This is just one perspective.

However, according to McDonald’s CEO Ray Kroc, “the more you sweat, the luckier you get,” implying that one can actively control their luck.

 Both perspectives are true. In an era of a fast volatile market, luck does influence business outcomes. Initiating a startup simultaneously with a competition, for instance, may rely on luck if it will be a success or failure.

A well-crafted business plan aims to reduce dependence on luck. A sound concept, supported by thorough market research and robust financial planning, enables a startup to navigate market uncertainties.

An effective plan outlines a strategic path in volatile markets, shields against the unforeseen, and equips the company to handle contingencies.

So when you are starting your new business venture, you can shape your luck by proper planning. In project management, there is a saying that every minute you spend on planning, you save 10 minutes on executing.

Furthermore, a thoughtfully developed plan can position a company to capitalize on favorable market conditions. In essence, what may appear as luck often stems from strategic planning.

For example, the case of 3M Post-it Notes. While the discovery of reusable glue was accidental, it was business strategy that transformed the fortunate finding into a commercial triumph. You need to find what the customer desires and then connect the product with the customer. In the case of post it notes, this is what happened.

Given the number of variables to consider, the survival of a start-up is likely influenced by luck. However, a well-crafted plan minimizes the reliance on luck for a company’s success.

Also, when you are looking at it from a social standpoint people often see successful entrepreneurs are lucky. But this perception also negates the fact that the amount of hard work they put into getting their start-up to work. Please don’t see the restless nights. The hours an entrepreneur puts into their business. Especially, when you start from scratch.

Moving Forward

It is a known fact that small businesses outnumber large corporate giants.

Most of these businesses remain small-scale, and they never surpass the owner’s scope—they start and remain compact. In the United States, over 99 percent of companies have fewer than 500 employees. In 2012, there were nearly 5 million small businesses with fewer than 49 employees, in comparison only 6,000 companies with over 250 employees.

Aspirations, or the lack thereof, play a crucial role in small-scale enterprises. Many owners find contentment in the lifestyle afforded by their business and have no inclination for expansion.

So why small businesses do not want to grow?

The primary barrier to growth is often financial. Access to capital is essential for growth, and it is challenging and costly for small businesses. Additionally, the risk of unlimited liability, jeopardizing personal assets like the family home in case of business failure, is a barrier for many from taking the step forward into growth.

And if you want to know how to manage your risk as a small business, please check out my previous video. I will put the link in the description.

As I explained in my previous video, entrepreneurs are defined by their willingness to take risk. Aspiring business owners who are looking for growth must have the courage to take the crucial second step. This is hiring the first non-family member for many small business owners, marking the commencement of acquiring valuable leadership and management skills. Scaling the business depends on managing people, systems, and processes. In my own humble opinion, there is no such thing as luck. It is about problem solving and acting or taking action to solve those problems. Now if you solve enough problems, your small business will eventually succeed.

Now for example, you don’t have enough customers, what do you do? You invest your time in marketing, it could be local events, it could be online marketing, it could even be a simple as distributing flyers in your community. This will drive customer traffic to your business.  

Yes luck can be a factor but you can increase your chances by being active and taking action. This concludes our article. And please subscribe to my channel. And let me know as a small business owner what were the issues that you faced when you started your first venture. Please leave your comments below. Until next time cheers!

The post Does luck play a role in business? appeared first on GetIncorp.

Elon Musk is undoubtedly one of the most influential and inspiring entrepreneurs of our time. His story is a testament to determination, innovation, and unwavering commitment to his vision. Here’s an inspiring overview of his entrepreneurial journey:

1. Early Life and Education: Elon Musk was born on June 28, 1971, in Pretoria, South Africa. He showed an early interest in technology and programming, teaching himself computer programming at a young age. After attending Queen’s University in Canada and the University of Pennsylvania, he moved to California to pursue a Ph.D. in energy physics at Stanford University. However, he dropped out after just two days to chase his entrepreneurial dreams.

2. Co-Founding Zip2: In 1995, Musk co-founded Zip2, a city guide software company, with his brother Kimbal. They struggled initially, even living in their small office. However, they eventually sold the company to Compaq for nearly $300 million in 1999. Musk received $22 million from the sale.

3. X.com and PayPal: Musk went on to found X.com, an online payment company, in 1999. X.com later became PayPal after a merger and was acquired by eBay in 2002 for $1.5 billion. Musk received $165 million from this sale.

4. SpaceX: In 2002, Musk founded Space Exploration Technologies Corp., or SpaceX, with the goal of reducing space transportation costs and ultimately enabling human colonization of Mars. SpaceX faced numerous setbacks, including multiple rocket failures and near bankruptcy. Musk invested much of his personal fortune to keep the company afloat. However, in 2008, SpaceX became the first privately-funded company to send a liquid-fueled rocket into orbit. Today, SpaceX is a leading force in the space industry and has achieved remarkable milestones, including launching and landing reusable rockets and sending astronauts to the International Space Station.

5. Tesla, Inc.: Musk joined Tesla Motors (now Tesla, Inc.) in 2004, leading its Series A round of investment and becoming the chairman of the board. If you want to know more about registering a corporation, sole proprietorship, and trade names links are in the description below. Under his leadership, Tesla has transformed the electric car industry with the production of high-performance electric vehicles and sustainable energy solutions. Musk’s vision for a sustainable future has driven Tesla to become one of the most valuable car manufacturers globally.

6. SolarCity and Renewable Energy: Musk co-founded SolarCity in 2006, a solar energy services company aimed at making solar power more accessible. This venture ultimately merged with Tesla, allowing Musk to integrate sustainable energy solutions with electric vehicles.

7. The Boring Company: Musk founded The Boring Company in 2016, aiming to revolutionize urban transportation through tunneling and underground transportation systems. The company has proposed various projects to reduce traffic congestion in major cities.

8. Neuralink and OpenAI: Musk co-founded Neuralink in 2016, a neurotechnology company focused on developing brain-computer interfaces. He has also been involved with OpenAI, an organization dedicated to advancing artificial intelligence in a safe and beneficial manner.

Elon Musk’s story is an inspiration for aspiring entrepreneurs because it reflects his relentless pursuit of ambitious goals, his willingness to take risks, and his resilience in the face of adversity. Despite numerous challenges and failures, Musk’s determination, innovation, and passion for solving big problems have made him a pioneer in multiple industries, from space exploration to electric vehicles and sustainable energy. His journey serves as a reminder that with vision, hard work, and unwavering dedication, great achievements are possible.

Start Your Company Today

• Nuans report
• Trademark Search Report
• Name Pre-Search
• Name Approval ( Federal, BC, Manitoba, Saskatchewan corporations)
• Incorporation Packages
• Business Registration Packages

The post Journey of Sole Proprietorship to Incorporated Business appeared first on GetIncorp.

Starting your own business can be an exciting and rewarding experience, but it can also be a challenging and daunting one. Whether you are starting a small business or a large one, there are several steps you will need to take to ensure that your business is successful. In this article, we will explore the key steps to starting your own business, from developing a business plan to managing your finances.

The first step in starting your own business is to develop a business plan. This plan should outline your business objectives, your target market, your competition, your marketing strategy, and your financial projections. It should also include a description of your products or services and an analysis of the market demand for them. A well-written business plan will serve as a roadmap for your business, helping you to stay on track and make informed decisions as you grow.

The next step is to choose a legal structure for your business. This will depend on the type of business you are starting and your personal preferences. For example, if you are starting a small business, you may want to consider a sole proprietorship or a partnership. If you are starting a larger business, you may want to consider incorporating. It is important to consult with an attorney and an accountant to determine the best legal structure for your business.

Once you have chosen a legal structure, you will need to register your business with the appropriate government agencies. This may include registering for a tax identification number, obtaining business licenses and permits, and registering with state and local authorities. It is important to comply with all government regulations and requirements to avoid legal issues later on.

One of the most important aspects of starting your own business is managing your finances. This includes creating a budget, managing cash flow, and tracking expenses. It is important to keep accurate records of all financial transactions, including invoices, receipts, and bank statements. You should also consider working with a financial advisor to help you manage your finances and make informed decisions about investments and other financial matters.

Marketing is another key aspect of starting your own business. You will need to develop a marketing strategy that targets your ideal customers and builds brand awareness. This may include developing a website, creating social media profiles, and advertising in local media. You may also want to consider attending networking events and joining industry associations to build your professional network and gain exposure for your business.

In addition to these key steps, there are many other factors to consider when starting your own business, including hiring employees, developing a product or service, and managing legal issues. It is important to do your research and seek out advice from experts in your industry to ensure that you are making informed decisions.

In conclusion, setting up your own business can be a challenging and rewarding experience. It requires careful planning, attention to detail, and a willingness to take risks. By following the steps outlined in this article, you can set yourself up for success and build a thriving business that meets the needs of your customers and contributes to your personal and financial goals.

Start Your Company Today

• Nuans report
• Trademark Search Report
• Name Pre-Search
• Name Approval ( Federal, BC, Manitoba, Saskatchewan corporations)
• Incorporation Packages
• Business Registration Packages

The post Things to Consider-Starting a Business in Canada appeared first on GetIncorp.

Your corporate address is the location of your corporation’s address on file. It is important to keep your address on file up to date, and director’s on file. Every time this process of change is called a Form 1 Notice of Change.

What can be changed via the Notice of Change?

• Modifying any officers and director’s address of the corporation
• Adding and removing any officers
• Modifying the registered head office and mailing office address of the corporation

Why is important to keep your records updated?

1. Revenue Canada– Maintaining an updated list of directors and addresses is important in case the CRA needs to send legal notices or any notices to the organization.
2. Legal Documents- If you don’t have your legal address updated then any litigation or legal actions against the corporation will be passed without the directors’ knowledge. Therefore, it is important to keep your address on file up to date to receive these notices so you can act on time.
3. Bank Accounts- By keeping your bank up to date on current directors and address can safe you the pitfalls on unauthorized access to the corporate account.

   How to file a Notice of change?

You can file a form 1 Notice of Change electronically on our website. The process takes less than 5 minutes. You also have the confirmation the same day to reflect the changes that were made from the province.

There are also fees associated with the filing. However, you can be assured that the process would be completed in accordance with the current governmental filing process.

If you have any questions, please contact us at info@getincorp.ca. We will be happy to assist you!

Make it easy by filing your Notice of Change electorinically:

• Address Change
• Corporate Director Change
• Corporate Officer Change
• Share Holder Change

The post Notice of Change appeared first on GetIncorp.

The post Contracting in Canada appeared first on GetIncorp.

The first page of the Nuans report lists names of companies that have already been reserved. The “selected” name will be reserved for 90 days. Any similar names on the report will be subject to name conflict. If a name that has been owned by another entity then the owner of the entity would have first priority over the reservation name. If a name that has already been registered, owners of the name can claim name infringement and pursue litigation or compensation from the newly formed company.

Therefore, it is important to do a name analysis by a hired professional to avoid any conflicts or any future litigation.

The second section of the Nuans report illustrates any trademarks that can be similar to the reserved name. If the name is trademarked then the name will be listed in this report. In Canada, the trademark owner owns the name if the name has been trademarked and anyone who reserves the name post trademark will be subject to litigation. The Owner or Owners of the trademark has full authority to seek litigation if the name has been used without their permission.

Therefore, it is important to do a name analysis by a hired professional to avoid any conflicts or any future litigation.

If you want to reserve your Nuans report the right way, please follow the link below.

Reserve Your Company Name

• Nuans report
• Trademark Search Report
• Name Pre-Search
• Name Approval ( Federal, BC, Manitoba, Saskatchewan corporations)
• Incorporation Packages
• Business Registration Packages

The post How to Read Nuans Report? appeared first on GetIncorp.

Why a Nuans Report is a necessary first step?

1. Protection from Name infringement: Most master business license do not have name protection. However, corporations and trademark do have name protection. Infringing on protected business name could lead to potential lawsuits.
2. Name Advertisement: If the noted name is important for the business such as marketing, then it is important to make sure the name is original, and it does not infringe on any existing business. This is vital when creating a brand. This allows you to maintain the reputation of your brand.
3. Name Reputation: It is highly likely that a similar business with the same name may already exist. The business may have a bad reputation which can hinder your business as well. Therefore, it is important to pick a name for your business that is distinctive.

Get started with registration

• Federal incorporation
• Provincial/territorial incorporation
• Nuans Name Search

The post Nuans Report- A Necessary First Step appeared first on GetIncorp.

As a ‘person,’ a corporation can:

• buy, sell and own assets, including land
• make contracts
• sue
• be sued

How to apply?

Step 1. Choose a name

An Alberta corporation name consists of 3 elements:

1. Distinctive
2. descriptive
3. legal

‘ABC Trucking Ltd.’ is an example of a corporation name that contains all 3 elements.

Distinctive element

The distinctive element of a name is a unique word or location that makes your corporate name different from others.

In the example above, ‘ABC’ is the distinctive element.

Descriptive element

A descriptive element describes what the corporation does or what the corporation is.

In the example above, ‘Trucking’ is the descriptive element.

Legal element

All Alberta corporations are required to have a legal element at the end of their name.

In the example above, ‘Ltd.’ is the legal element.

Accepted legal elements

The following legal elements are standard legal elements permitted by the Business Corporations Act:

• Limited
• Limitee
• Ltee
• Ltd.
• Corp.
• Corporation
• Inc.
• Incorporated
• Incorporee
• ULC
• Unlimited Liability Corporation

The ‘Professional Corporation’ element can only be used for one of the following types of professions:

• Chartered Professional Accountants
• Chiropractor
• Dentistry
• Law
• Medicine
• Optometry

Your corporation can also use a ‘number’ name, such as ‘123456 Alberta Inc.’

• the number portion of the name is assigned by a Corporate Registry
• ‘Alberta’ always forms the second part of the name

You may choose one of the standard legal elements above.

Step 2. Get an Alberta NUANS report

You need to get an Alberta NUANS report and review it to make sure there is no other corporation with an identical name or a name that is too similar to your proposed corporation name. Unlike business names, identically named corporations are not allowed.

Order NUANS REPORT Here.

The NUANS report reserves the proposed name for 90 days.

If you looking to create a numbered corporation, you do not require a Nuans report.

Step 3. Record your corporation’s address

The corporation needs a physical location in Alberta so that the corporation can receive its legal documentation.

You will need a mailing address in Alberta for the corporation if you do not have mail delivered to the registered office.

The articles of incorporation can also be emailed as per the requirements of the incorporator.

Step 4. Elect a director

As per rules and regulations in Alberta, Canadian residency for directors have been eliminated as of March 29, 2021.

You need to appoint at least one director for the corporation. The incorporator can also be the director of the corporation.

Step 5. Appoint an agent for service

This requirement applies to all incorporations and amalgamations for Alberta corporations and all extra-provincial corporations continued into Alberta on or after March 29, 2021. (Reference: Alberta.ca)

An agent for service is an individual located in Alberta who can accept notices and documents in person or by mail on behalf of the corporation. 

The agent for service does not need to be a lawyer.

You will need to supply:

• The name, firm name (if applicable), street address or legal land description, mailing address, email address and appointment date for the agent for service.
• You can also appoint an alternative agent for service.  The same details are needed.
• Agents for service and alternative agents for service must be part of the same firm but may be located at different addresses within Alberta.

Step 6. Submit your application package

Submit your application using the following link:

Alberta Corporation

We can send you all your articles of incorporation within the selected timeframe during the application process.

The post How to Incorporate a Business in Alberta? appeared first on GetIncorp.

• A personal real estate corporation, also known as PREC, allows a real estate agent to earn their business income through a corporation.
• The recent changes to Ontario Legislation states that real estate agents are required to have a PREC.
• Prec is not only limited to real estate agents. Several professionals in Ontario, such as doctors, dentists, layers, accountants, social workers, can also establish professional corporation.

PREC Corporation Attributes:

• The controlling shareholder is registered as a broker or salesperson.
• The corporation has one single controlling shareholder (a broker or salesperson who owns ALL the equity shares, which are the voting shares).
• The controlling shareholder is the president and sole director.
• PREC Must be incorporated under the Ontario Business Corporations Act
• Any non-equity shares can be owned directly or indirectly by the family members :
  • Spouse,
  • Children or
  • Parents of the controlling shareholder.
• There is no written agreement or other arrangement that restricts or transfers the powers of the sole director and officer to manage or supervise the management of the business and affairs of the corporation.

 Conditions of PREC:

• The PREC does not carry on the business of trading in real estate other than providing the services of its controlling shareholder to the brokerage that employs that individual.
• The controlling shareholder is employed by a brokerage to trade in real estate
• The PREC, its controlling shareholder and others are prohibited from representing to the public that the PREC trades in real estate
• The PREC does not carry on business as a brokerage
• The PREC only receives remuneration for trading in real estate from the brokerage employing the controlling individual and the controlling individual only receives remuneration for trading in real estate from the PREC or their employing brokerage
• The PREC does not, on behalf of the brokerage, directly or indirectly hold any money or other property of a person in connection with trading in real estate

WHAT NAME CAN I USE FOR THE PREC?

There are no limitations or specific requirements with respect to the name of a PREC other than those imposed on any business corporation incorporated or continued under the Ontario Business Corporations Act. The name must meet the normal rules for corporate names and should not suggest that the PREC itself is trading in real estate. An example of an appropriate name would be the individual Registrant’s name followed by a “Professional Real Estate Corporation”. For example: “Jane Doe Professional Real
Estate Corporation”.

CAN A PREC BE USED FOR PASSIVE INVESTMENT PURPOSES?

Yes, a PREC is a regular Ontario Business Corporation Act business corporation and while there are limits on its ability to receive compensation for a trade in real estate, there are no requirements that it refrain from carrying on other activities, such as passive investing. There may be tax and other implications to doing so however and you should consult with a lawyer or accountant for tax advice.

DOES THE HOLDING CORPORATION HAVE TO BE OWNED BY THE REGISTRANT THAT OWNS THE PREC?

Yes, it must meet the same criteria at a minimum as the PREC itself. Please consult your lawyer for further advice on how to do that and on structuring the holding corporation.

WHO CAN BE A NON-EQUITY SHAREHOLDER IN MY PREC?

Members of your family, which includes your spouse, children, a trust for a minor child or children (under 18 years of age) and parents. The definitions of who a spouse, child and parent is are fairly broad. The definition of spouse is “a person to whom the shareholder is married or with whom the shareholder is living in a conjugal relationship outside marriage.” The definition of a child includes one you have “demonstrated a settled intention to treat as a child of his or her family, except under an arrangement where the child is placed for valuable consideration in a foster home by a person having lawful custody.” The definition of a parent includes a person who has “demonstrated a settled intention to treat [you] as a child of his or her family, except under an arrangement where the child is placed for valuable consideration in a foster home by a person having lawful custody.” In addition, a trust for minor (under 18) children can own non-equity shares of a PREC.

CAN A HOLDING COMPANY OWN ANY OF THE SHARE OF THE PREC?

The legislation requires that all the equity shares of the corporation be legally and beneficially owned, directly or indirectly, by the controlling shareholder. It also provides that all the non-equity shares must be owned directly or indirectly by a family member. A family member is a spouse, child, parent, or a trust for a minor child. Whether shares will be held directly or indirectly by the controlling shareholder, or a family member is a business decision to be made by the registrant setting up the PREC. Legal advice should be sought to ensure compliance with the law.

ARE THERE ANY RESTRICTION ON ACTIVITIES A PREC CAN ENGAGE IN?

The PREC must not trade in real estate other than to provide the services of its controlling shareholder (broker or salesperson) to the brokerage. There are no restrictions in the legislation on what other activities a PREC might engage in. Permitted activities will depend on the objects of the corporation. However, there may be limitations on the corporation if it is used to operate in another regulated sector.

The post What is Personal Real Estate Corporation (PREC)? appeared first on GetIncorp.

Many people have a misconception that to incorporate your business, you would need to be a large company. However, this notion is not true. Anyone can incorporate a business if they meet the legal requirements.

A Standard Corporation is a single entity which may be comprised of individuals or a company but is separate from its owners. Among the most important features of a corporation is limited liability. This means that its owners can participate in the share of profits, but not the corporation’s liabilities.

Since a corporation is a separate entity, you are not personally liable for any loss from the corporation. Any losses incurred by the corporation would be limited to the corporation and your personal assets would not be involved. For example, any litigation towards the company would be only limited to the corporate umbrella.

Along with limited liability, corporations possess the ability to own assets, enter contracts, sue, or be sued, and borrow money. The creation of a corporation occurs following the proper filing of the Articles of Incorporation also referred to as a Charter or Certificate of Incorporation with the relevant government department or authority.

Every corporation is comprised of shareholders, directors, and officers. The directors are responsible for supervising and managing the corporation’s affairs. When you incorporate your business, you must at least have one director appointed. This individual can be you as a business owner. In some provinces, there is a requirement that at least 25% of all directors of a corporation are required to be a resident of Canada. However, this is subject to change. Therefore, it is important to verify the requirements prior to creating a corporation.

Since taxes are a big part of business in Canada, it is important to know that as a corporation you would have significant tax advantages. The corporation would be viewed as a separate entity and therefore it would have a separate tax account from your personal tax account. You would have a significant tax advantage because corporations are taxed at a lower rate.

You can keep the funds in your corporate account, and you can transfer the amount at your convenience when you feel you would have a lower personal tax rate during a given year. Taking advantage of this added flexibility would save you significant amount of your personal taxes.

It is true that the initial registration fee of a corporation is higher than registering a Master business license. Over time Master business license would cost more because you would need to renew it every 5 years. The fee for a corporation is a onetime fee. You would not need to worry about renewing it.

Moreover, corporations would also have the added benefit of a name protection. When you create a corporation, a Nuans report is used to verify if the given name is available to register in Canada. When you register your corporate name, it is reserved for you, and you only have the authority to use it. Any other business using the same name can be subject to litigation by your corporation, since the authority to use the name only belongs to you. This advantage of name protection is highly important if you are creating your own brand in the Canadian marketplace.

Overall, incorporating your business has the advantage of Taxes, Name protection, and limited liability. If you would like to know more about how to register your corporation, please follow the link below.

If you have any questions, please contact us anytime and one of our highly qualified business specialists would be happy to assist you.  

Get Started with Your Entrepreneurial Journey

• Standard Corporation
• Partnership
• Sole Proprietorship

The post Should you incorporate your business in Canada? appeared first on GetIncorp.