When it’s time to start your own practice
Ready to open your own practice? Learn about choosing a location, selecting a business structure and securing financing.
Have you ever dreamed of one day being your own boss?
Whether you’re fresh out of school or you’ve gained some experience working for another professional practice, going out on your own definitely has its advantages. You can enjoy the freedom of a flexible work schedule, a greater share of the profits and the joy of carving out your own unique career path.
If the time to set out on your own is now, you’ll need to be prepared. Some items on your checklist will be to scope out a good location, invest in equipment and possibly hire some employees. You’ll also need to make some key decisions about your business structure and how you’ll fund your practice.
Read on to learn more about these important considerations before setting out on your own.
As a new business owner, you’ll need to register your business with the Canada Revenue Agency (CRA), apply for any local permits or licenses, and check out any regulations set by your governing professional body.
Next, you can decide on the right business structure for your new practice.
You can register as a sole proprietorship, form a partnership with another professional, or set up a professional corporation. There are pros and cons to each option.
How to fund a new practice weighs heavily on the minds of most professionals just starting out in their careers. For one thing, most students finish their studies with heavy debt loads. And the reality of establishing a practice is that it requires access to substantial capital.
If you haven’t researched common expenses associated with setting up a new practice, you may be surprised by the costs:
You can save money with the Scotia Professional Plan (SPP) – featuring low monthly fees, it’s a convenient, all-inclusive package to manage your business banking needs.
At Scotiabank, our advisors understand the important decision ahead of you. We’re ready to help you – just as we’ve helped thousands of professionals like you to take the next step in starting their new practice.
Get more business advice, access helpful resources and learn about available financing solutions by speaking with a Scotiabank Small Business Advisor today.
 Every profession has its own rules and guidelines for business structures. Be sure to consult a legal professional to ensure you comply with your profession’s standards.
 Speak to a tax planner to find out how to structure your business.
 Costs are examples only. Your costs may vary.