Canada is one of the most welcoming countries in the world. Just last year, a new goal was announced to introduce at least 500,000 immigrants per year, with an ultimate goal of more than 1.5 million in three years time.
It is also a great place to start a new business, with as many as 3.5 million entrepreneurs in Canada right now – 97.9% of which are running their own small businesses.
If you are looking to move to Canada and start your own small business, however, you have to be doing it for the right reasons. In other words, is Canada really the right place to nurture your business? Are you targeting the right audience?
These two questions need to be contemplated. If you have decided that the answer is yes, then the next thing you need to know is the process of making it a reality.
With this in mind, here are a few things you need to think about when starting a new business in Canada:
Firstly, Work Out How You’re Going To Get There
Before you do anything else, make sure you are going through the right pathways to actually get to the country. There are many different types of work permits in Canada, and it’s important to research all of them to know you and your business are setting off on the right foot.
Find A Competitive Concept
Some of the most popular business sectors in Canada are agriculture, technology, healthcare and professional services. For this reason, it is important to ensure your start-up business is doing enough to differentiate itself in a saturated industry – depending on what industry that is.
Know Your Canadians
It’s important to know your target audience when getting into the business. Of course, if you have decided to move to Canada, you have probably already discerned that much of your target audience lies within the borders. Still, it’s a good idea to research further and get a strong idea of the market.
Know Your Whole Audience
Speaking of knowing your audience, you need to know your whole audience. In the USA, for instance, 70% of shopping was done online in 2022, so you need to ensure your social media management is strong. Make sure you are utilising marketing channels, like emailing, and ensure you know how to keep your emails safe and secure, too, in case that marketing channel is compromised.
Work Out Finances And Regulations
Of course, living in Canada means that you will be subject to specific laws, rules and regulations. Make sure that you know all of them to a tee before setting up your business, and take into account the taxes you will have to pay – or any loans that you might be able to take advantage of – by focusing on your budget.
Find A Strong Employee Base
Just as your Canadian customers will be important, so too will your Canadian workforce. You will need workers with a strong knowledge of the sector and the area you are operating in. Pay close attention to their skills, experience and education, as you will need to ensure your company is the best in its chosen area.
Press The Button
Lastly, it’s time to press the button. As mentioned before, Canada is incredibly inclusive when it comes to immigration, and they are just as nurturing when it comes to the entrepreneurial spirit. Your small business certainly has all it needs to succeed. The final piece of the puzzle, then, is you and your own determination. So go for it!