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Small Business Assistance Information Package Town of Penetanguishene Small Business Assistance Small Business Assistance Information Package 10 Robert Street West, P.O. Box 5009, Penetanguishene ON, L9M 2G2 Tel: 705 549-7453 ○ Fax: 705 549-3743 ○ www.penetanguishene.ca Town of Penetanguishene Small Business Assistance Table of Contents The Town of Penetanguishene ....................................................................................................... 3 Reasons to do Business in Penetanguishene ............................................................................ 4 Before Starting a Business .................................................................................................................. 5 Start your own Business or Buy an Existing Business ........................................................ 6 Determine a Legal Structure .............................................................................................. 7 Registering for a Business Number (BN) ................................................................................... 10 Registering for a Business HST / GST Number ................................................................. 11 Other Registrations.............................................................................................................. 12 Business Programs Offered in Penetanguishene .......................................................... 13 North Simcoe Community Futures Development Corporation ................................ 14 Permits, Licences and Regulations ................................................................................. 15 BizPal ...................................................................................................................................... 16 Selecting a Site .................................................................................................................... 17 Development Charges ...................................................................................................... 18 Local Commercial Listing Service ................................................................................ 19 Economic Development Corporation of North Simcoe ........................................... 20 Your Local Marketplace .................................................................................................... 20 Helpful Contacts ................................................................................................................. 21 Contacts for Tax Information on Starting a Business ................................................... 28 Contacts for Exporting ....................................................................................................... 30 2 | P a g e Town of Penetanguishene Small Business Assistance Town of Penetanguishene The Town of Penetanguishene (meaning “the place of the rolling white sands” in Abinaki) is a picturesque bilingual community at the southern tip of peaceful and beautiful Georgian Bay. Penetanguishene has a unique urban form oriented towards the water with rolling hills, woodlands, wetlands and picturesque views. Incorporated on February 22, 1882, this thriving bilingual community has grown to approximately 10,000 residents offering a unique combination of lifestyle and business opportunities. Through effective governance and the support of the community, the Town of Penetanguishene is a safe, healthy, and diverse place to live, work and retire. It is well maintained and is proud of its waterfront location on southern Georgian Bay, its history, its bilingual character, its natural environment, and its small town atmosphere, where people are friendly and look after their neighbors. Council and staff are focused on providing quality services to the public in the most efficient and effective manner possible based on an accepted mission statement, with a realization that Government cannot provide everything and be all things to all people. Services are delivered using alternative methods, including forming partnerships with non-profit agencies and neighboring municipalities, where practical to do so. A good portion of the Town’s Capital budget is spent on maintaining and enhancing the Town’s infrastructure investment. 3 | P a g e Town of Penetanguishene Small Business Assistance Reasons to do Business in Penetanguishene 1) As per the 2011 Census, approximately 11 % of the population speaks French. Many merchants and services, in Penetanguishene, are able to provide services in both official languages. 2) Penetanguishene represents a unique trade area of 17,400. 3) The average household income, in the above trade area, is $78,000.00. 4) The trading area includes the affluent areas of Cedar Ridge and Thunder Bay Beach. 5) The trading area also includes Christian Island. Those living on the island must take a ferry to the mainland. Those taking cabs are more likely to come to Penetanguishene as opposed to paying more to go to nearby Midland. 6) As per the 2011 Census, the population of Christian Island has increased by a whopping 113% which means more potential customers. 7) Although Midland is only 5km away, Penetanguishene represents its own unique market. Foodland, TD Canada Trust, Tim Horton’s, Home Hardware, LCBO, M & M Meat Shops, Subway, Re-Max & HGR Graham Partners all do business in both Penetanguishene & Midland. HGR Graham Partners have confirmed that without their Penetang office, many customers would deal with competing firms in Midland (captive audience). 8) The Foodland, Tim Hortons, Home Hardware and Pharmasave are some of the ‘best in class’ in Canada. All are proof that Penetanguishene and the surrounding area represent their own niche market. 9) 20% of the population are seniors. If you factor in those who are under 16 and those who are not fortunate enough to own their own vehicle, we have a fairly large captive audience. 10)Tourism is a huge opportunity with almost 100,000 population in this area in the summer. Penetanguishene is in close proximity to Awenda Provincial Park and the Lafontaine campgrounds. 11)The senior’s residence, Georgian Village, is within walking distance, with the Village Square Mall as an obvious destination spot. 12)Market research conducted by Home Hardware for the Penetanguishene area dated December 1, 2010 was prepared before the move to the Penetanguishene Mall. This report shows ‘Target Groups’ indicated as; Ages 35 to 64 representing 45% of the market population; post secondary education at 51%; dwelling owners at 84%; and income over $50,000 per year of 61%. Home Hardware has exceeded its initial revenues forecast after just 18 months in operation. 4 | P a g e Town of Penetanguishene Small Business Assistance Before Starting a Business You want to start your own business, but have you done your homework? Think about what kind of a business you want, and whether you want to partner with someone. Will you buy an existing business, or build one from the ground up? Do you have a sound business idea and data to back it up? Doing proper research and planning will help you get ready to take the plunge. Being your own boss can be very rewarding, but it is not for everyone. Before you take the first step, take some time to find out if you are well suited to being an entrepreneur, to understand the benefits of entrepreneurship and to learn about your chances of success. If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits. Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be. Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea. Discover what market research is and how to create an effective market research campaign. You will also find numerous information resources and statistics that you can use to learn more about your industry, your customers and the markets you serve. This information can ultimately help you to make informed decisions that can maximize the potential of your business. Starting a business from scratch can be overwhelming for first time entrepreneurs. If you have a great business idea and are ready to work hard to build it from the ground up, then you may wish to start your own business. But if you want to hit the ground running and avoid some of the common start-up pitfalls, then buying an existing business or a successful franchise may be a better option for you. 5 | P a g e Town of Penetanguishene Small Business Assistance Start Your Own Business or Buy an Existing Business? Starting your own business Benefits Complete freedom to design and manage the business according to your vision. Not bound by anyone else's rules, history or assets. Opportunity to carve out a new niche in the market. Can be less expensive than buying a successful business. Challenges Can take time to become profitable. There is no guarantee of business success and a high rate of failure for new businesses. Can be more difficult to get financing because lenders or investors
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