As a mechanic and an entrepreneur, opening your own auto repair shop offers you an opportunity to do what you love on your own terms. At Northwood Mortgage™ , we want to help you realize your small business ownership dreams. That is why we have put together this list of everything you need in order for your small business to succeed.
Let’s begin with the first and most crucial step.
You Will Need a Good Plan
Rome wasn’t built in a day, nor was it built without a plan. If you want to succeed in the world of small business, you will need a plan, including a budget, projections for ongoing costs, pricing structures for your services, and more.
You Will Need to Register Your Small Business
If you are operating a small business in Ontario and plan to employ others, you will need to ensure that your establishment is properly registered with the provincial government.
Fortunately, this process has been streamlined. Through their online portal found here, the Ontario government gives small business owners a thorough step-by-step process for quickly and efficiently registering their small business.
You Will Need Small Business Accounts
Once you have registered your business, you will need to ensure it operates like one. While it may be tempting to continue using your personal bank accounts for the day-to-day maintenance of your company, habits like these will prove problematic as you bring on staff, pay taxes, and complete other essential financial activities.
Properly tracking your business’ finances is crucial to your success, and that begins with a business bank account. Don’t let your business fall on the wrong side of a CRA audit. Speak with your bank about opening a business account now.
You Will Need a Good Location
As the future owner of an auto repair shop, you want to open your business in high-traffic areas where it can be seen and the usefulness of your services immediately understood. Plainly speaking, you will want to prioritize putting your auto repair shop near major highway intersections, busy downtown corridors, and parking lots.
You Will Need a Commercial Mortgage
Raising money to build your own auto repair shop can be stressful and difficult without the right team to support you. At Northwood Mortgage, our dedicated and professional staff can help you realize your dreams of starting your own small business when you apply for a commercial mortgage.
With over 50 years of experience helping clients just like you, our team will work to understand your commercial mortgage needs and craft a plan that will put you one step closer to opening your auto repair shop.
Northwood Mortgage helps you save money with service second to none in quality. If you are ready to apply for a commercial or industrial mortgage in Toronto, then don’t wait any longer. Contact Steve Kates, our commercial and industrial specialist, and ask how he can help you now.
Steve Kates, VP
(416) 969-8130 Ext. 233