The big one... yes we started the final project and we have to make a business . i am very very busy these days so it is hard to keep up with a lot of stuff. this letter summarizes my business ( letter of intent to Mr. Case )
"Edward’s party entertainment for kids.
Dear Mr. Case
My business would be to dress as different characters that small kids like to see ( Spongebob , Spiderman ) and go to a party in order to entertain them . I think this is a good job because the initial investment would be small ( the cost of the costume) and the business is do-able and wouldn’t have any real chance to loose money.
I plan to charge hourly $6-8 depending on the # of people invited and a small initial fee to cover the cost to get to the location (similar to a taxi cab ) and to insure more profits. "
We have to read a lot of stuff ( those are on Mr. Cases bloq) and summarize it here and choose a name for our business.
SUMMARY
Regitering your business
- $60 or $80 by mail
- $12 to look up if business name is allready in use.
Taxes
- you pay taxes for your gross income - expenses which include a lot of stuff.
- acountants are usefull.
- if you have ore than 30,000 revenue you pay GST
- The bigger your sales the most often you report the GST
- You charge GST from customers then send it to the governemnt
PST (also known as RST)
- charged on everything except prepared foods less than $4
- the rates are usually 8% but they differ
-they also talk about payroll deducton for employees but i won't have any
-business records - recomended to hire accountants or buy software but since my business is simple and i know basic accounting skills from BBI i think i could do it myself
ZONING
You must ensure your building qualifies with zoning regulations
INSURANCE
They advise getting a broker who will help you choose what's best. Be carefull : having a business in your home can conflict with your home insurance ! ( if insured)
Renting or buying premises
Actually my business will be home based and they just give some tips on what to do however i won't operate at home.
COMMUNICATIONS
Requires some pretty low tech stuff like a computer , phone , some basic software , nothing the average consumer doesn't own . They also talk about websites since they might be very usefull.
EMPLOYEES
Ok so if you want employees you have extra responsabilities like paying them and keeping their records. You and they also have to respect a lot of laws like maternal leave , sick leave , no smoking etc , minimum wage etc. A good way to see the real value of an employee is to just multiply their salary with 1.2 since that would cover the other expenses like their insurance etc. My business will NOT have employees .
