government grant which can be good enough to fund a new business completely. The self employment program is a great relief through which the government of Canada offers good amount of grants money for the people who are looking for small business grants Canada.

There is not much grants money offered by Canadian government for starting a new business. But it is the federal government’s self employment program, which intends to help young people of Canada to develop job opportunities by starting up their own small business.

The self employment program offers you to choose from normal Employment Insurance Benefits till the benefit period gets over or financial support for the continuing expenses. This program also includes training programs for the new entrepreneur. Valuable advices to guide the young business owners are also provided. The federal government of Canada also provides grants money for temporary assistance so that the new business does not suffer any problem at the beginning. Often the self employment program comes in the form of a course package which enables you to learn the skills very much needed to establish your small business. The only thing that you need to have is the renewed Employment Insurance to be eligible for the self employment grants.

Governments of Canada understand the significance of self employment in the present world. Therefore, to improve the small business grants Canada, the government has decided to increase the grants money for the young and fresh small business owners. In 2009, Canadian government has already reserved more than 21 billion dollars for small business grants. The grants money will finance the development and expansion of any small business. And what was really hard to find in Canada, the non-repayable loans for small businesses, will also be a part of small business grants Canada. There will be low interest loans as well as no-interest loans offered for the small businesses.

Other than the government organizations, there are few private organizations also who provide free or grants money for small business in Canada. Though these organizations are mostly interested to give loans to the established businesses, but in some cases they also handover the grants money directly to individuals who are looking for self-employment by establishing small business setups.

To start a new business in Canada, the Canadian youth now have lots of options to get the grants money for establishing the business and developing it. The small business grants Canada as well as the Self employment Program are there to provide all the help that an startup entrepreneur may look for.