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SMALL BUSINESS GUIDE

Got a dream of starting your own business? Maybe you have a great idea, and just don’t know how to make it a reality. That’s why we made this guide. From how to create a business plan and raise startup money, to expert advice on opening up shop, it’s got everything you need to navigate the twists and turns of launching a successful new business.

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GLOSSARY OF TERMS

Below you'll find a list of useful business related terms and their definitions.


BUDGET

An estimate of income and expenditure for a set period of time.

BUSINESS PLAN

A document setting out a business’s future objectives and strategies for achieving them.

BUSINESS MODEL

A structure for the successful operation of a business, identifying revenue sources, customer base, products, and distribution.

CASH FLOW

The total amount of money being transferred into and out of a business, especially as affecting liquidity.

CO-OPERATIVE

A farm, business, or other organization which is owned and run jointly by its members, who share the profits or benefits.

CORPORATION

A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

CROWDFUNDING

The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the internet.

FIXED COSTS

Business costs, such as rent, that are constant whatever the quantity of goods or services produced.

GRANTS

Non-repayable funds given by one party, often a government department, to a recipient.

GST

General Sales Tax.

HST

Harmonized Sales Tax.

INCOME TAXES

Annual taxes levied by a government directly on income.

INSURANCE

A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

LICENCES

A permit from an authority to own or use something, do a particular thing, or carry on a trade.

LINE OF CREDIT

An amount of credit extended to a borrower that can be drawn upon when needed.

LOAN

A sum of money that is borrowed and expected to be paid back with interest.

PARTNERSHIP

A form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates.

PAYROLL

A list of a company’s employees and the amount of money they are to be paid.

PERMITS

An official document giving someone authorization to do something.

POINT OF SALE

The place at which goods are retailed.

PROFITS

A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

SOLE PROPRIETORSHIP

A type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.

STARTUP

A brand new business.

SUBSIDIES

A benefit given to an individual, business, or institution, usually by the government.

SWOT ANALYSIS

A breakdown of a business’s strengths, weaknesses, opportunities and threats.

VARIABLE COSTS

Costs that change as the quantity of the goods or services that a business produces changes.

BUSINESS BANKING ADVICE YOU CAN TRUST

Our team has the Northern know-how and years of experience to help you build your business from the ground up.

ACCOUNTS BUILT FOR BUSINESS

Compare and find the account that’ll take your business to the next level.