Things to Include in Your Alberta Business Plan for the Owner Operator Program
Alberta is a hidden gem that does not get attention from immigrants like Ontario or British Columbia gets. But its unbelievably favourable tax rates coupled with the busy yet friendly environment and low cost of living make Alberta a promised land for foreign entrepreneurs. So, if you are an entrepreneur looking for ways to immigrate to Canada, the Owner Operator Program is your best foot forward. What is the Owner Operator Program? The Owner Operator Program facilitates entrepreneurs with the ability to apply for a Work Permit for a business through the LMIA (Labour Market Impact Assessment). A work permit via LMIA requires a job letter from the prospective employer and an advertisement for showcasing the opportunity a month in advance. However, the Owner Operator LMIA program allows an individual to apply without a letter from the employer if they are going to, as the name implies, own and operate a business. The entrepreneur can either buy an existing business in Canada or start a new business under the Owner Operator Program. The best part of this program is that unlike most of the Canadian Federal business programs, it does not have any quota or strict rules to apply for a Temporary Foreign Worker (TFW) permit. All that an entrepreneur requires is verifiable and tangible proof of a business or experience as a business manager.
How to Approach an Albert Business Plan for the Owner Operator Program First, you need to decide how your business will be legally organized. In Alberta, there are 4 ways you can start a business, namely; sole proprietorship, partnership, corporation, and co-operative. Partnership and Corporations are the best way to move forward, especially in Alberta. Corporations or corporate partnerships are taxed with much lower than the sole-proprietorships. In addition to this, sole-proprietors face a tough time in raising funds for business than the corporations. So, if you feel that your business idea stands a strong chance of being successful in Alberta, you are on the right track. Alberta is a booming destination for entrepreneurship as its Government is very supportive of entrepreneurial ideas. However, to make sure that you get the required support, crafting a wellthought and researched Alberta Business Plan is key. An Alberta business plan should focus on certain key points, which are – Writing for the correct audience Your business plan to apply for the owner operator program should look different than a business plan meant to attract investors or for internal planning purposes. Make sure it is written with immigration officers in mind. Benefit to Albert and Canada Make sure it is clear the good that your business is going to bring to the economy and society in Alberta. Meticulous Market Research You must understand the demographics of your target market; their needs & wants, willingness to pay, and how you will deal with competitors. A wellresearched business plan will inspire confidence in your business idea and skills. Realistic, achievable financial projections Overselling your business may make your Alberta business plan seem less credible. Make sure your numbers can be met and that you can support the assumptions used to create them. The Next Steps Now, the question arises where to get all the required information from and who to get in touch with for showing you the path to success. It is wise that when planning to immigrate to Canada for business set-up, you need to be cautious in sharing the specialised information about your business. You can always get in touch with the local or state government bodies for guidance.
In addition to this, investing in a professional guidance, such as that from immigration consultants or immigration business plan writers will be valuable. So, if you are planning to immigration to Canada under the owner operator program, make sure your Alberta Business Plan is in order. Following the advice above and finding the right people to help you do this will put you one step closer to making your dreams come true.