Many immigrants have plans to launch their business once they arrive in Canada. However, most of them have little or no idea about how or where to start. The following tips will make your journey to becoming an entrepreneur a success.
1. Develop a solid business idea
The first step to kickstarting your business is to have a unique business idea. This is still possible even if you’re not creating an entirely new product or service. Follow the latest trends and assess your skills so that you can position your brand better in your niche.
If you’re not passionate about a business idea, then it’s not worth investing in.
2. Register your business name
The next thing is to come up with a business name that will make you stand out from the crowd and attract your target audience. It’s best to settle for a name you can stick to for at least the first few years.
Endeavour to register your business name with the Canadian government after taking this step. Every immigrant should put legal issues into consideration at this stage.
3. Design a business plan
It’s imperative to test your idea before you channel resources into it. Writing a business plan comes with several benefits. For instance, you can be lucky to attract the right investors once your plan is convincing enough.
Taking this step involves a lot of research that will help you know more about the market and the industry you’re delving into. Ensure that a viable business plan is in place before launching your business.
4. Learn about the forms of business ownership
The three main types of business ownership in Canada include:
- The corporation
- The sole proprietorship
- The partnership.
Research about each option to choose the right business structure.
4. Search for small business financing
Although there are certain businesses individuals can launch with their savings, some ideas may require extra funds. If yours fall into the latter category, then try to devise a plan for getting funds.
Many small business owners in Canada are relying on government grants, equity or debt financing. The fund you acquire must be enough to sustain your business until you start making a significant profit. The best thing is to understand what each financing option entails.
5. Acquire a business license
Several new businesses in Canada may not be allowed to operate in their municipalities without valid licenses and permits. Your best bet is to get in touch with government agencies or visit your city’s website for the necessary documents and other information.
6. Get business insurance
This is an important step you should avoid skipping when starting a business in Canada. Each business or industry requires a different set of insurance programs which may differ slightly. Discover the pros and cons of each insurance policy before purchasing.
Search for other policies for business interruption, disability, general liability, and the likes. A lawyer can help you arrive at the best options.
7. Hire the right employees
Several small business owners launch and run their business without any initial plan of hiring employees. This is arguably one of the effective ways to reduce overhead costs. The major downside is that your workload will become heavier as time goes on.
However, there is nothing wrong with deciding the number of employees your business will likely need and their respective positions. Also, confirm whether you are eligible to hire employees in Canada.
8. Keep good records
It’s advisable to start keeping every record that pertains to your business immediately you launch it. You can’t afford to ignore this task because it’s pivotal to the success of your brand.
Ensure that you set up a different bank account for your business. You can take advantage of simple accounting software to make things easier.
