WELCOME TO CANADA Brought to you by:
STARTING YOUR OWN BUSINESS IN CANADA? Here are
8 steps to launch
By Margaret Jetelina
W
hile Canada may be known as a “nation of immigrants,” the country’s economic engine is certainly its small business sector — about 98 per cent of employer businesses are defined as “small,” according to Industry Canada. And immigrants are a big part of that. Statistics show approximately 19 per cent of immigrants are selfemployed, compared with 15 per cent of the rest of the Canadian population. Many newcomers look to entrepreneurship as an alternative to the job-search grind and no-Canadian experience barrier. It’s also an attractive option for potential immigrants looking to come to Canada, thanks to Canada’s new Start-Up Visa program, which is designed to attract entrepreneurs from around the world. This program is ideal for entrepreneurs with experience running a successful business elsewhere, as they will need backing from a business incubator, venture capital fund, or Canadian angel investor group to apply. Canada offers many opportunities for entrepreneurs, including a stable economy, well-established regulations and processes, and good access to funding relative to other countries. On average, 150,000 new small businesses are created in Canada annually, but only half or so survive their first five years. So what makes one small business succeed and another fail? There are lots of variables that lead some business owners to success, and others not, but following a detailed plan of action with plenty of thought and research will certainly help. Here
are eight steps to help you launch your business.
1 Decide what you want to do
People decide to start their own business for many different reasons. Perhaps you have identified a service or product that people want or need, or you have a desire to improve people’s lives. Maybe you want to import a product from your country of origin to Canada, or you want to start a service business utilizing your professional skills, or you are looking at a franchise business or neighbourhood restaurant. Consider what you are really passionate about. What do you want to do, and why do you want to do it?
2 Do your market research
As a newcomer to Canada you
may have a great business idea, but before you invest too much in any idea, sit down and do your market research. Look at your potential customers, competitors and more. If you have an idea for a product or service, make sure that there is a realistic need for it. How many people will use your business, and how much will they pay? Is what you offer unique? Decide what will set your business apart from others. The Canada Business Network website has tips on how to conduct market research as well as up-todate information and statistics. See canadabusiness.ca/eng/.
3 Write a business plan
A business plan is a comprehensive document that details everything. It shows where you want to go and how you’re going to get there. It is a living docu-
ment that includes information on your business offerings, goals, competitors, staffing, expenses, marketing plan and forecasted income. Your business plan should have three main purposes: • To determine the feasibility of your idea. • To document a strategy and direction for your business. • To share information with external parties who have an interest in your business, such as investors. There are many resources available to help you write a Canadian business plan, including an interactive business plan writing tool at scotiabank.com/ smallbusiness. Make your business plan a priority and give it the effort it deserves.
September 2015
Canadian Immigrant
21
