Operating a small business is exciting! There’s a lot happening at once, and to meet demand you often need to hire quickly.
Before you jump on that job posting, here are some issues to think about. Pre-planning can help you protect your interests, prevent problems and avoid costly mistakes.
Are you hiring an employee or arranging for services from an independent contractor? There are important differences.
When hiring employees:
What does employment standards legislation require of employers in your province or territory? *
Do your pay periods comply with that legislation? Do you take the right deductions?
Will your employees work full-time, or part-time? For a set period, or indefinitely?
Will you pay your employees by the hour, or a salary?
What overtime laws apply to your business?
What notice or pay in lieu of notice is required to end employment without “just cause”?
Do you know that you must issue a Record of Employment when employment ends?
Did your employees or independent contractors sign agreements before they started work?
Is your business registered with the workers compensation board in your province or territory?
The lightbulb went off, and you’re ready to take the leap and start your own business – but now what? Let’s be honest, starting a company is a lot of hard work. The process can be long, intimidating, and not for the weary.
Despite the initial hesitations, the thought of being your own boss and pursuing a passion can be extremely rewarding. Maybe you’re unhappy in your current job, maybe you’re looking for a big change. Whatever the reason may be, we’ve listed out some steps to help get you started. Enjoy!
Do Your Homework
This may seem like an obvious step, but it’s one of the most important! Doing research is essential for any big decision in life, and starting a business is no different.
What will your business be? Will you have a partner? Will your business be built from the ground up? Will you buy something existing? Will your idea actually turn into a profitable business model? Do you have the data to back it up? Thinking about these things (and more) before