# Starting My own Business - Silver from Mexico



## kevs~just kevs (Mar 21, 2005)

So i'm looking into starting my own business. I want to import silver from Mexico (in the form of Jewlery of course).

I've looked at the CBSA website and it doesn't really tell me how to get started. Has anyone ever done something like this before? I'm thinking of using ebay to sell it... Where do I start? I know I need to get a business # first, but then what?

Any thoughts/advice appreciated.

Thanks,
kevs


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## singingcrow (May 6, 2005)

Hey Kevs!

You'll want to set up a bank account specifically for your business. If you're selling through ebay or anywhere for that matter (your own website etc.), you need to decide on which kind of payments you want to accept. That means you might want to consider getting a merchant account for online transactions (lots to consider here). Or you might want to just go through a service like Paypal who are the middle people and allow you to use their merchant account for a higher fee. Most merchant account providers require a minimum amount.

A budget would also be handy so you don't go over board and you can compare this to what you've done and what your goals are.

I deal with a service internationally, so I don't have to deal with any of the legalities of import export, or tariffs and customs, or shipping. All these should be taken into consideration and accounted for in your transaction. Do you want to include the costs in your pricing or do you want to add on the extra fees to the price tag? Will you be shipping internationally, or sticking with Canada or North America?

A lot of this info can be found on your provinces business site via the government of Canada.

An accounting package will be useful, and I don't know how much business you're planning to do, but a POS (Point Of Sale/Register) might come in handy.

If you're going to do business anywhere else other than Ebay, you will also have to consider marketing, for which you'll have to budget.

Step by step.

Sorry I cant' help you more on the import export thing, but maybe there's someone out there that can?

Good Luck!


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## Cameo (Aug 3, 2004)

If selling thru Ebay or something similiar make sure that you know ALL the costs to yourself to do so. You don't want any surprise costs/charges. Have them send you in writing, all the costs to you to sell through them.
My advice would be to get as much in writing as you can and if you are contacting them through email then print out your email and their response.
I call it protection/proof.

I am thinking of doing my own thing in a small way myself and if I sell on the internet I think I would sell from my own website and keep as much control of things as I could. Marketing your services is a big thing and you will need to figure out the costs of this as well - paper, stamps, ink etc. Hope this tidbit helps as well.


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## singingcrow (May 6, 2005)

This might help:

http://canadabusiness.gc.ca/gol/cbec/site.nsf/en/index.html


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## kevs~just kevs (Mar 21, 2005)

Thanks for the advise guys! 

A little more info. A friend of mine who lives in Mexico 9 months of the year and in the U.S the rest of the time approched me about this opportunity. She has done this for a few years... but it's different being that she's selling in the U.SA. 
I want to start very small as this will only be suplimental income... i'm thinking like 50 or 100 bucks to start out. And depending on how it goes i will increase the amount... I'm not completely sure on the ebay thing yet... I'm thinking the first shipment I would just use for family and friends and that can start some word of mouth...

Step 1 completed : I now have a business # and an Import/export account!


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## draz (Jun 13, 2005)

At that size i would totally avoid using a business account (extra fees) and use my own personal one. Until you are clearing over a couple thousand bucks then i would look into it. And if you get your GST number etc you will pay 8% less tax on items bought to be resold.


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## Cameo (Aug 3, 2004)

You can do your own business cards at little expense - just buy the print your own from Staples or office depot and microsoft word has a template for the cards. I use business card composer myself but most people have access to word so that is just as easy. You don't have to get complicated with the design - just make sure your service, name and contact info is on it.
Once you decide to go bigger then you can design a more complicated card.
It is handy to be able to give the information out when you are talking to people or maybe some friends can pass some out for you as well.


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## kevs~just kevs (Mar 21, 2005)

draz said:


> At that size i would totally avoid using a business account (extra fees) and use my own personal one. Until you are clearing over a couple thousand bucks then i would look into it. And if you get your GST number etc you will pay 8% less tax on items bought to be resold.



good to know... is there any charge for getting a GST #? ...Just to be clear, this is different from my business# correct?


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## CubaMark (Feb 16, 2001)

Have you explored the info available at the Canadian Government's import/export website?

http://www.strategis.gc.ca

M.


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## kevs~just kevs (Mar 21, 2005)

CubaMark said:


> Have you explored the info available at the Canadian Government's import/export website?
> 
> http://www.strategis.gc.ca
> 
> M.



some good info here, thanks for the link!


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## jasonwood (Oct 19, 2003)

There is so much good info available on government web sites. I wouldn't rely too much on what you hear from friends and people on forums like this. I'll answer your direct question though - the business number encompases GST, Import/Export, Payroll, and something else I just can't think of at the moment. It doesn't cost anything to get these. Your GST number is your business number, usually with "RT 0001" added to the end (note, this is new in the last 5 or 10 years).

Someone said the GST number entitles you to pay 8% less tax... not really true (in many ways, some mathematical, some technical, and some semantical). Do your homework. The first link provided in the thread is a very good place to start. You should also find your local business development center - they'll help you out.


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## Sonal (Oct 2, 2003)

I'm not sure how import/export figures into this, so excuse me if I've missed anything.

Get yourself a copy of the Canadian Small Business Handbook (title is something like that) and start reading. It's a very broad overview, but there is lots of information to get you started and some resources for further info.

At $50 - $100 bucks a month, you might want to talk to a good tax accountant and see if you can (for tax purposes) consider this a hobby for now, so that you don't need to declare the taxable income. (You are allowed to make money on a hobby, but it's largely about motive.) If so, you can save yourself some dollars and some administration while you are getting set up.

Keep records of everything, particularly any time money comes in or leaves you bank account. If you are treating this as a business, you do want a separate account, but it can be personal account, not a business account--just separate from your other banking. Learn bookkeeping--it's not hard, just get an accountant to set up your books for you, and show you how to start. You can write-off any expenses you make relating to your business--generally speaking, you only get taxed on your profit.

You don't *need* a GST number until you are making more money, (can't remember the exact rule, but it's something like gross income of $30K in a fiscal year) but what it allows you to do is keep any GST you pay for your business (e.g., by buying office supplies.) You remit what's left to the government. You can voluntarily register for GST at any time.


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