WOMEN IN BUSINESS
8 things immigrant women need to know about starting a small business in Canada By Karen Southall Watts
I
mmigration represents the start of a new phase of life for women and many times these new lives include a new business. With the wealth of information available online and through resource agencies, it’s never been easier to explore entrepreneurship. As an immigrant woman thinking of starting a business, here are some key things to consider.
1
Planning is key You may not need a business plan, but you need the planning process. Stories about successful businesses that started as scribbles on the back of a napkin are the stuff of entrepreneurship legend. Yet for most of us this is not a smart or realistic
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way to launch a small business. Traditional business plans are still required by many lenders, and investors want something to prove that they are putting their money in the right place. However, a printed paper document is not your only option when it comes to turning out a finished plan. A slide presentation or video might be a more convincing tool when it’s time to seek funding. An infographic might serve you better as you gather and work with your team of founding partners. The most important part is the actual planning process where you research the viability of your idea, the needs of your target market and the realities of your competition.
2
Keeping it small is OK A micro-business or side business can be a beautiful thing. Entrepreneurship doesn’t always mean quitting your day job, taking lots of financial risks and launching a make-or-break business. Sometimes women, especially those with childcare or eldercare responsibilities, need to hold on to a certain paycheque. This doesn’t mean you can’t begin stretching your small business muscles. Small businesses that you run online, on weekends and in your spare time can provide you with extra income as well as allow you to test your personal tolerance for entrepreneurship. Many women discover they prefer the freedom of a smaller
and more flexible small business to either a regular job or a traditional business structure.
3
Barter in moderation Bartering and sharing are great, but the grocery store still insists on money. Exchanging professional services or bartering for needed materials can really be a budget saver for budding entrepreneurs. Moneyless transactions with other businesswomen can allow you to access expert services you might not otherwise be able to afford early on in your business. For example, a photographer might offer to do a professional headshot for a colleague that coordinates the catering for her studio opening. facebook.com/canimmigrant
