MONEY AND BUSINESS

Know your ideal customer

How well do you understand your ideal customer’s buying decisions?

Are you looking to become a small business owner? How well do you understand the rationale behind the buying decisions of your potential customers?

Small business owners in Canada are a force to be reckoned with — over 98 per cent of all businesses in the country have less than 100 employees. If you have immigrated to Canada or are planning on coming here with the idea of developing an entrepreneurial initiative, these numbers speak to great opportunities.

The key to successful entrepreneurship is finding gaps within your target market and how your offering can fill those gaps, and providing an experience that will entice your consumer to develop a relationship with your brand’s identity. This, in turn, will result in repeat business and new client referrals.

As small business owners, you must focus your marketing efforts on engaging with potential customers. This includes connecting your brand with them at a deeply human level, understanding patterns within their buying behaviours to refine the story your company tells, and the social impact your brand makes when addressing specific pain points, i.e. the problems customers experience. Your products and services must be aligned with your clients’ values and vision.

Brands aiming to convey messages that leave a robust impact on consumers have to pay close attention to the ongoing process of

consumption so they know: 1. The cues that people respond to in deducing what products are better than others; 2. How situational factors affect their purchase decisions; and 3. How they influence others based on their own experience acquiring the products they buy.

My own business model is B2B (Business-to-Business) and although the end users of my services are international students, my clients are educational institutions and agents giving their students a competitive edge and tools to make the most of their Canadian journey.

Below are tips from my personal experience as an entrepreneur:

Identify and address specific pain points: You must have clarity on the problems that your potential ` j

customer is experiencing.

For example, once I identified that the isolation and the difficulty to find meaningful work that international v `j jv

students experience are due to a lack of preparation to manage their transition into life in Canada, I created content that illustrated how my program could prepare them for that and keep their mental health on point. The latter was an aspect I strategically built upon, so my `v `jv h

potential client could see why my option was better than others. selling anything directly. Reach out to potential leads, build a relationship, and engage with them so they can experience your services firsthand.

When I started my business, I offered demo workshops so potential customers could experience my initiative from the comfort of their venues. I did this in order to ensure that their buying decision was not impacted by situational factors like being rushed or an unfamiliar location.

Tell your story well: The most successful brands are the ones able to tell stories that people can relate to.

I shared blog posts and articles that my potential customers could forward to their students since they addressed the issues they faced, and I made sure my website and social media had testimonials from both clients and students illustrating the value that my work with them had added to their lives.

Do your research to understand buying behaviours: Conducting research is paramount in order to uncover consumer insights that lead to a deeper understanding of their motivations.

In my case, I went through numerous customer reviews of what my potential clients were doing right and wrong, the Q&A section on their websites, and social media channels. I conducted competitor analysis and interviewed international students to find out their biggest needs and challenges and if the institutions/ agents were addressing them effectively.

All that research equipped me with the information to execute strategies that raised awareness about my services and why they are the optimal solution for my clients.

David Mendoza is an educator and entrepreneur, director at Orbit 5, and professor at George Brown College.

Design. Create. Inspire.

VCAD offers exceptional career-focused design education across a variety of disciplines:

Fashion Design

Architecture Design and Technology

3D Modeling Animation Art and Design Interior Design

Visual Effects Art and Design

Graphic Design

Game Development and Design

Learn how you can get started today.

Saving up for your first home

Five tips to get you started

the Canada Mortgage and Housing Corporation (CMHC) website, placetocallhome.ca, for more information on program eligibility. 4. Be prepared for the “hidden” costs of home ownership

As you consider home ownership, it is important to factor in all the associated costs and fees. Costs like land transfer tax, legal fees and realtor fees are all part of the larger financial picture. Factoring them into your budget will help curb any last minute surprises when it comes time to make the big purchase. And don’t forget the ongoing costs of home ownership! Home insurance, property tax and utility bills should all be added to your budgets. 5. Know the rules

Familiarize yourself with the rules surrounding home ownership including mortgage stress tests – a set of tests designed to help Canadian homeowners know if they are buying a home they can afford now and in the future. Having a firm understanding of what is required from you as a prospective homebuyer will help you better understand how big of a mortgage you are eligible for and how a change in interest rates may impact affordability for you.

Using the right tools and resources you will be able to arm yourself with the information you need to get started on your journey to home ownership.

Buying a home is an exciting milestone for many Canadians – including many new Canadians. In fact, a recent poll by Royal LePage found that one in five homes purchased in Canada in 2019 were purchased by newcomers.

Finding the right home in the right neighbourhood is often top of mind for prospective buyers as they begin their search. But being properly prepared financially is a necessary first step to make the leap into home ownership. The home-buying process may be different from what you are used to back home, but setting incremental goals can help you succeed on your path to home ownership in Canada.

Here are some tips to help you get started:

1. Meet with a financial advisor

Having a good sense of your current financial situation will help you understand how to achieve future goals like owning a home. Speaking with a professional – including a financial advisor or a mortgage specialist – can get you on the right path with a budget and clear attainable goals.

2. Start saving

Savings and investment tools are a great way to set aside money for your home. As soon as you arrive in Canada, you can start contributing to a Tax-Free Savings Account (TFSA). This is a savings tool with annual contribution limits (currently $6,000 per year) that allows you to save and invest tax free and withdraw the funds at any time. If you are employed in Canada, an alternative savings tool available to you is a Registered Retirement Savings Plan (RRSP). RRSPs are tax-deferred; you don’t pay tax until you make withdrawals. As a first-time home buyer, you are entitled to withdraw up to $35,000 tax-free from an RRSP through the Home Buyers’ Plan to put towards your home and you have 15 years to repay what you withdraw. C M Y CM MY CY CMY K

3. Learn about government programs

Did you know the Canadian government has incentives for first time home buyers? Programs like the First Time Home Buyer Incentive, The Home Buyers’ Amount and the GST/HST Housing Rebate extend savings and incentives to those purchasing their first home. Visit

Amit Sadhu is the vice president, newcomer segment, at RBC. Visit rbc.com/newcomers or visit a branch near you for help and advice to help you save more and settle in faster.

GET TO WHERE YOU WANT TO GO WITH VANCOUVER CAREER COLLEGE

VANCOUVER CAREER COLLEGE OFFERS PRACTICAL CAREER TRAINING IN:

ART & DESIGN / BUSINESS / EDUCATION HEALTHCARE / LEGAL / TRADES / TECHNOLOGY

Canadian Immigrant Profile

CAREER PATHS

SKILLED IMMIGRANTS PROGRAM

The Progressive Intercultural Community Services Society (PICS) provides support, programming and services for new

immigrants to assist with their transition to Canada. They currently offer a highly informative, hands-on employment program called the Career Paths for Skilled Immigrants Program, which is funded by the Government of British Columbia, through the Ministry of Jobs, Trade and Technology. The program provides customized services for up to 22 months to assist skilled immigrants with experience in Sales and Service occupations such as Corporate Sales Management, Retail and Wholesale Trades Management, and Restaurant & Food Services Management, to ultimately obtain employment in their field of specialization.

Shameemah Kalaichelvan, Manager of Employment Programs at PICS, explains that the program “will assist

in pursuing a career path that will help them find a commensurate level of

employment based on their pre-arrival

education and experience. The intention is to eradicate underemployment and

unemployment of the skilled immigrants.” becoming ‘job-ready’, personalized

career path planning, networking events and mentorship opportunities. Employment for this program encompasses all positions and titles that come under three National

Occupational Classification (NOC) codes:

0601- Corporate Sales Managers

0621- Retail and Wholesale Trade Managers 0631- Restaurant and Food Service Managers

As skilled immigrant participants embark on their career path in Canada, the program also assists them with a Temporary Aligned Employment which is a stage in between their initial enrolment in the program and their goal

employment. Shameemah takes pride in

the fact that the program contains great work experience opportunities and mentorship each step of the way: “We work with each participant in parallel with respect to their short-term and long-term employment goals. Participants of our program are also assisted with

occupation-specific language training by VCC and practicum opportunities with local employers as per the need.”

PROGRAM ELIGIBILITY:

To be eligible for this opportunity, candidates must be:

• A Permanent Resident of Canada, no more than five years

• A person who is awaiting PR Status per confirmation letter from IRCC

OR

Convention refugee and protected person

outside Canada who have been selected for

resettlement in Canada by IRCC

• Canadian Language Benchmark (CLB) 6 or above (Intermediate to Advanced English)

• Three years of pre-arrival experience in

the fields of Sales and Service (one year for youth 19-30 years of age)

• Underemployed or unemployed in Canadian Labour Market

• Not receiving EI or BCEA

Additionally, the PICS Career Paths staff team is very friendly, client

focused and works on flexible hours to

accommodate participant needs and

help them reach their employment goals in BC.

This program assists participants with

the integration process into the Canadian labour market from the very beginning, including job search assistance, education funding to fill skill gaps, workshops to coach participants in

REGISTRATION

Tel: 604-596-7722

Email: careerpaths@pics.bc.ca

PROGRAM LOCATION

Surrey BC: #205, 12725 - 80th Ave, V3W 3A6 Vancouver BC: 8153 Main St, V5X 3L2

PICS offers this program province-wide through remote services