Are You Sure You are Ready to Start
Business in Canada?
If you are an entrepreneur in your home country, but you want to start a business in Canada, it’s possible. Canada has a Start-Up Visa Program designed for immigrant entrepreneurs. Looks easy, right? But here’s the challenge: You have to possess the skills and abilities to build an innovative and globally competitive business. Your venture should also create job opportunities for Canadians. Are you ready? Begin with the preparations to know.
Decide on the business you want to start.
You may already have a successful business, but you should still examine if it fits the requirements of the Government of Canada. It must also be feasible to the province where you plan to immigrate. Ask yourself: Is there a demand for your business in the area where you plan to build it? What is your target market? Is the competition stiff? Can your new venture survive tight competition? These and other pieces of information are important to measure feasibility and profitability.
When in doubt, you may want to look for other business opportunities in the industry that’s right for you. Consider the one that complements your knowledge, skills, experience, interest, and passion.
Prepare a business plan.
Now that you have determined the nature of the business you hope to start in Canada, work on a business plan. This is a requirement if you are to start a business in Canada. You will present this to one of the organizations (venture capital funds, angel investor groups, and business incubators) designated to support possible start-ups.
As you write (or as you collaborate with an expert) a business plan, the elements will give you a clearer picture of your plans. You will also realize if you are mentally, emotionally, physically, and financially ready for the challenge. Should you continue or not?
Knowing your readiness to start a business in Canada is as important as determining your eligibility for the Start-Up Visa Program. You should not only focus on the requirements. Ask yourself if you are up for the challenge of building an innovative and globally competitive business in Canada. As you work on the steps above, you will realize if you should pursue your plan to become an entrepreneur in Canada or not — or if you will aim for other immigration options.