Chapter 4: Mount Everest

By Rdevany - This is a digital photograph that I took, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=23263964

I’ve clicked a few buttons, had a few conversations, prompted AI, and now I have ‘Inc.’ after my name.

I started a business sans business plan or viable product, like a kid playing pretend. But I think this was a valuable lesson.

From my experience, knowing that something is possible is half the battle. And I don’t mean knowing that it’s theoretically possible for someone somewhere but knowing that it’s possible for me. Realizing that something that used to seem like Mount Everest is actually doable, is a catalyst for real action.

Starting a business used to seem like Mount Everest but now I’ve done it. I’m only at Base Camp. I’m not even half way up the mountain and there are far more perilous obstacles ahead:

• Having a product or service that people actually love

• Shareholder’s agreements

• Corporate taxes

• Hiring

• Marketing

• Raising capital

• Etc

I've barely completed the easiest part of the journey, but now that I’ve taken this first step, these next steps seem a lot more possible.

 In each chapter I give one concrete step that I’ve taken so you can follow along.

Concrete Step #4: Incorporate your business

Now that you’ve chosen your business name and hopefully been approved, actually file for incorporation. I can’t advise you in the particulars, but I can tell you what I did:

• I prompted ChatGPT for a checklist of things to do to set up a business in my province.

• I talked to my dad who is a CPA and has set up businesses before.

• I filled out an online form to submit my articles of incorporation.

• After approval, I issued shares to myself, set up bank accounts, and now I have to register with the CRA.

I am intentionally keeping this very high-level because I am absolutely unqualified to talk about this stuff, but I guarantee you know someone who has set up a business before and would be happy to help you get the ball rolling. And if you don’t know someone, you know someone who knows someone.

I’m sure there are pitfalls and consequences to the decisions you make at this stage, so talk to people who actually know something. For example, if I didn't talk to my dad, my corporation would only have a single share class. This may or may not make a difference down the road, but I decided to use his articles to keep my options open.

That being said, don’t let perfection be the enemy of the good. If you don’t take a step forward and risk making mistakes, starting a business will always and forever seem like Mount Everest.

DISCLAIMER:

I've never done this before and I'm learning as I go. Be cautious because I will make mistakes, but also be inspired because if I can start a business, so can you.