1. I have a great idea for a small business but don’t know where to start.
2. What are the rules, regulations and licenses I need to be aware of in order to start a business?
3. Do I need to register my business/idea?
4. I am a student where should I go to learn more about entrepreneurship and startups?
5. How can I expand into new markets?
6. Where can I find funding for my startup?
7. Where can I find talent for my growing business?
8. What is a social enterprise?
9. How can my business give back to my community?
10. Where can my business learn more about being environmentally responsible?
11. How do I know if my business qualifies as a “tech” company?
12. Where can I find an app developer?
13. Is a Master Business Licence, and a City of London Business Licence the same thing?
1. I have a great idea for a small business but don't know where to start
The first step is connecting with the local entrepreneurship support organization that fits your needs. Whether you are looking to open a brick and mortar store, an online service business, or develop technology or products to sell around the world, you can help anywhere in London to help you move forward!
2. What are the rules, regulations and licenses I need to be aware of in order to start a business?
Requirements vary by the type of business. For local requirements, you can speak to a Business Advisor from the Small Business Centre, or contact London Service Business at City hall. Another great resource can be found on the FedDev Small Business Business Services website (formerly known as Canada Business Ontario).
3. Do I need to register my business/idea?
The first thing you need to identify is what type of business you have or want to start. There are 4 main types:
- Sole Proprietor
- Partnership
- Cooperative
- Corporation
To find out more about the business types, visit: https://canadabusiness.ca/starting/before-starting-your-business/corporation-partnership-or-sole-proprietorship/
If you need to register your business name, please visit: https://www.canada.ca/en/services/business/start/register-with-gov.html to get started. Note: The only business type that does not require a business name registration is ‘Sole Proprietor’; HOWEVER this only applies if you are starting a business in your full name. If you decided to start a ‘Sole Proprietor’ business using another business name, then you will need to register your business with the Government of Canada.
If you’re still having difficulty registering your business, we recommend you pop into one of London’s entrepreneurship support centres (listed below).
4. I am a student where should I go to learn more about entrepreneurship and startups?
As a student, you have access to a large scope of resources at Western University and Fanshawe College. You can visit the Propel or LEAP Junction websites to learn more and set up a meeting with a business advisor.
PS. Alumni of Western University and Fanshawe College also have assess to Propel's and LEAP Junction's resources and supports.
5. How can I expand into new markets?
Often funding is needed to export products or take services overseas. Take a look at the FAQ "Where can I find funding?" for more information on where to look.
This truly depends on what your goals and services are - contacting your local entrepreneurship support organizations about your specific needs is a great first step.
6. Where can I find funding for my startup?
Finding funding is always a challenge for every business, but with grants, financing, seed funding, angel investors and venture capital, there are many options available. Talk to your advisor at your local entrepreneurship organization to find out the right answer for you.
You can also check out our community funding document titled: “Access to Capital: Funding opportunities for London entrepreneurs.”
7. Where can I find talent for my growing business?
Start by ensuring your positions are posted to your company's careers page and are shared to local job boards, including any post-secondary boards. Attend local and regional job fairs where you can connect with jobseekers in-person, and networking events that are geared towards the types of roles you are hiring for.
If you're offering co-ops or internships, work with the local colleges and universities to connect into their talent pools and look for incentives through the Ontario Government's website to support your recruitment efforts. You can explore these resources and more in-depth at ledc.com/talent.
Source industry pros and scout the next generation of game-changers to bolster your business by visiting The (Rebuild) Roster, and find highly-skilled talent that’s ready to make an impact on your business,
Social enterprise is a term for a business whose primary focus is creating positive impact in the community and/or the environment. It describes a movement of people who have decided to make an INCOME while making an IMPACT! It is important to note that social enterprise is not a legal definition, and social enterprises come in many forms; for-profits, nonprofits, cooperatives and grassroots movements. To learn more about social enterprise and how you can have a positive impact while generating income, visit pillarnonprofit.ca/socialenterprise.
9. How can my business give back to my community?
We are so glad you asked! No business operates in a bubble, and successful businesses think not only about their clients but also their community. There are many ways to involve the community in your business, and we encourage you to think creatively about the needs and opportunities of your community.
Start by asking yourself:
- "Where do I see need in my community?"
- "What community issue or cause am I passionate about?"
- "How could my skills, knowledge or resources support marginalized community members?"
Want to have a conversation about how your business impacts the community you work in? Reach out to Pillar Nonprofit Network at secoach@pillarnonprofit.ca.
10. Where can my business learn more about being environmentally responsible?
We believe strongly that all businesses have a responsibility to understand the impact their operations have on our environment. While not all businesses will be able to reduce their environmental impact to zero, there are changes that can go a long way. You can find many tips, resources & funding to green your business from the Government of Canada.
Looking for local support in reaching your sustainable business goals? Reach out to Green Economy London at greeneconomy@londonenvironment.net.
11. How do I know if my business qualifies as a “tech” company?
Great question! TechAlliance helps companies using or developing technologies for new and innovative purposes across many industries, including digital media startups like STMNT & Dibz, life science innovators like Triage, companies working within the Internet of Things like FreePoint Technologies, and so many others.
If your business is using technology in a new and interesting way, reach out to the Venture Growth & Corporate Innovation team for help!
12. Where can I find an app developer?
Looking to add a technical co-founder to your team? Consider reaching out to Propel (Western University) or Leap Junction (Fanshawe College) to get connected with enterprising students developing their technical skills thru their University/College studies.
You can also connect with TechAlliance to get more information on software and coding experts and technology-based companies across Southwester Ontario, and find the right fit for your needs.
13. Is a Master Business Licence, and a City of London Business Licence the same thing?
No - a Master Business Licence is a Provincial Licence issued by Service Ontario: Nearly every business requires a Provincial Master Business Licence. A City of London Business Licence applies to specific businesses identified in the Business Licensing By-law. For information regarding which businesses require a City licence, visit www.servicelondonbusiness.ca