Writing a business plan before setting out on any new venture will force you to think in detail about your business, its strengths, weaknesses, and objectives.
Writing a plan will help you to manage your business effectively from the beginning, and give you the best possible chance of success.
It is also the most expensive business structure type to start and to keep going because of regular legal, accounting, and filing fees that you will incur when operating an incorporated company.
From the Business Development Bank of Canada: Incorporation is a process in which a separate legal entity, owned by its shareholders, is formed.
If you are going to seek out funding or investment, you will need a detailed business plan to provide to any potential investors or lenders.
If you’ve never written a business plan before, check out this free resource from the Business Development Bank of Canada: Business Plan Template.It’s all good to have a cool name that you love, but if it can’t be found easily on the web, and if all the relevant social media account names are taken, you’re going to be hard-pressed to put together a powerful and consistent online presence.At a bare minimum you should have: Try to get the same handle or username for each platform.Fees for name registration vary province-to-province, but it is generally inexpensive.ii) Partnership – Similar to a sole proprietorship, except that there are two or more partners.In Canada there are three distinct business structures, each with their own sets of benefits and requirements: i) Sole proprietorship – The most common structure for new businesses.In a sole proprietorship, the business and the operator are one and the same in the eyes of legal and tax authorities.Incorporation provides some liability protection for the corporation’s debts, and offers some measure of protection for a company’s name.Company officers and shareholders may come and go, but the corporation exists until it is wound down.Detailed information about creating profiles with FACTOR can be found on their website, along with guidelines for all of their programs, which include: Artist Development, the Juried Sound Recording Program, Liver Performance, Business Travel, Video and more.For federal funding for musical genres outside of the commercial realm (anything that isn’t pop, rock, folk, rap, EDM, etc.), you can also apply to the Canada Council for the Arts.