
8 Essential Resources to Help Ontario Business Owners Thrive
Did you know that over 98% of businesses in Ontario are small businesses? Yet many entrepreneurs struggle to access the right resources when starting out. Starting a small business in Ontario can be daunting and jumping into the unknown with limited business experience can leave you having more questions than answers. Fortunately, Mainstreet Credit Union has Commercial and Agricultural Account Managers who specialize in small business lending, financial advice, and banking solutions. To help get you started, we’ve compiled a list of 8 resources at the local, provincial, and federal levels. These resources cover everything from drafting your business plan to navigating legal requirements to securing grants.
Essential Government Resources for Ontario Businesses
When you have a promising business idea, you might quickly find yourself wondering exactly how to start a business in Ontario. Fortunately, the business, workplace, and economy page on the Government of Ontario website is an excellent starting point, offering a wealth of free resources designed to help you navigate the process. One of the first steps to becoming a successful small business owner is preparing a comprehensive business plan, which acts as the blueprint for your business. On this site, you will find resources like a downloadable business plan template to get started.
Beyond business planning, the government website also provides guidance on essential tasks such as registering your business, understanding the tax requirements, and familiarizing yourself with relevant rules and regulations. Additionally, Ontario offers several small business grants, which may provide extra funding opportunities for new businesses, depending on the nature of your venture. These resources can make a significant difference in turning your business idea into a reality.
Business Guide For Newcomers To Canada
For newcomers to Canada who are interested in starting their own business, there is often a lot to learn about how businesses are established and operated in the country. To help with this process, the Government of Canada has created the Business Guide for Newcomers, a valuable resource that outlines the essential steps for starting a business in Ontario. This guide covers everything from a business plan template to understanding the necessary licenses and permits, as well as providing a detailed start-up guide to help you embark on your journey as a small business owner and newcomer to Canada.
It’s also crucial to grasp the legal aspects of running a business, including what activities are allowed, what restrictions may apply, and which types of work permits or business licenses you might need. Being well-informed about these requirements will help you avoid potential legal issues and set your business up for long-term success.
Your Local Economic Department
Your local economic department offers a wide range of support to help businesses start, grow, and thrive. These community services offer valuable resources such as small business grants for additional funding, networking events to connect with entrepreneurs, and other programs aimed at helping you make a positive impact in your community.
It’s important to remember that each community has its own set of different municipal bylaws and zoning regulations, which you must follow to stay compliant. Researching these rules and staying up-to-date on any changes is key to avoiding any potential legal trouble.
At Mainstreet, we leverage our strong business connections and local expertise in our communities to direct you to the right resources for additional support. In the meantime, here is a list of local economic partners in our communities that can help grow your business and achieve success.
Small Business Enterprise Centres
The Small Business Enterprise Centres (SBECs) total 47 locations across Ontario. The SBECs offer entrepreneurs and small business owners all the tools they need to start and grow their businesses. Each SBEC has a team of dedicated professionals, who can offer unbiased advice on your business matters. They offer many services that any small business can take advantage of. From services like reviewing business plans, mentoring and networking, training, and small business grant opportunities. Your local SBEC has local and professional experience they can rely on and could be a key mentor in your journey as a small business owner.
Ontario Chamber of Commerce
When you start a business in Ontario the Ontario Chamber of Commerce and your local chamber of commerce offer a variety of programs designed to support the growth and development of local and Ontario small businesses. These programs connect business owners to digital adoption programs, trade and export events, and networking opportunities. They also help entrepreneurs identify their digital needs and help implement strategies to get their businesses online.
Mainstreet is actively involved in local chamber events, allowing us to stay connected with the local business community, gain insights into their needs, and continually enhance our understanding of the challenges and opportunities facing small businesses.
Pro-Bono Ontario
As a small business owner, there are a lot of legal considerations you’ll need to navigate. Pro-Bono Ontario is a great service that provides free legal help to small business owners over the phone. The Pro-Bono Ontario Hotline addresses common issues such as writing or reviewing business documents and contracts, understanding if you need to incorporate, or what should you look out for when signing a commercial lease.
To further support small business owners, there are a series of short videos on various topics to help small businesses, including basic employment law, an introduction to intellectual property, and a guide to getting paid.
Invest Ontario
Invest Ontario acts as a bridge between private and public sectors, streamlining the investment journey and offering comprehensive support every step of the way. Specializing in manufacturing, life sciences, and technology; they are committed to strategic investments that create jobs and drive Ontario’s long-term economic growth. They offer business guidance in optimizing government resources and securing strategic investments to drive long-term economic growth. Speak to Invest Ontario to learn sustainable ways to grow your business in Ontario.
Mainstreet Credit Union
Whether you’re just starting your business in Ontario or simply looking for additional small business resources, Mainstreet Credit Union is here to support you with free advice for both personal and commercial banking. From day-to-day banking needs to loans, lines of credit, or mortgages, we’re committed to helping you and your business thrive. We understand that every business is unique, so we take the time to understand your business, your specific needs, goals, and challenges to provide tailored solutions and advice.
In addition to our financial expertise, Mainstreet works with trusted local professionals across a range of industries to ensure you have access to all the resources necessary for your business to succeed. Book an appointment today and take the first step toward reaching your business goals with a trusted financial partner who’s dedicated to your business’s growth.