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Guidelines for starting a business in Toronto

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Two people starting a business in Toronto

Being one of the world’s most livable and prosperous countries, Canada is always a top choice when thinking about the location of your future business. And as one of Canada’s largest and most developed cities, Toronto is a great option if you want to start a business that will be predestined for success. That being said, you should know that starting a business in Toronto won’t be easy – not by a long shot. But what you are bound to see in the long run is that calling up long distance movers Canada and moving to Toronto was certainly worth it!

Research what industries thrive in Toronto

Being one of the best places in the world to start a business, Toronto is very likely to offer a plethora of good opportunities for just about every industry. The main industries in GTA are:

  • Aerospace
  • Education
  • Finances
  • Real estate

However, you likely don’t know necessary for starting a business in all of those industries. That’s why your first step should consist of you figuring out what you are good at, and doing market research to see whether your business can thrive. If it turns out that your chances of success are good, you may proceed to the very important next step – making a business plan.

Picture of Toronto at night
Before starting a business in Toronto, you need to research its market

Figure out your options before starting a business in Toronto

Even if you are one of those people who just like to wing it, you don’t have the luxury of doing that when starting your own business. And starting it in a new, unknown city is an even bigger challenge. You need to make an airtight plan of where your business is heading and cover all the steps of getting there. And when focusing on the financial aspect of the plan, don’t forget to factor in the moving costs Ontario you are about to have. You might have to move from another city to Toronto, and you might even have to relocate your existing business. It won’t be a cheap endeavor, that’s for sure.

Choose a striking and catchy name for your company

The name of your company may not seem like such a big deal to you now. It’s just a name, right? Well, the truth is that a company’s name can have a huge role in its success. Companies that have a memorable name, like Number 1 Movers Van Lines, make their presence on the market without an effort. People are more prone to remember your company’s name if you choose a catchy and interesting one. So, once they hear the name on a commercial or read about it in the newspaper, they will automatically be drawn to it. And that will make advertising your business that much easier. But how do you pick a name that’s destined for success?

  • Focus on short names (2-3 words)
  • The words you use should be common words that are familiar to everyone
  • Steer clear of words that are difficult to spell

You can even conduct a business name search thanks to Enterprise Toronto, which will cost you as little as $8 to $26.

Picture of a person writing down a plan for starting a business in Toronto
A companies name is very important

Secure the name ASAP

Of course, before officially naming your company, you’ll first have to check whether the name is already taken. The easiest way to do this is to search the internet. If nothing comes up with that name, feel free to register and secure the name of your business. You don’t want someone else to snatch it. This can lead to many problems down the road. For example, you start your business under a certain name, but you don’t go the lengths of legally securing your name. Your business is thriving, both in person and online, and one day you find out that another company has taken your name. It pops up as the first result in online search engines, leaving your already established business in its shadow. The worst thing is that you won’t be able to do anything if they already secured the name, only change it to something else.

Register your business through Enterprise Toronto

Could you believe it if we told you that registering your business in Toronto is a one-step process? You don’t have to wander from building to building and spend months on this process. All you have to do is register your business through Enterprise Toronto. You can do that by walking into their office, and walking out the same day with papers in hand. Even better, they even give you the option to do it online. After that, you’ll be able to start your business in Toronto. Whether you choose to start producing moving boxes Ontario or to start your very own real estate company, you can have the satisfaction of knowing it won’t be a difficult process. Only keep in mind that the registration is valid for 5 years and it must be renewed before expiration.

Picture of a label
Registering your business is crucial

Start applying for licenses and permits

You may confuse registration with the event of applying for all the necessary licenses. But these are two completely different processes. The good news is that licenses are only needed for certain types of business and with a bit of luck, you will be able to skip this step. That would certainly make starting a business in Toronto an extremely easy and fast process. However, you have to be ready for the fact that a big portion of businesses will require certain licenses. Especially those that have health implications. You’ll also have to go out of your way if you want to open a nightclub, pet shop, secondhand shop, restaurant, grocery store, etc. There are also different types of licenses that you might need.

Municipal license

If you plan to do business only in Toronto, then you will need a license that may differ from one needed in another municipality. In case you plan to expand your business outside of Toronto, contact the municipality that you plan to move or expand to. For any moving services needed for this, feel free to contact some office moving companies Toronto. Moving doesn’t have to be a fuss with them around!

Provincial licenses

Provincial licenses are luckily not needed for all businesses, but for other, it is a must. If you plan to open or expand into the industry of forestry, motor vehicles, real estate, liquor sales, or gas stations, you will require one.

Federal licenses

You will require a federal license for only a handful of businesses. The process of getting one takes longer and is more complicated to do. If your business will affect the physical environment or deal with hazardous materials, you will need one. It will lengthen the process, but it is for the cause of keeping the environment and people safe.

Picture of a person signing a contract when starting a business in Toronto
Different types of licenses are required for some businesses

Choose a business location

Before starting a business in Toronto, you need to know that certain businesses are not allowed in some properties. Municipalities often place restrictions, on a zone in the city. So, before you lease or buy a property, you should contact the nearest Toronto Building Customer Service. Even if everything goes right here, you might be required to get a building permit, if you want to alternate or construct something.

You could need a helping hand when starting a business in Toronto

No matter what anyone says or how wealthy you are, starting a business is a process that requires a lot of money. Some lines of business might even require millions, which isn’t an amount to joke with. If you are unable to gather the money needed, you’ll probably soon start feeling like the whole thing has gone down the drain. That’s why you need to start budgeting well before hiring some professional movers Toronto. This way, you will know how much money you have, from the very start. Luckily, that’s why you can always find other companies or individuals to help you finance your project.

All you have to do is find a few investors in the area and work on getting them on board with your plan. Remember the business plan that was mentioned earlier? This is when you’ll get a chance to use it by showing potential investors that you have a good idea and an even better plan of action. And once you do get them on board, finding good employees will be an easy process. Toronto is one of the best Canadian cities for job seekers, which means you’ll have a large pool of talented people to choose from. And we all know how important it is to have educated and skilled employees you can rely on!

Picture of people having a meeting before starting a business in Toronto
You will likely need external financial help

Final thoughts on starting a business in Toronto

Starting a business in Toronto won’t be easy. But doing business in the GTA brings many benefits and chances. It is a highly economically developed area, with a young skilled workforce flocking in from all over the world. It offers a uniquely good combination of factors, where almost any business can thrive. We wish you good luck and plenty of success!