Why is it important to keep records? This is because it helps you identify the sources of your income and help you in deciding whether you should apply for a GST/HST.
As more people are locked down at home due to COVID19 more businesses are getting creative on how they can keep their operations running. As this global economic crisis continues, it is expected that businesses will not return to normal as soon as we want it. This situation also changed the consumer’s behavior and impacted the overall seller-buyer conventional journey. The rise of home businesses is fast moving and its future is friendly, Entrepreneurs nowadays are embracing the remote business set up where their home becomes their business headquarters and their employees are getting used to zoom meetings and online transactions. It may sound easy but it is not as convenient as what you think especially with no standard process and rules on how everything from operations to admin processes to employee management are created to follow, the first few months can be a testing ground for most business owners and due to the adjustment it may affect your bottom-line. So to help lessen the impact of the lockdown to your business we bring you everything you need to know on how you can have a pandemic friendly home-based business.
There are several great technology solutions to enable you to remain productive at home. There are also mediums that can be available for you online such as:
- Websites- Make sure you set up a website. This is the modern alternative to the brick and mortar stores nowadays.
- Social media - One of the best, and maybe even cost-effective, ways to reach users is social media; Facebook, Instagram, YouTube and other platforms, this is a great channel to build your brand and engage with your audience
- E-commerce- Running your home business can be easy on Shopify, where you can sell digital products seamlessly using the Digital Downloads without worrying about your Inventory management.
There are more technology that can help you grow your business online and we list them out for you! Check our blog about how to build your dream business online https://yogiassociates.ca/rest_blog_view/start-your-dream-business-online/Always there for you wkejbcjknkcnkjfnclkdfnlkfdn vjnnlkdfmvmfdvmdfvmdfmvdf ,cv .vc
Determine if you can bring business at home?
Spare some time to check on the following to make sure your business operations at home is allowable.
· Municipal licensing- Canada Municipalities issue business licenses to produce revenue and to ensure that licensees comply with zoning requirements.
· Zoning Permits- You need a federal and provincial permit if your businesses affects the physical environment or that work with hazardous materials. Business may also need permits for signs and access.
· Business registration- Businesses earning less than $30,000 annually do not need to apply for GST/HST but for a business with a certain size and with employees have to register with the federal Canada Revenue Agency (CRA) for one or more of the programs:
- The Goods and Services Tax (GST) or Harmonized Sales Tax (HST)
- Payroll taxes, such as Canada Pension Plan contributions
- Corporate income tax
- Duties for the import or export of goods
- Registered charity work
- Excise duties
We can help you register your business (https://yogiassociates.ca/get_started_register/)
Without a hassle so you can enjoy the business of having a registered business. You can also get a lot of advantages when you incorporate your business. Learn what incorporation can do for you > https://yogiassociates.ca/services/business_incorporation/