Vital Steps to Take Before Preparing Your Ontario Business Plan for the OINP Entrepreneur Pathway
In Canada, each province has their own Provincial Nominee Program (PNP). There is typically an entrepreneur pathway under each PNP. The Ontario Immigration Nominee Program (OINP) is no exception. When preparing to apply for the OINP entrepreneur pathway you will need to produce an Ontario Business Plan. However, before getting to that stage, there other steps you should and must take. The Application Process You can’t just automatically apply for the entrepreneur pathway in Ontario. Like most PNPs, the program begins with you, as the candidate, expressing your interest in being considered for the program. You must register your interest and complete a questionnaire and provide information about your business concept. This questionnaire will be scored and is a combination of information you self-report and the assessment of your business idea. Although you don’t need your full, complete Ontario business plan to be written at this point, you do need to know the basics of your plan. Once you begin the process of initiating your registration for the Entrepreneur Pathway, there is little chance to look back. In other words, there cannot be discrepancies in the final Ontario business plan you submit with your application from what you first reported in your business concept. Candidates that receive the highest scores will officially receive an invitation to apply for the Ontario entrepreneur pathway. It is only then that the Ontario business plan will be required.
Idea Selection Going backward a step further, you need to be very careful when considering your business idea. As just mentioned, part of your score will be based on your business concept or information that relates to the overall business plan. There are certain factors – such as industry, location, and jobs created – that will factor in. You want to make sure well in advance of beginning the process that your idea aligns with the criteria and maximizes your score for the entrepreneur pathway. Market Research While you may not need all of your market research completed when you initiate the registration process for the entrepreneur pathway, you do need to make sure you do thorough market research before completing and submitting the full Ontario Business Plan. Ideally, this should include a visit to the province if possible. Statistics and customer surveys are important but, you also need to ensure that you are going to enjoy the area and are likely to be comfortable there. Unfortunately, as of late, that has not been an option for most. Do the best research you can while travel restrictions persist. Conclusion Once you decide to pursue an entrepreneur pathway to Canada it is only natural to want to proceed quickly. However, understanding the process and taking your time to consider some of the most important aspects first – like the ones listed above - can greatly help you improve your chances of case success. While you don’t need to have your Ontario Busines Plan fully drafted prior to beginning the registration process, you do need to take some steps to solidify your business concept. Only once you are invited to apply will you the full business plan come into play. Although it is very important, don’t forget there are other important steps along the way.