Kings County Business Start-up Guide
Kings County Business Start-up Guide
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Kings County Business Start-up Guide
Table of Contents
Message from the Kings CED Agency…..………………………………………………………4 Message from the Acadia Centre for Social & Business Entrepreneurship…..…………………5 Quick Contacts.….……………………………………………………………………………….6 Checklist for Steps to Starting a Small Business….……………………………………………..9 Small Business Frequently Asked Questions (FAQ).….……………………………………….10 The Business Plan…....…………………………………………………………………………13 Business Plan Outline…………………………………………………………………………..14 Cash Flow Projections………………………………………………………………………….21
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Cash Flow Projections Sample……………………………………………………………….24 Break-even Analysis Sample…………………………………………………………………25 Projected Income Statements Sample………………………………………………………...26 Balance Sheet Sample………………………………………………………………………...27
Small Business Research Plan………………………………………………………………….28 Business Groups to Consider…………………………………………………………………...31
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Kings CED Membership Form……………………………………………………………….32 Central Annapolis Valley Chamber of Commerce Membership Form....……………………33 Eastern Kings Chamber of Commerce Membership Form…………………………………..34 Western Kings Board of Trade Membership Form…………………………………………..35
Permits and Registrations………………………………………………………………………36 Commercial Space Listings…………………………………………………………………….39 Financing……………………………………………………………………………………….40 Other Services Offered in Kings County.………………………………………………………42 Useful Websites………………………………………………………………………………...44
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Kings County Business Start-up Guide
The Kings Community Economic Development Agency is pleased to present the Kings County Business Start-up Guide. The Kings CED Agency has made a commitment to prioritize business development initiatives in 2006-2007. As such, a new initiative has been undertaken, Invest In Kings, that will see the creation of a website portal for existing and potential business owners and residents of Kings County. The website portal will contain:
• • • •
a regional community profile with the ability to access specific information for each individual Municipality; a Guide to Starting a Small Business in Kings County for potential business owners that will walk them through the sometimes confusing process; an interactive and dynamic business directory, which will allow the existing and potential business community to research and profile businesses in Kings County; and the enhancement and promotion of the current available commercial listings database.
As well, through partnerships with the Acadia Centre for Social & Business Entrepreneurship and the Hants-Kings Community Business Development Corporation, the Kings CED Agency’s clients have access to business counseling, consulting and financing opportunities. As a result, the Kings CED Agency has a wealth of information and resources available for the future and existing entrepreneur. This guide is meant to offer guidance and support in your process of planning, researching, starting, building, operating and growing your business. Kings County has an abundance of opportunities and services to help your business succeed and the Kings CED Agency can help. If you have any questions, please call the Kings CED Agency for assistance or visit our website at http://www.kingsced.ns.ca. Sincerely,
Erin Beaudin Executive Director Kings CED Agency
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Kings County Business Start-up Guide
Fellow Kings County entrepreneurs,
Starting a business isn’t usually as confusing or complicated as you might think, but it can seem that way if you’re sitting at home with an idea in your head, and wondering “what do I do first?” That’s why the Acadia Centre for Social & Business Entrepreneurship (ACSBE) and the Kings Community Economic Development Agency have partnered to create the Kings County Business Start-up Guide. In this guide, we attempt to provide you with all the tools, forms, websites, and contacts to help you plan, start, build, and maintain your business. If you are seriously thinking about starting a business, please take a few hours of your time to carefully review this information. If you do, I am certain you will come away with new information and a better understanding of the steps you need to take. And a final piece of advice. If you get discouraged or can’t find the information you feel you need, it’s time to start making phone calls. If the individual or department you reach can’t help you, it is quite likely they can tell you who can. One thing we know for certain is that the question won’t answer itself. Sincerely,
Joel B. Stoddart Business Counsellor Acadia Centre for Social & Business Entrepreneurship
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Quick Contacts
Wolfville Office (902) 585-1057 Kentville Office (902) 678-2298 ACSBE is a university-based business development http://acsbe.acadiau.ca/ Acadia Centre for Social & Business Entrepreneurship (ACSBE)
centre offering business counselling, consulting, and training for both private and non-profit organizations.
Atlantic Canada (ACOA)
Opportunities
Agency Kings County (902) 679-5356 http://www.acoa.ca/
ACOA is a federal government agency whose goal is to improve the economy of Atlantic Canadian communities through the successful development of business and job opportunities.
Black Business Initiative (BBI)
1-800-668-1010
BBI is a province-wide business development http://www.bbi.ns.ca initiative designed to support the development of business and job opportunities among African-Canadian Nova Scotians.
Canada/Nova Scotia Business Service Centre (CNSBSC)
CNSBSC improves the start-up, survival and growth rates of small and medium-sized enterprises by giving business people in every part of Canada access to accurate, timely, and relevant information and referrals.
1-800-668-1010 http://www.cbsc.org/ns
Canadian Revenue Agency (CRA)
1-800-959-5525
CRA administers tax laws for the Government of http://www.cra-arc.gc.ca/menu-e.html Canada and various social and economic benefit and incentive programs delivered through the tax system.
Central Annapolis Valley Chamber of Commerce (CAVCOC)
CAVCOC serves as a “unified business voice of the Central Valley”, representing your business interests at the county, regional and provincial levels.
(902) 765-0344 http://www.cavcoc.ca/
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Kings County Business Start-up Guide
Community Business Development Corporation (CBDC)
CBDC stimulates private sector employment in rural Atlantic Canada through business financing, counseling, and advisory services to small business.
Kentville Office (902) 679-6215 http://www.hantskingsbdc.ca/
Eastern Kings Chamber of Commerce (902) 678-4634 http://www.ekcc.ca/ (EKCC)
An organization of business people in Eastern Kings County designed to advance the interests of its members.
Kings Community Economic Development (902) 678-2298 http://www.kingsced.ns.ca/ Agency (Kings CED Agency)
The Kings CED Agency is the local regional development authority, working to promote and facilitate community economic development in Kings County.
Nova Scotia Business Inc. (NSBI)
NSBI is a private sector-led agency working to attract new companies to Nova Scotia to provide long-term employment opportunities for Nova Scotians and help those already in Nova Scotia to expand through services such as export development and financing.
(902) 798-6961 http://www.novascotiabusiness.com/
(902) 679-6006 Nova Scotia Department of Agriculture The Department of Agriculture is a provincial http://www.gov.ns.ca/nsaf/ department that provides valuable agricultural Registry of Joint Stock Companies (RJCC) 1-800-670-4357 RJCC directs and administers the incorporation and/ http://www.gov.ns.ca/snsmr/rjsc/
or registration of all companies doing business in Nova Scotia and non-profit societies.
Students in Business (SIB)
(902) 790-2600 The Students in Business Program is a government http://www.studentsinbusiness.ca/
sponsored interest-free loan program for students in Nova Scotia wanting to start their own business.
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Western Kings Board of Trade (WKBOT)
WKBOT is a progressive, long-standing, not-forprofit organization serving commerce in Berwick and surrounding communities. WKBOT advocates and supports commerce in Berwick by stimulating growth of business and developing new
(902) 538-3185
Wolfville Business Development Corporation (WBDC)
The WBDC is a corporation of Wolfville merchants interested in attracting and promoting the businesses and amenities Wolfville offers.
(902) 542-4093
http://www.downtownwolfville.com/wbdc/members_gateway.php
Workers Compensation Board (WCB)
1-800-870-3331
WCB provides injury prevention information and http://www.wcb.ns.ca/ education, protection from legal action, financial and health-care benefits, rate incentive programs and co-ordination of the partners in the workplace safety and insurance system.
Zoning and Planning Departments
Municipality of the County of Kings (902) 690-6139
Municipal units are responsible for administering http://www.county.kings.ns.ca business permits and by-laws in their respective Town of Berwick (902) 538-8086 http://www.town.berwick.ns.ca regions. Town of Kentville (902) 679-2530 http://www.town.kentville.ns.ca Town of Wolfville (902) 542-3486 http://www.town.wolfville.ns.ca
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Kings County Business Start-up Guide
Checklist for Steps to Starting a Small Business
Visit the Kings Community Economic Development Agency’s website http://www.kingsced.ns.ca to access all available commercial listings, an online business directory and other services available. To discuss your business idea and plan, contact Joel Stoddart, Business Counsellor with the Acadia Centre for Social & Business Entrepreneurship by phone at (902) 678-2298 or via e-mail at joel.stoddart@acadiau.ca. Seek financing options for your business idea. Please refer to the Financing section of this guide. Submit the registration fee and a name for your business, in writing, indicating the type of business, your name, address and phone number, to the Registry of Joint Stock Companies. Contact the Registry of Joint Stocks by phone at 1-800-670-4357 or visit their website at http://www.gov.ns.ca/snsmr/rjsc/. Forms can be also be accessed at the local Access NS office. Register for your business number at the Canadian Revenue Agency. Businesses are assigned one number for: payroll deductions, HST, corporate income tax and import/export accounts for customs purposes. Contact the Canadian Revenue Agency by phone at 1-800-959-5525 or visit their website at http://www.cra-arc.gc.ca/menu-e.html. If you require Workers’ Compensation coverage, please contact the Workers Compensation Board by phone at 1-800-870-3331 or visit their website at http://www.wcb.ns.ca/. Contact the Assessment office in the area in which your business will be located in order to comply with Business Occupancy Tax legislation. Contact the Western Region Assessment Office by phone at (902) 679-6106 or visit their website at
http://www.gov.ns.ca/snsmr/asmt/ps/business/business-faq.asp.
Contact the Municipal Clerk’s office to check on Zoning Laws in your area to determine if the location of your business is zoned accordingly, and to determine permit or licensing requirements. Contact the following Municipal Units for information:
Municipality of the County of Kings: John Warden (902) 690-6139 http://www.county.kings.ns.ca Town of Berwick: Ridge Hiltz (902) 538-8086 http://www.town.berwick.ns.ca Town of Kentville: Frank MacFarlane (902) 679-2530 http://www.town.kentville.ns.ca Town of Wolfville: Gregg Morrison (902) 542-3486 http://www.town.wolfville.ns.ca.
Open a current account with your bank or lender, under the registered name of your business. It’s important to discuss your new business with them and to establish a line of credit. Keep a record of all revenues and expenses. You may wish to consult an accountant, bookkeeper or a friend with business experience. If forming a partnership, obtain a Partnership Agreement from your lawyer.
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Small Business Frequently Asked Questions (FAQ)
Are there any grants available for me to start my business? If by grants you mean forgivable loans or ‘free money’, there are few, if any, grants available for small business start-up in the retail and service sectors. However, certain sectors such as manufacturing, tourism, and agriculture may be eligible for partial funding, no interest loans, or project subsidization. That being said, we highly recommend businesses consider programs such as targeted employment wage subsidies (applications available through Service Canada), and other programs such as the Self-Employment Benefits program (offered through CBDC). If you wish to see if grants are available in your industry, please visit the Small Business Funding Centre’s website http://www.grants-loans.org. Is it required for me to register my business name? If your business name is anything other than your first name and last name (i.e. John Waldorf, proprietor), you must register the business name. You can do so with the Registry of Joint Stock Companies or at your local Access NS office. How much of my home, vehicle, travel, and equipment can I write off as an expense? While it’s true that in lots of cases you can write-off many of these costs as business expenses, people are often caught trying to be too ambitious and receive unwelcome penalties from the Canadian Revenue Agency (CRA). While the CRA website (http://www.cra.gc.ca) or its representatives will tell you what you can claim, it may also be wise to consult with a reputable accountant or bookkeeper to avoid these setbacks. I want to start a home-based business. Do I need any special permits? In many cases, you are entitled to have a home office without any special permits. However, if you create a home office with the intent of either producing/manufacturing a product, or having customers visit you on-site, you will likely need permission from your local zoning authority. If there is ANY doubt, please contact your local municipal office. Do I need to register for Worker’s Compensation coverage? If your business has two or fewer employees, and there is no expectation that you will have three employees, you do not need to register for Workers Compensation. However, you may voluntarily do so to protect your employees and provide coverage for them. Once your business hires its third employee, you are required to contact the Workers’ Compensation Board to determine if you must register (certain industries may be exempt even if more than three employees are hired). If there is any question, contact the WCB directly. Is it true that if I don’t plan to have sales above $30,000 in a year, then I don’t have to collect and remit HST to Revenue Canada? Generally speaking, if your business’ sales (total revenue) for any four consecutive quarters is
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Kings County Business Start-up Guide under $30,000, you are not required to register for, collect, or remit HST (with the exception of a few select industries – refer to Canadian Revenue Agency). Once you exceed – or expect to exceed - $30,000 in sales in any four consecutive quarters, you must register for an HST/GST account. If there is ANY uncertainty, it is highly recommended you contact the Canadian Revenue Agency. They will quickly be able to give you an answer. How long will it take for a lender to approve or deny my business for a loan? It depends on several things; how quickly you are able to complete the business plan and loan applications, your security, the amount of equity you put into the business, and the lending organization’s internal approval process. It can take anywhere from one week to several months. I don’t have any personal savings to contribute to the start-up of my business? Will lenders still consider me for a loan? Though lending institutions always prefer to see the entrepreneur contribute some personal equity into the business, it is still possible to access loans if you cannot. In most cases, however, the lending institution will require some form of security on the loan, even if they are confident in the business concept. Why do lenders need to see a business plan and projected cash flow statements for my business? It seems like they’re just trying to slow me down. Anyone who is going to lend you a significant amount of money to start a business needs to be firmly reassured that you have gone through a comprehensive business planning and feasibility study process. If you haven’t, you are asking them to risk their funding on your ‘gut feeling’ that the business will work. How can I give myself the best possible chance of obtaining a loan for start-up? If your personal finances are not strong, and you do not have a lot of equity to contribute to the business, the onus is on you to show as much initiative, determination, and sound business research to show that you are committed to making the business work. If you are resourceful enough to raise some financing on your own, and are willing to retool your plan if it is initially rejected, you will raise your chances of securing a loan. What is a business counsellor, and what can a business counsellor do for me as I try to start my business? A business counsellor is a professional who can lead you through the business planning process, and understand the sequence of steps necessary to move your idea ahead. Though your business counsellor will not complete a business plan on your behalf, he/she can help you make sense of marketing research, marketing strategy, financial projections, and other important aspects of starting a business.
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Kings County Business Start-up Guide Can anyone tell me quickly whether my business opportunity is feasible, so I won’t have to complete an entire business plan only to find out it’s not? If only it were that easy. Though some business concepts have obvious flaws that are visible from the outset, most business ideas require a certain degree of research and nurturing before the earning potential of the business can be determined. Often times, small businesses succeed or fail not due to the idea, but rather the entrepreneur’s personal drive and ability to make it work. Should I register my business as a sole proprietorship, a partnership, or a limited company? Doesn’t it only make sense to incorporate (limited company) since there is limited personal liability? Though many small businesses organize as sole proprietorships or partnerships, there are certainly instances where incorporation is appropriate. Many entrepreneurs falsely assume, however, that incorporating automatically voids them of any and all personal liability – such is not always the case. The pros and cons of each respective form of business organization are outlined later in this booklet (see page 14). How long should a business plan be? The length of a business plan depends on both the complexity of the business being studied and the targeted audience. There are really two types of business plans; an external business plan and an internal business plan. An external business plan is used to present your business to people outside of your organization, such as lenders, partners, suppliers, banks, customers, etc. It should be as concise as possible, and can often be completed in less than 10 pages (businesses of a more complex nature will require a longer plan). An internal business plan is a management tool; it is a roadmap for you to follow as you carry out your business. Nobody needs to see this plan, but you and your team. It can be as long or as short as you need it to be, depending on your management style. How can I make sure nobody steals my business idea? Though all the information you disclose to a business counsellor is 100% confidential, many entrepreneurs worry far too much about somebody ‘stealing’ their business idea. What you should recognize is that the business ‘idea’ is only a small piece of the puzzle. Most businesses either make or break themselves during the execution stage. Even if somebody steals your idea, they will need to also duplicate your passion, skills, and drive, which is much harder to do. That being said, if you are still worried about someone stealing your idea, try to have a non-disclosure agreement in place before you divulge any information.
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Kings County Business Start-up Guide
The Business Plan
In the following section, you will see the outline and description of a basic business plan. Though there are literally thousands of business plan templates available for download on the Internet, most of them contain the same information – only the wording and formatting is different. Many people feel either threatened or ‘slowed down’ by the business planning process, but it is among the most important steps you can take. Does completing a business plan guarantee that your business will be successful? No. But it does allow you to gain a clearer understanding of what you need to accomplish, and your relative chances for success. The part of the business plan people tend to find most difficult is also arguably the most important – creating financial projections. The fill-in-the-blanks cash flow template at the end of the business plan will give you a good start in determining both your costs and your revenues. Don’t hesitate to enter dollar amounts into the blanks, even if you’re not exactly sure what they will be. Remember, these are projections. They can always be revisited and adjusted later. Once you have attempted the business plan, consider meeting with one of ACSBE’s business counsellors, who can recommend changes and offer feedback.
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Kings County Business Start-up Guide
Business Plan Outline
Why Do I Need A Business Plan? Most business experts will say that the most crucial step in starting a business is the planning stage. Unfortunately, this step often receives little or no attention. This can lead to disastrous outcomes such as the failure of the business, loss of an investment, or loss of personal assets. This is why business planning is so important. A business plan: • Outlines your business idea; • Assists you in obtaining financing for your business; • Provides you with a measure for evaluating your results; • Helps uncover potential weaknesses; • Commits your plans to writing; • Helps you identify overlooked opportunities; • Helps you anticipate and adapt to change; • Tests the commitment of you and your team members; • Helps you understand your competition; and • Helps you understand your financial position. 1. Cover Page This should include: • Registered name of business; • Name of Document (“Business Plan”); • Date of preparation or modification of the document; and • Name, address and phone number of the business or contact person. 2. Executive Summary This part of the business plan should give a BRIEF overview of what is to follow. It includes various topics of interest such as: • Nature of the business; • General location; • Financing required to start your business; • Rationale as to why this is a good business idea; • A general description of the target market for your business; and • Other general, but important points about your business. The executive summary should be the ‘Coles Notes’ of the business plan. It should tell the reader the MAIN points of the plan in short form, and should persuade the reader to continue
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reading your proposal. It should be completed last and be no longer than one page double-spaced. 3. Introduction This section should include information about your background and experience as the business owner and why you are interested in starting your own business. It should also include a brief summary/description of the business you are proposing to start. The purpose of this section of the business plan is to give the reader a better understanding of you as an individual and the experience you are bringing to this business. 4. Mission Statement A mission statement ultimately defines your business as you want people to recognize it. It directly states your main goals of “why” you are open. For example, the mission of the Acadia Centre for Small Business and Entrepreneurship is “To support and develop entrepreneurship in Nova Scotia by utilizing the students, faculty, and other resources of Acadia University.” Your mission statement should be no longer than two or three sentences. 5. Business Structure This paragraph should define whether the business will be a: • Sole proprietorship; • Partnership; or • Incorporated company. It should also address your reasons for choosing this structure. For example, if you do not anticipate having significantly high profits, then it is not necessary to incorporate to gain the tax benefits associated with incorporation. The cost of incorporating is around $1,500, and thus there must be more than this amount of benefit from having this type of business structure. Resources are available from your business counsellor to explain the different types of business structures and the various advantages and disadvantages that are associated with each structure. 6. Objectives This section consists of the goals/objectives for your company. Break these goals down into what you envision the company to accomplish as: • Short term goals within the first year; • Medium term goals within the next 2 to 5 years; and • Long term goals - 5 years or more. A good paragraph on each goal should progressively show the reader the direction in which you would like this business to go. For example, a short term goal may be to achieve sales large
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enough to provide a $15,000 salary for the owner. A medium term goal may be to hire 3 employees, and a long term goal may be to sell the business after it is established and begin a new venture. When defining your goals, ask yourself if they are S.M.A.R.T. goals; meaning Specific, Measurable, Attainable, Realistic, and Trackable. Wishy-washy goals are not adequate (i.e. I would like to build a strong client base). Use statements such as “I would like to have 45 regular clients by the six month point and 100 by the end of my first year”. You want to be able to look back at your business plan and judge whether or not you have been successful in accomplishing your goals. If you have not accomplished your goals, then it will allow you to ask yourself why and help you remedy the situation. 7. Trends State any trends or moves in the industry that may influence your business, as these trends will help to support the assumption that there is a market for your product or service. For example, people are less tolerant of smoking then they have been in the past, thus a non-smoking coffee shop may appeal to a greater portion of the population, more so than one where smoking is permitted. Other trends may include an aging population, environmental considerations, or the state of the fishing industry. To make this section creditable, all trends should be supported by various sources, whether they are industry statistics or articles from trade magazines. 8. Competition Knowing your competition is a key component to the success of your business. Researching your competition may also indicate if the needs of your potential customers are already being met, meaning that there may not be room for your business in the market. Competitors include anyone who offers a similar product or service, or a product of service which can be used instead of yours. The product/service may not be identical, but it provides the consumer with the same key benefit. You should divide your competitors into sub-sections: • Direct Competitors - those that offer identical or very similar services; and • Indirect Competitors - those that offer a product or service similar to yours that could be used as a substitute for the product or service you are offering. For each competitor you should write a brief description about aspects of the business, such as their company background, the product/service they offer, and where they are located. You should also complete a S.W.O.T. analysis, which means outlining each of your competitors: • Strengths (e.g. well established name in the community); • Weaknesses (e.g. out-dated methods, equipment); • Opportunities you may be able to capitalize on (Based on their strengths and weaknesses); and • Threats to you (e.g. what might they do when you enter the industry).
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Kings County Business Start-up Guide You should have several strengths, weaknesses, opportunities, and threats for each competitor. It is also important to note that your competitors’ weaknesses represent opportunities for you. 9. Customer Analysis Not “everybody” is your customer. This section will define your target market, which is further divided into your primary and secondary customers. Primary customers are the people who are most likely to use your product or service on a regular basis, or more often than everybody else. You can define your customers and target market by exploring: • Demographic Characteristics - age, gender, income bracket, education, occupation, residence location, and the portion of the population these people represent in your target area; • Lifestyle Characteristics - favorite newspapers, activities, interests, opinions and personalities of consumers; and • Purchase Characteristics - where are they buying now (your competition), what they are buying now (substitute products), when do they buy (seasonal fluctuations, tourists), how often do they buy, how do they buy (impulse, seek you, or have to be “sold” the product/ service by you). Once the above information about the market has been obtained, it is easier and more effective to develop a marketing strategy that is geared to a particular consumer group. Be very specific and find out as much information as possible about these individuals. The next people you need to analyze are your secondary customers. This group of individuals may not purchase as much of your product/service as the primary customer, yet they will influence the success of your business through their purchasing habits, so they cannot be ignored. Find out as much as you can about this group as well, and state why they are not as likely to purchase as much or as often as your primary customer. 10. Positioning Strategy This section of the business plan contains the 4 P’s of Marketing, which are Product, Pricing, Promotion, and Placement/Distribution. Each should be discussed in detail. Product The product section should contain a detailed description of the product/service you will be offering. It should also demonstrate how you would differentiate your product/service from your competition and why it will be accepted by consumers. Other items that should be discussed in this section include why the product is demanded, and whether you will carry brand name products, or strictly generic items. Everything you say must be supported by
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Kings County Business Start-up Guide evidence of some kind. For example, you could do a survey to find out what customers want, thus any statements made to this effect would be justified by your market research. Price The pricing section should establish your pricing strategy and explain how you arrived at that strategy. It should be discussed in relation to the price your competitors are offering. Your price does not necessarily have to be lower than your competitors to have a successful business. You may offer a different product/service that people are willing to pay more for, or there may be a sufficient number of customers in the area who are not being satisfied by the present companies. You should also include a discussion of your profit margin and determine whether this price you have chosen is sufficient to cover all of your expenses and still yield a profit. Promotion The promotion section should outline the specific means chosen to target your customers. Promotion can include things such as signs on your vehicle, flyers, posting signs while doing the job, business cards, or word-of mouth. • What specific sources of media will you use to reach them? (Radio, newspapers, local television, etc.) • What will this cost? • Why will it work for your particular customers? • Do you offer discounts/specials to your customers? Place/Distribution The distribution channels you plan to use should be stated next. • How are you going to be accessed by your customers? (Storefront, mobile, home-based) • Are you going to them, or do they come to your premises? • Do your customers make appointments, or do they just drop in? • Where do you do your administrative tasks such as bookkeeping? • Does your business tend to be seasonal, and how do you intend to address this? 11. Operation Plan This section should include things like your physical location, taking into consideration surrounding businesses and how they may influence your business (e.g. Is there a bank or post office near by which draws people to “your” area?). Is there adequate parking available to customers? You should also talk about your facilities, equipment, and furniture. This includes any renovations that may have to be made, and whether the premises are leased, owned, etc. Describe in detail any significant lease, rental, or purchasing arrangements. You may even want to include floor plans or layout plans of your facilities for reference.
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Kings County Business Start-up Guide Suppliers should be noted in this section as well. Make sure to include alternate suppliers in case your primary supplier is unable to meet your needs. You should have a good understanding of their payment terms, if their price includes delivery, and how often they take orders and/or make deliveries. Find out as much as you can about various suppliers before committing to one in particular. Outline your daily operating procedures regarding the number of staff that will be working, hours of operation, and “busy” hours of the day. Outline a typical day or week of your business. Be specific. You should also calculate your maximum capacity. This means figuring out the most number of customers you could serve in a day, or the most number of widgets you can manufacture in a day if you were going “full speed” for the entire time that you are open. This is very important in determining whether you can meet the expectations and demand of your customers. This section of the business plan should also include a discussion of inventory. State if you produce “just in time” as your customer wants your product, or if you “stock pile” a reserve inventory. If you are retaining inventory, make sure you discuss where it will be stored and how you will keep track of it. You should be able to explain the rationale behind the inventory method you choose to use and why it best serves your customers. 12. Human Resources This section outlines the key positions in the company, and the duties and the responsibility of each key person. State exactly how many employees you intend to have at this point in time and your future growth plans. You should also talk about your recruiting strategy and who will be recruited in terms of education, skills, and experience, and develop a job description sheet. Training should also be discussed, as you must decide if you will train employees “in-house” or send them to a course. Compensation, meaning pay and benefits also needs to be addressed, as does evaluation systems, which are needed to equate whether or not they are successfully performing their job. This section should also include those people with whom you contract to do other tasks, such as a bookkeeper, accountant, or lawyer. These tasks may not be completed “in-house”, but it is equally important to know who will be maintaining these areas of your business. You should also describe your management qualifications and responsibilities. 13. Financial Plan State the type of accounting system to be used, by whom, and how frequently it will be updated. For example, will you complete your bookwork everyday or hire a bookkeeper. Project the start-up costs needed to begin this venture, including such things as equipment, cash, inventory, supplies, etc. Be specific, naming each piece of equipment, along with its
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Kings County Business Start-up Guide
price and why it is required. This will be integral when looking for financing from a lending institution, so do not overlook its importance. State how you intend to get the financing (ACOA, banks, trust companies, investors, etc.). Projected cash flow budgets should also be completed for each of the first three years that your business would be open. This means you will need to estimate your sales for each month and all your costs for each month. A cash flow shows all of your “cash in” from operations minus all of your “cash out” from expenses, wages, loan payments, etc. Again, ask your business counsellor for a sample. You should also make a list of assumptions regarding your financial statements. Assumptions are simply explanations of each of the figures presented in the cash flow statement. For example, inventory will be kept at a level of $10,000 at all times, receivables will be collected in a 45 day period, loan payments are based on a $10,000 principle amortized over 5 years at a 10% interest rate, or insurance expenses will cover my store with payments made monthly at $125/month. These assumptions help the reader understand what is being presented in your cash flow statement. A break-even analysis should be completed. A break-even shows you the dollar amount of sales you will need in a given year to cover all of your expenses. Break-even analysis can also be used to determine how price changes, sales level changes, cost increases and decreases will effect profitability. Several methods of doing a break-even analysis are available. Check with your business counsellor for a sample. Projected income statements are a projection of anticipated sales, expenses, and income. These statements also take depreciation, interest, and taxes into consideration. Their ultimate goal is to determine when you will be “in the black” or making a profit. Again, ask your business counsellor for a sample. The last item involved in the financial section is your balance sheet. The balance sheet is a financial statement that indicates what assets the firm owns and how those assets are financed in the form of liabilities (debt and loans) and ownership interests (your own money). An opening balance sheet is a statement of your business financial health at this point in time. A variety of ratios can then be completed to see how your situation compares to that of your industry. Check with a textbook or your business counsellor for a sample.
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Kings County Business Start-up Guide
Cash Flow Projections
Cash flow projections are an estimate on what your business will make and what it will spend, either on a monthly or yearly basis. It is a bit different from a straight income statement, in that it shows you WHEN the money comes in and when it goes out. A good cash flow projection can identify when you are likely to be short on money, so that you can plan to either borrow money or increase sales. No business plan is complete without cash flow projections, but many entrepreneurs struggle mightily with this task and there are two main reasons why. 1. Financial projections often provide a cold dose of reality – in lots of cases, costs – and your break even point – turn out a lot higher than initially expected, highlighting the risk and casting doubt in the entrepreneur’s mind. But wouldn’t you rather know before you start the business? 2. Difficulty knowing what the numbers should be – the most obvious challenge in completing a cash flow projection is this: how can you fill in the numbers when you don’t know what they are? Developing sound financial projections often requires a lot of research, phone calling, and contacting other businesses. It’s hard work. Though we could write a book on how to develop financial projections, this section is designed to help you understand the basics. Let’s start by looking at the expense categories: Accounting/bookkeeping: unless you will be performing all accounting and bookkeeping duties yourself, you will need to allot a weekly or monthly expenditure for this. Advertising: relatively straight forward, this is any money you spend on promoting your business. This cost tends to be higher near the beginning of the business (during the launch), and at key points during the year according to your business cycle. Bank service charge: usually about the same for most businesses, this cost is usually a small fee associated with your business bank account (cheques, debits, etc). Equipment/asset purchases: if you need to buy any equipment, tools, or other major assets for your business, include their cost here. Insurance: many entrepreneurs either overlook or ignore this cost, but it is always worth contacting a commercial insurance agent for a quote. Your premium will depend on your business activity. Leasehold improvements and renovations: if your building or office needs renovations or additions to be sufficient for operations, include those costs here. Loan repayment: if you take out a loan to finance the start-up of your business, you will need to account for monthly payments.
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Kings County Business Start-up Guide
Inventory: this tends to be a little bit difficult for many businesses to forecast either because they don’t know how much it will cost or how often they’ll have to order new inventory (it is tied directly to sales, after all). However, it must be considered if you have a tangible product you are selling. Maintenance and repairs: snow removal, grass cutting, building maintenance, cleaning, and equipment repair are just a few of the categories to consider here. Office supplies: these are not the product that you sell, but the general items you require to carry out business, such as paper, invoices, printer ink, stationary, etc. Payroll: this is the amount you pay for employees or labourers for their work, not including additional employee expenses such as EI, CPP, and Workers’ Compensation. This can be tough to estimate, but do not underestimate the amount of assistance you will need from employees. Payroll expenses: these are all the expenses associated with having employees, not including their wage or salary. This covers items like CPP, EI, Workers Compensation, and employer tax deductions. Instead of trying to figure all these numbers out, a general rule of thumb is that this will be 14% of your total payroll amount (above). Sales commissions: only applies if any parts of your employee wages are based on commissions. If so, this would be expressed as a percentage of sales. Professional fees: if you intend to register with any associations or industry groups (either voluntarily or by requirement), account for those costs here. Communications equipment: this includes the purchase or lease of any communications equipment, such as computers, fax machines, photocopies, mobile phones, scanners, etc. Rent: if your business incurs costs for rent, include it here. If you have a home office, do not include it as a rent cost here. Even though you can consider it an expense on your income taxes, it is not an actual cash outflow. Operating supplies: if your business uses any ongoing supplies in the production of your product or service, include it here. For instance, a painting company would include paint brushes, rollers, scrapers, paint thinner, etc. Owner’s drawing/salary: this is what you, the owner, takes out of the business for yourself. Permits and licenses: often times, business permits require a cash outlay, as is the case when you register with the Registry of Joint Stock Companies. Most times, these expenses occur only once, at the beginning of the business. Regardless, they must be accounted for.
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Kings County Business Start-up Guide Utilities and telephone: this includes usage charges for heat, water, electricity, telephone, Internet charges, etc. Taxes: except for business occupancy taxes (consult with your town or municipality), do not include taxes unless you are an incorporated business. If you are a sole proprietorship or a partnership, you will pay taxes as an individual based on your net income. Travel: if you intend to travel away from your normal area to conduct business (either to conferences or sales calls), include those costs here. DO NOT include regular vehicle expenses associated with the business, such as fuel or repairs – they are accounted for later. Vehicle-related expenses: this includes the cost of fuel and any repairs/maintenance associated with the business usage of the vehicle. VISA/Debit charges: it costs money to offer your customers payment by credit and debit. While this charge is often based on a percentage of total transaction value, other times it is a flat fee per transaction. This cost can also differ for all businesses based on expected sales volume. Check with your local bank or visit the respective credit card company online. Other: most businesses have at least one or two expense categories that are not accounted for here. It is imperative that you identify them and account for their costs. There are many ways to forecast sales, most of which involve a fair bit of research on the entrepreneur’s behalf. But if you have accurately forecasted your expenses, often times you can quickly get a general sense of where your sales will need to be in order to both break even and make a profit. While lots of research is always advised, here is a shortcut of sorts to give you an idea of where you are: 1. Total your annual expenses – this includes all costs you expect to incur over the entire year. 2. Figure out your break even point – your break even point is where your annual sales collections are exactly equal to your annual business expenses. 3. Sales breakdown – once you know the level of sales you must reach to break even over the whole year, you should then start breaking it down further into monthly, weekly, and even daily sales levels needed. What this does is breaks a sometimes larger figure ($200,000, for example) into much more digestible and understandable figures (i.e. you must reach – on average - $667 dollars daily for each of the 300 or so working days). You are then in a much better position to understand the likelihood of meeting that break even point.
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Cash Flow Statement
March April May June July August September October November December Yearly Total $ Yearly Total
Months
January
February
Estimated Sales $ March April May June July August September October November December $ $ $ $ $ $ $ $ $
Total Sales
$
$
Cash Receipts
January
February
Cash from Sales
Account Receivable Collected Small Business Loan
Owners Equity Contribution
Sales of Assets $ March April May June July August September $ $ $ $ $ $ $ October $ November $ December $ Yearly Total
Total Receipts
$
$
Cash Payments
January
February
Wages and Benefits
Inventory/Purchases
Rent
Office Supplies
Taxes and Licenses
Repairs and Maintenance
Bank Charges
Utilities
Insurance
Advertising
Loan Payments
Other: $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Total Payouts
$
$
Net Cash
$
$
Opening Balance $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
+ Net Cash
$
$
Closing Cash
$
$
Break-even Analysis
Break Even Point = Total Fixed Expenses Gross Margin Total Sales – Variable Expenses Total Sales
Gross Margin (Mark-Up %) =
For Example: Total Sales: Fixed Expenses: Variable Expenses: Gross Margin = $10,000 $5,000 $3,000 Total Sales – Variable Expenses Total Sales = $10,000 - $3,000 $10,000 = $7,000 $10,000 Gross Margin Break Even Point = 0.70 or 70% = Total Fixed Expenses Gross Margin = $5,000 0.70 Break Even Point = $7,142.86
This demonstrates that you need $7,142.86 in sales in order to break even.
Income Statement
March April May June July August September October November December Yearly Total
Sales
January
February
Service A
Product A
Service B
Product B $ March April May June July August September October $ $ $ $ $ $ $ $ November $ December $ Yearly Total
Total Income
$
$
Costs of Goods Sold Labor
January
February
Materials
Miscellaneous $ $ $ $ $ $ $ $ $ $ $
Total Cost of Goods Sold $ March April May June July August $ $ $ $ $ $
$
$
Gross Profit
$
$
$ October
$ November
$ December
$ Yearly Total
Expenses
January
February
September
Advertising
Telephone
Administration
Office
Payroll
Benefits (13% of payroll) Total Expenses $ $ $ $ $ $ $ $
$
$
$ $
$ $
$ $
$ $
$ $
$ $
$ $ $
Net Profit Before Tax
$
$
Tax $ $ $ $ $ $ $ $ $ $
Net Profit
$
$
$
Balance Sheet
ASSETS Current Assets Cash Bank Accounts Accounts Receivable Inventory Prepaid Expenses Other TOTAL Equipment Machinery Vehicles Computer Other TOTAL
______________ $_____________
Fixed Assets
______________ $_____________
TOTAL ASSETS LIABILITIES Current Liabilities
TOTAL
$
Loans Accounts Payable Other TOTAL Long Term Loans Leases Other TOTAL TOTAL
______________ $_____________
Long Term Liabilities
______________ $_____________ $
TOTAL LIABILITIES OWNER EQUITY
Capital At Start Investment Profits (loss) TOTAL (minus withdrawals) Withdrawals TOTAL NET WORTH TOTAL LIABILITIES & OWNER EQUITY
_____________ $____________ _____________ $____________ $
Kings County Business Start-up Guide
Small Business Research Plan
One of the most common – and commonly overlooked – trouble spots for aspiring business owners is market research. Market research, in this case, is the sum of all the information you collect to help you determine whether or not your business idea is feasible, and how to craft your marketing strategy. If you don’t have the money to pay a research company to do it for you (and most entrepreneurs don’t), here are some practical ideas for a do-it-yourself approach. 1. Demographic information – detailed demographic information (age, sex, income, education, etc) is readily available, although most entrepreneurs don’t take advantage of it. The following websites allow you to scan very specific geographic regions to help determine the number of potential customers you are targeting (you may also find your local library a good source for this type of information). • http://www.targetnovascotia.com • http://www12.statcan.ca/english/profil01/CP01/Index.cfm?Lang=E • http://www.gov.ns.ca/fina/communitycounts/ 2. Canada/Nova Scotia Business Service Centre – this Halifax-based organization is funded by the federal government, and EXISTS for the sole purpose of helping you find the information you need to finish your business plan. Examples of information they can provide include:
• • • • • •
A full list of other businesses competing in your industry; Demographic information; Spending and consumer habits for the type of product or service you are offering; A full list of permits and certifications you need in order to run your business; Information on importing and exporting; and Sources of financing for your business.
This information can also be accessed in Kings County at 35 Webster Street, Kentville. 3. Testing your financial projections – one of the most common questions aspiring entrepreneurs ask is ‘how do I know if my sales projections and expense forecasts make sense?’ In order to answer this, Industry Canada has put together a very detailed business summaries website. On this website, you can search any industry you like, and see how other businesses in that same industry are doing financially (and within Nova Scotia specifically). While it won’t give you details on specific companies, it will help you determine whether or not your projections are in line with the industry averages. For example, if you are planning to open a lawn mowing company and are projecting annual sales of over $50,000, this website will tell you what percentage of lawn mowing companies achieved this level of sales. If only 5% of them did, you may be forced to ask yourself if it is reasonable to assume you’ll be in the top 5% of all lawn mowing companies
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in your first year. You can find the website at http://sme.ic.gc.ca/epic/internet/inpp-pp.nsf/%20%20%20en/Home. 4. Don’t re-invent the wheel – are you starting a business, but have questions that could only be answered by somebody inside the industry? Then why not ask them? While calling a local competitor may get you hung up on, calling someone who runs your type of business in a similar, but non-competing market area often provides extremely valuable insights. Perhaps, for example, you are starting a computer repair business or a bookkeeping business, and don’t have fresh promotional ideas on how to reach your target markets. Or maybe you don’t know what type of customer is most likely to use your service. Instead of guessing, call or email another business owner (again, someone far enough away that they don’t perceive you as a threat to their business) and ask them. You’ll be surprised how much they like to talk about their own business. 5. Mystery shopping – many people wonder whether it is ethical to call or visit a competitor pretending to be a customer in order to find out what they are doing. How busy are they? What are their prices? What type of customer service do they offer? While there is no definitive answer of whether or not it is responsible to do this, it is certainly not an uncommon way for people to complete the competitive analysis section of their business plan. Use your best judgment as to whether you are conducting competitive research or deceiving a business – after all, someday you may be the business somebody snoops on. 6. Focus groups – you would be amazed at the number and quality of ideas you can get by bringing together ten potential customers in a room. Though you may have to provide an incentive to attract people to participate, it can be worth its weight in gold. Conducting an unbiased focus group can be difficult, however. You will want to make sure you have somebody neutral facilitate the focus group, and that you don’t just invite ten of your closest friends (as they will mostly tell you what they think you want to hear). Many business development organizations, including ACSBE, conduct focus groups quite regularly on behalf of clients for a small fee. 7. Seek the opinions of industry gatekeeper – no matter what industry you are thinking about entering, there are certain individuals who have a very good pulse on what is happening in that industry. We call them industry gatekeepers. For example, in the landscaping industry, nurseries and hardware suppliers may be a valuable source of information, as they are dealing with landscapers all day long. If you’re looking at entering the property management business, you might want to consult with real estate companies and landlords, as they are likely to have a good understanding of current needs and trends in the business. Who are the gatekeepers in your industry? Find them.
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Kings County Business Start-up Guide
8. Questionnaires – questionnaires can provide a great deal of insight to aspiring business owners, but be careful, because they are only as good as their distribution method. Just like focus groups, questionnaires can quickly lead you towards false conclusions if you don’t have them completed by an unbiased audience. Often times, it is best to have someone else administer them for you, and to keep them anonymous, so that respondents are comfortable giving their true opinions. 9. Observations – though this technique typically only works for retail-type businesses, observation can tell you a lot about what target market your competitor is serving. By sitting and watching what types of customers are entering into a certain business, you’ll be surprised at how quickly you can notice patterns developing. What does this tell you about who your customer might – or might not – be? 10. Asking strangers – tread very carefully when making assumptions about your business based on comments from your friends and family. Because of their inherent bias (they like you), they are much more likely to make comments that support your business, rather than ask you the tough questions you really need to consider. Even with strangers, they may not be comfortable telling you to your face that they see problems with your business idea. A good way to overcome this is to ask your friends and family to be negative, and identify five things that will make success more difficult in your business. This way, you are giving them an excuse to give constructive criticism, and they feel more comfortable doing so.
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Kings County Business Start-up Guide
Business Groups to Consider
Across Kings County, there are several formal and informal business groups, associations, and clubs you should consider joining. These groups exist to help businesses network with each other, generate new opportunities, and learn about evolving business issues. Before joining any of these organizations, it is important to understand that different groups tend to have differing focuses, and that not all groups may suit your needs. It is therefore advised that you contact both the group and a few of its members to see what you can expect after joining.
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Kings County Business Start-up Guide
Permits and Registrations
Admittedly, it can be difficult to determine which permits you need to start and operate your business. Every town and municipality has different by-laws governing business, not to mention provincial and federal regulations. In this section, we highlight some of the more commonly requested permit application forms. In addition to these forms, we recommend you explore the Nova Scotia Permits Directory (http://www.gov.ns.ca/snsmr/paal/), which outlines most – if not all – permits different businesses may need. You may be pleasantly surprised to find you don’t need as many permits as you thought. One organization that most business owners will need to know about is called the Registry of Joint Stock Companies (RJSC). The RJSC is the organization that will conduct your business name search, register your business, and provide you with a business number. In Kings County, the Registry of Joint Stock companies is co-located with Access Nova Scotia in Kentville. You can also visit it online at http://www.gov.ns.ca/snsmr/rjsc/. Advertising Sign Approval Anyone who wants to erect an off-premise advertising sign within 1,000 metres of the centre line of the traveled portion of a public highway in Nova Scotia must obtain an Advertising Sign Approval. To obtain more information visit http://www.gov.ns.ca/snsmr/paal/trans/paal288.asp or contact the Area Manager by phone at (902) 679-4308. Business Number (BN) Registration Not all businesses require a Business Number (BN), so it is important that you review the information for each type of account before registering. You only need a BN if you require any one of the following business accounts: GST/HST, payroll, corporate income tax, import/ export and others. For more information, visit http://www.cra-arc.gc.ca/tax/business/topics/bn/menu-e.html or contact the Canadian Revenue Agency Business Enquiries Line at 1-800-959-5525. To download a form, visit http://www.cra-arc.gc.ca/E/pbg/tf/rc1/rc1-05e.pdf or to access online registration, visit http://www.cra-arc.gc.ca/tax/business/topics/bn/bro/restrictions-e.html. Direct Seller Company Permit Any business or seller company engaged in direct sales in Nova Scotia, where the first person-to-person contact is made by the salesperson outside of a retail outlet must obtain a Direct Seller Company Permit. To obtain more information, visit http://www.gov.ns.ca/snsmr/paal/snsmr/paal026.asp. To download the form, visit http://www.gov.ns.ca/snsmr/forms/pdf/Business_Licensing_For_Business.pdf or contact the local Access NS office by phone at (902) 679-6207.
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Kings County Business Start-up Guide
Direct Seller Salesperson Permit Anyone who wants to engage in direct sales in Nova Scotia on behalf of a company, which is properly licensed to make such sales, where the first person-to-person contact is made by the salesperson outside of a retail outlet must obtain a Direct Seller Salesperson Permit. To obtain more information, visit http://www.gov.ns.ca/snsmr/paal/snsmr/paal027.asp or contact the local Access NS office by phone at (902) 679-6207. Food Establishment Permit Anyone in Nova Scotia who wants to operate a food service facility such as: restaurant, food take-out, mobile canteen, temporary food establishment, grocery store or push carts or any facility from which foods are sold, whether on a permanent basis or only occasionally needs to obtain a Food Establishment Permit. To obtain more information and to download the form, visit http://www.gov.ns.ca/snsmr/paal/agric/paal006.asp or contact the South West Region office by phone at (902) 527-5380. HST (Harmonized Sales Tax) Registration Any individual or business wanting to sell goods and/or services in Nova Scotia, either wholesale or retail are required to obtain an HST (Harmonized Sales Tax) Registration. Neither individuals nor businesses need this registration if their gross annual revenues are less than $30,000 per year. For more information, visit http://www.cra-arc.gc.ca/tax/business/topics/gst/menu-e.html or http://www.gov.ns.ca/snsmr/paal/TAX/paal050.asp. Or contact the Canadian Revenue Agency Business Enquiries Line at 1-800-959-5525. To access online registration, visit http://www.cra-arc.gc.ca/tax/business/topics/bn/bro/menu-e.html. Municipal Development Permits and Bylaws Each municipal unit within Kings County has its own set of development permits and bylaws. Contact individual municipal units to gain this information:
Municipality of the County of Kings Department of Community Development Services 87 Cornwallis St., P.O. Box 100 Kentville, NS B4N 3W3 (902) 690-6167 http://www.county.kings.ns.ca/comdev/develop/permit.htm http://www.county.kings.ns.ca/general/bylaws/ Town of Kentville Planning & Development 354 Main St. Kentville, NS B4N 1K6 (902) 679-2531 http://www.town.kentville.ns.ca/townhall_planning.cfm http://www.town.kentville.ns.ca/townhall_bylaws.cfm Town of Berwick Planning and Development 236 Commercial St., P.O. Box 130 Berwick, NS B0P 1E0 (902) 538-8068 http://www.town.berwick.ns.ca/planning.html http://www.town.berwick.ns.ca/bylaws.html Town of Wolfville Planning Department 359 Main St. Wolfville, NS B4P 1A1 (902) 542-3718 http://www.town.wolfville.ns.ca (click Bylaws in menu) http://www.town.wolfville.ns.ca (click on Town Departments in menu, then Planning)
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Kings County Business Start-up Guide
Occupational Health and Safety Division The Occupational Health & Safety Division (OH&S) concentrates its efforts on safe and healthy workplaces, work practices and safety standards protecting the general public. Their goal is to establish and enforce clear standards to reduce occupational injury and illness. For more information, visit http://www.gov.ns.ca/enla/ohs/ or to obtain forms, visit http://www.gov.ns.ca/enla/permits/. To contact the Southwestern Region Inspection and Compliance Services, phone (902) 679-5139 or visit http://www.gov.ns.ca/enla/ohs/souwest.asp for additional contacts. Registry of Joint Stock Companies—Business Registration Law requires all businesses operating in Nova Scotia to register with the Registry of Joint Stock Companies. Registration procedures vary depending on what you wish to register, whether on behalf of a Limited Company, Co-operative, Extra-Provincial Company, Incorporated Company, Partnership, Society or Sole Proprietorship. For more information, please visit http://www.gov.ns.ca/snsmr/rjsc/. To download forms, visit http://www.gov.ns.ca/snsmr/rjsc/needs.asp#business. After you choose a business name, you must reserve it as well. For more information, visit http://www.gov.ns.ca/snsmr/rjsc/register/bname.asp. To download a form, visit http://www.gov.ns.ca/snsmr/pdf/rjsc/nr010.pdf. All above mentioned forms are available for online submission. Please visit http://www.gov.ns.ca/snsmr/nsbr/entry.asp for more information. All above mentioned forms can also be obtained from the local Access NS office by phone at (902) 679-6207. Workers’ Compensation Board Employer Registration Most Nova Scotia employers must register with the Workers’ Compensation Board of Nova Scotia. The Workers’ Compensation Board protects and insures both employers and employees in cases where there is a work related injury. For more information, visit http://www.gov.ns.ca/snsmr/paal/WORKERS/paal317.asp or http://www.wcb.ns.ca. To download the form, visit http://www.wcb.ns.ca/employerregistration.pdf or contact the Assessment Services Department at 1-877-211-9267.
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Kings County Business Start-up Guide
Commercial Space Listings
The Kings CED Agency has created a Commercial Space Listings database for Kings County. The database contains all available commercial space listings in Kings County. Whether you are looking to rent, lease or buy, the database will give you the information you require and the contacts to help you obtain a commercial property for your business. The Commercial Space Listings database can be obtained from the Kings CED Agency’s website at http://www.kingsced.ns.ca. Kings County also contains three industrial parks. For information about current properties for rent, lease or purchase, please contact the following individuals: Annapolis Valley Regional Industrial Park Ron Larder, Planning and Development Officer 35 Webster St., P.O. Box 363 Kentville, NS B4N 3X1 (902) 679-6095 http://www.targetnovascotia.com/IPPDF/Annapolis.pdf Coldbrook Village Park Bill Woodworth, Coldbrook Village Development Ltd. P.O. Box 875 Kentville, NS B4N 4H8 (902) 678-2884 http://www.targetnovascotia.com/IPPDF/Coldbrook.pdf Port Williams Industrial Park Mike Chute Phone: (902) 542-3845 Fax: (902) 542-0542 Cell: (902) 679-7933 http://www.targetnovascotia.com/IPPDF/PortWilliams.pdf
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Kings County Business Start-up Guide
Financing
At some point or another, almost every entrepreneur wants to know where they can access money to start or expand their business. In this section, we have outlined the most common sources of financing apart from traditional banks and credit unions. The most important thing to remember is that – in all cases – the burden of proof is on you (the entrepreneur) to prove that the financing you are requesting is a wise investment for the lender. The lender is waiting to be sold on both your business idea and you as an individual, and it will take a tremendous amount of work on your part to make this happen. 1. Aboriginal Business Canada
Aboriginal Business Canada provides financial assistance, information, resource materials and referrals to other sources of financing or business support. Contact the Nova Scotia office at (902) 426-2018 or visit their website at http://strategis.ic.gc.ca/epic/internet/inabc-eac.nsf/en/home.
2. Atlantic Canada Opportunities Agency (ACOA)
ACOA provides financial assistance to business in the following sectors/areas: manufacturing and processing, tourism, aquaculture, innovation, information and technology based industries and non-commercial services to non-personal businesses. Contact ACOA’s Area Account Manager for Kings County at (902) 679-5356 or visit their website at http://www.acoa.ca.
3. Business Development Bank of Canada
The Business Development Bank of Canada is Canada’s small business bank. BDC offers flexible term financing for a variety of commercially viable projects. Contact the BDC at (902) 426-7850 or visit their website at http://www.bdc.ca/.
4. Hants-Kings Community Business Development Corporation (CBDC)
CBDC offers flexible term loan programs for small and medium-sized businesses. CBDC offers up to $150,000 in financing for business start-ups, expansions and other business purposes. CBDC also offers many other programs such as Students in Business and Self-Employment Benefits Programs. Contact the CBDC in Kings County at (902) 679-6215 or visit their website at http://www.hantskingsbdc.ca/.
5. Nova Scotia Business Inc. (NSBI)
NSBI provides loans and loan guarantees mainly to manufacturing, processing and technology based industries, although businesses in many other sectors are also eligible. Contact NSBI’s Account Executive for Kings County at (902) 798-6961 or visit their website at http://www.novascotiabusiness.com/.
6. Nova Scotia Office of Economic Development
NSOED helps communities and business organizations capitalize on strengths and opportunities to grow the rural economy. NSOED can provide information on how to access
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Kings County Business Start-up Guide
provincial economic development programs and services. Contact the Kings County office at (902) 679-6116 or visit their website at http://www.gov.ns.ca/econ/.
7. Women in Business Initiative: Consultant Advisory Services
Based on need, this program may help women business owners to engage additional experts for advice to address business opportunities, issues and/or problems. Contact the Regional Business Facilitator for the Annapolis Valley at (902) 790-2766 or visit their website at http://www.acoa.gc.ca/e/business/entrepreneurship/wbi/wbi.shtml.
8. Young Entrepreneur Development Initiative (YEDI)
YEDI is an ACOA initiative designed to expand and enhance the entrepreneurship training, information and support services available to Atlantic Canadians under 35 years of age. The initiative supports not-for-profit and non-commercial organizations, such as business and economic development associations, educational institutions or municipalities to deliver programs for Aspiring Entrepreneurs, Existing Entrepreneurs and Community Entrepreneurship Development. Contact the ACOA office in Nova Scotia at 1-800-565-1228 or visit their website at http://www.acoa.ca/e/financial/yedi.shtml.
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Kings County Business Start-up Guide
Other Services Offered in Kings County
Kings County has many other services and opportunities to offer to the budding entrepreneur or existing business owner. The following section will outline some of the services available in Kings County. Please note that this is by no means all of the services and resources available to you in Kings County. For a more comprehensive listing, please visit the Kings CED Agency’s online business directory at http://www.kingsced.ns.ca or visit the Canada/Nova Scotia Business Service Centre’s website at http://www.cbsc.org/. Another excellent tool for the entrepreneur in Kings County is the Business Room. The Business Room is your local gateway to business information and services: from starting your business, operating your business and growing your business. The Business Room offers Service to Business, a guide to doing business in Nova Scotia. Business planning, self-assessment, registrations, licenses, permits and regulations can be found here for all aspects of doing business in Nova Scotia. This is an extremely useful tool for the aspiring entrepreneur or the existing business owner. For more information, phone (902) 679-6207 or visit http://www.businessroom.ca/default.php. Acadia Centre for Social & Business Entrepreneurship (ACSBE) ACSBE provides counseling, consulting and training services for potential and existing small businesses, non-profit groups and industries located throughout the Annapolis Valley and Southwest Nova Scotia. For more information about ACSBE, phone (902) 678-2298 or visit http://acsbbe.acadiau.ca. Access NS Access NS is a provincial government initiative through Service Nova Scotia and Municipal Relations designed to improve your access to government information, programs and services. Access Centres provide information on provincial permits, approvals and licenses for business and limited services of the Registry of Joint Stock Companies. For more information about Access NS and its services, phone (902) 679-6207 or visit http://www.gov.ns.ca/snsmr. Black Business Initiative (BBI) The BBI is a province-wide business development initiative designed to support the development of business and job opportunities among African-Canadian Nova Scotians. For more information, phone 1-800-668-1010 or visit http://www.bbi.ns.ca. Community Access Program (CAP) CAP provides public computer access to the Internet at the local community level. The overall objective is to provide all Canadians with affordable, convenient access to the global knowledge-based economy and the opportunity to use its technologies. For more information, phone (902) 426-9905 or visit http://cap.ic.gc.ca.
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Kings County Business Start-up Guide Crystal Clear Lunch and Learn A series of free seminars designed to offer small business owners information and networking opportunities in a relaxed and engaging environment. You can network with other small business owners, meet local experts and learn small business skills. For more information, phone (902) 678-1607 or visit http://www.cleartoyou.com. Kings Community Economic Development Agency The Kings CED Agency is the regional development authority for Kings County, facilitating and promoting community economic development in the region. The Kings CED Agency has developed many resources to help future and existing entrepreneurs with their businesses. An online business directory for Kings County, a regional community profile, an available commercial space database for Kings County and many other services are offered by the Kings CED Agency. For more information about the Kings CED Agency or its services, phone (902) 678-2298 or visit http://www.kingsced.ns.ca. Students in Business (SIB) The Students in Business Program is a government sponsored interest-free loan program for students in Nova Scotia who want to start their own business. The program is managed by the Community Business Development Corporation (CBDC). For more information, phone (902) 790-2600 or visit http://www.studentsinbusiness.ca. Women in Business Initiative (WBI) The WBI is designed to improve the growth and competitiveness of women-owned businesses and increase their representation in Atlantic Canada’s emerging growth sectors. The WBI focuses on strengthening management capabilities and business development skills of women business owners, improving their access to capital and business support services. For more information, phone (902) 790-2766 or visit http://www.msvu.ca/cwb/wbi.htm. Youth Business Service Coordinators The Acadia Centre for Social & Business Entrepreneurship has launched the new website http://www.MyBusinessIdea.ca, developed to stimulate the entrepreneurial spirit among youth ages 15-35 within Annapolis, Kings and Hants Counties. Entrepreneurial spotlights, getting started, services directory, workshop listings and a young entrepreneur directory are among the many services offered by the Business Service Coordinators. For more information, contact the Youth Business Service Coordinator for Kings County at (902) 698-1159, or visit http://www.MyBusinessIdea.ca.
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Kings County Business Start-up Guide
Useful Websites
Business Room http://www.businessroom.ca/default.php Extremely useful website to help you start your business, from the planning stages, through to inception and operating your business. This website, through Service Nova Scotia and Municipal Relations, is designed to help direct the entrepreneur through the processes of opening a small business in Nova Scotia. Canada/Nova Scotia Business Service Centre http://www.cbsc.org/ This site is designed to be a comprehensive source of business information in Nova Scotia. Many questions you have will be answered here. Canadian Revenue Agency http://www.cra-arc.gc.ca/menu-e.html CRA will answer all of your questions regarding remittances, taxes, hst/gst, etc. Community Counts http://www.gov.ns.ca/finance/communitycounts/ This site will give you all the statistics you need for communities within Kings County. Entrepreneur.com http://www.entrepreneur.com/ This site is constantly updated with new articles relating to small business, including such topics as marketing, new business creation, and customer service. Questionnaire design http://www.statpac.com/surveys/question-qualities.htm This site is useful for individuals who wish to create their own questionnaire for research purposes. Registry of Joint Stock Companies http://www.gov.ns.ca/snsmr/rjsc/ Site for conducting name searches and registering your business. Strategis http://www.strategis.ic.gc.ca/ Site containing a wealth of business and consumer statistics. Ideal for both pre start-ups and existing businesses. Target Nova Scotia http://www.targetnovascotia.com/ This site is a great and up-to-date source of demographic information and community profiles for Nova Scotia.
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Kings CED Agency 35 Webster Street Kentville, NS B4N 1H4 Phone (902) 678-2298 Fax (902) 678-2324 Email info@kingsced.ns.ca Website www.kingsced.ns.ca