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Starting your own business is an exciting time!

Your mind is buzzing with big-picture ideas and strategies of how you will reach your goal. Unfortunately, this is why some of the finer details surrounding expenses can slip through the cracks.

An alarming 50% of all businesses fail.  

Poor financial planning and mismanagement of capital are two of the leading causes of the demise of a business. Therefore, it is crucial to explore all the startup costs affiliated with running a business to avoid any nasty surprises later down the track. To help you on your way to your first million, we have made a list of the most common startup costs incurred by businesses and how to minimize them.

 

Licensing & Fees

Registering your business name and applying for a business license are two of the key steps needed to create a business. If you are launching your business in British Columbia, these 2 steps can be completed quickly and conveniently online here.

Some other costs you will incur are:

  • Employee benefits
  • Business insurance
  • Registration with local tax authorities
  • Permits (e.g. service of food or alcohol)

 

Office Space

For the first couple of months, working out of your home may be a brilliant solution. However, as your business intensifies, and demands increase, you may want to explore other options. Renting an office space in the heart of the city can be incredibly expensive. Paired with that the idea of committing to a 6-12-month lease can be terrifying, as you are unsure where the business will take you. Joining a business centre is a great way to ease yourself into entrepreneurial life. Here at the Guinness Business Centre, we offer a range of plans to suit any type of business from fresh startups to large corporations. Starting off with a virtual office plan can be a great way to begin your business journey as you can choose between the prestige of the city or the comfort of home for a premium price.  

Private office for rent at the Guinness Business Centre 

 

Equipment & Utilities

Electricity, internet, phone bills and heating are just some of the costs you can expect when opening your own business.  Paired with that, depending on your industry, you may be met with a lengthy list of items such as a computer, printing equipment and a company car etc. that are essential in running your business. Plotting out a budget prior to commencement is an excellent way to prepare yourself for the ‘everyday costs’ affiliated with running a business. Or else, join a coworking space, where all your utilities are covered in your membership.  

 

Marketing

Before launching your business, you will want to spend a bit of money circulating your brand and promoting your services to ensure you accrue sales. Establishing a professional and informative website is crucial in any marketing plan, hence why you should make purchasing a domain name one of your top priorities. There are many platforms that offer this service, click here for a helpful guide. Once you have an established website, sharing simple advertisements on the platform is a great way to get started. You can then link the advertisements to your social media channels which will help boost your SEO and awareness without breaking the bank

Godaddy is a reliable and affordable hosting platform

Taxes & Payroll

‘In this world nothing is certain but death and taxes’ – Benjamin Franklin

This guide would not be complete without the inclusion of business taxes, the mandatory expense disliked by many new businesses. Taxes can be complicated and will depend on a variety of factors including whether you are self-employed or listed as a corporation. Some taxes that most businesses in British Colombia will need to pay are:

  • GST (Goods and Services Tax)
  • PST (Provincial Sales Tax)
  • Employment/Payroll Tax
  • Income Tax
  • Property Tax

To ensure you are operating in the most profitable way by minimizing the amount of tax you are liable for, consulting with an accountant is highly recommended. Click here for a Tax Guide for small businesses by Fundera.

Starting your own business can be daunting, however, the positives can vastly outweigh the negatives. Freedom, flexibility, control and increased earning power are just some of the benefits entrepreneurs and small business owners experience when pursuing their passion.

Ready to take the plunge? We have a variety of private offices to rent and virtual office plans to choose from.

Let us help you make your entrepreneurial dreams come true!

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Vancouver Office Space

Guinness Business Centre offers you a Vancouver office space that matches your commercial real estate needs. The workspace requirements of setting up a new office, relocating from an old office or working as a dynamic team on-the-go, can be a challenge. We provide you with the right office space rentals in Vancouver that suit your needs and budget. Our customized lease solutions can cater to businesses looking to set up a private Vancouver downtown office. We also cater to those looking for more modern virtual office options and even those looking to find a balance between modern and traditional conventions by opting for co-working spaces.

Explore the possibilities that we have on offer. We cater to a varied range of office space types and offer different workspace solution packages because we understand that rental office space requirements are different for each business.

Select and customize your Vancouver space rental preferences by size, space, amenities, availability or even location and allow us to do the rest. Guinness Business Centre enables you to work more productively and flexibly as we take complete control of securing the right office space to suit you and your team.

Vancouver Co-working Space

We provide businesses in Vancouver with the best office space rental. Whether you are a solo entrepreneur, or you have a dedicated team at your beck and call, we’ll provide you with the right Vancouver office rental space that fits your needs and budget.

With an array of elegant and distinguished offices available for rent in the heart of downtown Vancouver, Guinness Business Centre offers a traditional alternative to co-working. Contact us today and take a tour of what we have to offer.

Our Vancouver Co-working office spaces are aesthetically and beautifully designed offices with open areas that can fit teams of various sizes – large or small. The co-working space is fully decked with shared and furnished amenities such as pantries, kitchens, bathrooms, with the option of adding conference rooms or meeting rooms for your team.

Vancouver Shared Office

We offer a prestigious selection of rental offices in Vancouver suitable for conferences, co-working, shared office spaces or private office rental. Visit us for a consultation to get more information on our flexible terms. Whether you are a dynamic enterprise looking for a satellite shared Vancouver office or whether you are an established company looking for more traditional yet convenient alternatives such as a Vancouver co-working space, we offer an office space rental that will match your need.

Vancouver Virtual Office

A Vancouver virtual office plants your business in the heart of downtown Vancouver whilst giving you the flexibility to spread your reach to anywhere across the globe. We provide you with a secured physical location and address in a local Vancouver rental office, whilst giving you the freedom to operate and expand internationally. The support and foundation of having an established Vancouver virtual office is beneficial whether a company is simply starting up or already thriving and seeking to place one of its global branches in a Vancouver downtown office.