Business


You know, so much happens everyday that I mean to write here. I even pause and say, “That would go great in my Blog” but I never get to it, heh. Since my business is so small and isn’t yet established I can’t get a credit card in the business name, but I need some kind of financial institution backing the business to be able to be official enough to order from certain suppliers. So today I opened a small business operating account and ordered some business cheques. I went to the branch on campus and they don’t have small business advisers, so the branch manager had to set up the account. She didn’t really know how to do it, so I had to help her navigate the internal bank system, lol. Pretty cool :P Anyway, an hour later it was all worked out and I will have cheques with my company name on them :D

Today I also picked up some binders and dividers and set up all my business documents, purchasing info, and tax requirements in a nice and organized fashion. Looks great!

The website is also coming along nicely - products are finally starting to be listed, w00t! I’m hoping to launch it soon, then when I have all my wholesale accounts open I will decide how much to invest in each manufacturer.

Fun fun!

Well, it’s official: I am a business! =D On Wednesday, Aug 30, 2006 I got a letter from the BC Ministry of Finance that my first name choice for my sole proprietorship was available (Canadian Craft Supply Depot). On Thursday I bought two domain names, canadiancraftsupplydepot.ca and craftdepot.ca. Unfortunately craftdepot.com was unavailable, but I registered canadiancraftsupplydepot.com today and I will email the owner of the craftdepot.com domain since there is no website there right now.

So yesterday I called the Canada Revenue Agency (CRA) and got my business number and two accounts: a GST account and an Import/Export account. Today I registered with the BC provincial government to be able to collect PST, but that application takes a few days to complete and it’s a long weekend *sigh* :laidback: The last step is to register on a municipal level with Vancouver City Hall to get a business license, then I can fax my license to my suppliers and they will ship me the wholesale catalogs and I can order stuff! WOOO! So what does it take to get a business?

Completed as of Sept 2/06:
Approval to start home-based business from landlord $0.00
Reading federal tax law, provincial tax law, and municipal by-laws $0.00
Taking a tax seminar on income tax, GST/HST, and PST $0.00
Name Request application to BC Ministry of Finance $30.00
Open accounts with BCBusinessRegistry and BCeID $0.00
Provincial Business Registration as Sole Proprietorship $40.00
Registration of 2 .ca domain names through the Canadian Internet Registration Authority $27.31
Registration of 1 .com domain name in the US $11.27
Open a GST/HST account with the CRA $0.00
Open an Import/Export account with the CRA $0.00

TOTAL $108.59


So I still have a few things left to take care of, but I’m hoping to finish this up next week:

Left to do
Get Business License from Vancouver City Hall for Sept-Dec/06 $52.00
Open Business Bank Account $0.00
Get Business Credit Card $0.00
Get Business Cards $10-20

TOTAL $62-72

So exciting! I thought it would cost way more to start up but it wasn’t too bad at all :) I’m actually lucky to be starting at this time of year, because the initial business license with Vancouver is $106 + $50 application fee, but since it’s pro-rated this year I only pay $52 out of the $156 and next year in January I only pay $106 for the whole year =D