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Entrepreneurship Program

How to Own a Business and not lose your Shirt

In Six Weeks You could have your corporation, Business Plan and Accounting System Ready!

Training Program Starting on January 15, 2019 - Seats are limited to 50

Practical Training for Business Owners - Start Ups, Purchases, Marketing, Organization, Taxes

Avoid making costly mistakes in your current business and/or new business. Take the time to get the step by step training and coaching from John Whiteley, CPA.

Save money incorporating your business; business plans, taxes and more.

Weekly Webinars - Videos - PDF's - Email Support - Individual Consultation - Membership Access

Week 1 - Business Options

Is Self-Employment Right for Me

Self assessment of your strengths and weaknesses; financial position; skills, market demand for your skills, etc.

Purchase or Startup?

The advantages and disadvantages of purchasing an existing business compared to starting up a brand new business.

Purchase Option Reviewed

The steps that should be taken when deciding on the purchase of an existing business. How to value the business. Financing options. Risk management. Offer to purchase.

Startup Option Reviewed

The steps that should be taken when deciding on the purchase of an existing business. How to value the business. Financing options. Risk management.

Finding a Business to Buy

Where to look for unlisted businesses for sale. Gathering information on the business. Contacting business owners. Contacting business brokers. Confidentiality Forms

Webinar

Answering questions regarding this week’s training topics. 

(Students should have decided on the best business option if proceeding with self-employment.)

Week 2 - Business Plan

(Students can set up a free LivePlan account for 30 days to create their own Plan)

What is a Business Plan

The components of a business plan; why you need to prepare a plan that is customized for you.

Business Plan Case Study

A business plan preparation is demonstrated step by step; over the shoulder view on how to build your business plan; this is one of the most important processes in your business purchase or startup. Plan includes 3 years of forecasts.

Importing actual data

Actual data is imported from QuickBooks Online into the business plan. Modifications made to business plan forecasts as new information becomes available.

Plan Review by John Whiteley CPA

Each student’s business plan is reviewed by John Whiteley CPA; private comments are provided to the student by email; in some cases telephone consultation may be provided to facilitate the student’s understanding of creating the business plan.

Webinar

Answering questions regarding this week’s training topics. 

(Students should have a completed business plan that reflects their proposed business option from week 1.)

Week 3 - Legal Entity

Review legal entity options

The three main legal entity structures are reviewed; corporations, proprietorship and partnerships; recommendations are offered on how to choose the right legal structure for you. The potential tax savings are reviewed; risk management and ownership options.

How to register a proprietorship

Steps are outlined on how to complete and register a proprietorship; example forms are included with links to the government websites

How to register a partnership

Steps are outlined on how to complete and register a partnership; example forms are included with links to the government websites

How to register a corporation

Steps are outlined on how to complete and register a corporation; example forms are included with links to the government websites; do you need a lawyer to register a corporation; authorized and issued share capital.

Corporation minute book

The importance of maintaining a minute book for your company; what is included in a minute book; how to create a minute book

Corporation annual returns

What is an annual return; what happens if not filed on time. How to complete an annual return. Example annual return; how is an annual return different from an income tax return.

Webinar

Answering questions regarding this week’s training topics. 

(Students should have registered their chosen form of legal entity)

Week 4 - Taxes

Income taxes overview

Review on how the income/losses are included in the different tax returns, depending on the legal entity set up for the business.

Income taxes proprietorship

Review on how the income/losses from a proprietorship are included in the tax returns; review of the various types of expenses which can be claimed; vehicle expenses, business portion of home expenses. Filing due dates.

Income taxes partnership

Review on how the income/losses from a partnership are included in the tax returns; review of the various types of expenses which can be claimed; vehicle expenses, business portion of home expenses. filing due dates

Income taxes corporations

Review on how the income/losses from a corporation are included in the tax returns; review of the various types of expenses which can be claimed; vehicle expenses, business portion of home expenses. dividends or salary paid to the owners; shareholder loans; filing due dates, instalments; losses carried forward and back.

HST/GST Registration

Why you should register for your HST/GST account as soon as possible; link to CRA registration page on website; recommended choice of filing periods. HST returns.

CRA Business Numbers

What does a business number mean; registering for payroll deductions and corporate income taxes; designating first fiscal year end.

Payroll Deductions

How to remit payroll deductions to CRA; frequency of remittances.; penalties if late.

Webinar

Answering questions regarding this week’s training topics. 

(Students should have an understanding of the various tax treatments and should have their tax accounts registered with CRA.)

Week 5 - Bookkeeping

Bookkeeping overview

Review of the different accounting software applications available for small business owners; recommended vendor.

QuickBooks Online

Introduction to QuickBooks Online; users, accountant’s invite as user; different versions and which one is right for you; setting up the chart of accounts; customers, vendors, payroll, reports, trial balance posting business expenses paid with personal funds; bank accounts, credit card accounts; owners investment, etc. How to generate an HST/GST report; 

Year End Preparation

How to prepare your books and information for your accountant regarding the fiscal year end of your business. What you should discuss with your accountant before the tax returns are filed with the tax office. Posting accountant’s adjusting journal entries.

Closing books

What does closing the books mean; how to close the books in QBO; problems if not closed properly.

Webinar

Answering questions regarding this week’s training topics. 

(Students should now have an understanding of how to set up their books in QuickBooks Online and/or have setup their books)

Week 6 - Advanced Topics

Professional advisors

Who should be my professional advisor(s) and why.

Holding Company

What is a holding company; when should I create a holding company; transferring retained earnings to my holding company.

Facebook Marketing

How to create facebook ads; retargeting; selecting an audience; setting up a business facebook page; facebook messenger bots. etc.

Sales funnels

What are sales funnels. How to create sales funnels

HR Policies

HR polices that can impact your obligations under federal and provincial legislation

Google Ranking

Learn the value of website ranking on prospects searches for services and products on Google Search.

Webinar

Answering questions regarding this week’s training topics. 

(Students should have an understanding of the various topics)