Canada is a great place to start a new business and become your own boss in an industry that you care about. But if you’ve never operated your own business at all, if you’ve never done so in Canada, or if you’re currently living in another country and running a business that you’d like to expand into Canada, you may be confused about what to do to get started.
Before You Start
Before you start, you really need to determine what type of business you will operate. Therefore, you need to do your research to figure out what products and services you can offer to a niche that needs solutions. And you also need to look into your competition and see what they are doing so that you can take steps to go beyond what they are offering and do something that will really stand out.
Once you have figured out what type of business you want to run, it is time to put it all down in writing in the form of a business plan, and how to send press release that you can follow. Remember that this business plan can be changed over time as your company and the market it’s in changes.
Register Your Business
To make your business a legal entity, you will need to register it with the Canadian government. Prior to registering, you will also need to decide whether you will operate as a sole proprietor, co-operative, partnership, or incorporation. Each of these forms of business has its own benefits and drawbacks, so choose wisely depending upon the type of business you plan on operating and how big it will be in terms of staff and resources.
For example, if you are planning on running a small business from home, you may be fine with a sole proprietorship. But if you are going to be hiring a lot of employees and buying a lot of assets, you should probably incorporate in order to protect your personal assets and set up the company as its own entity.
Apply for Financing
Most of the time, new business owners need to apply for financing to help get their ideas off the ground. There are Canadian loans, grants, and other financing options available, but you can also take advantage of crowdfunding websites like Kickstarter, or you can apply for grants from non-profit organisations.
Launch and Promote Your Company
Once your business is legally set up and you have the money to start building it from the ground up, you will be able to develop a website and begin promoting your company to the masses using a variety of marketing tactics. Remember that if you are going to be purchasing products from other countries that you plan on reselling through your Canadian business, you’ll need to also look into customs brokers.
Doing business in Canada is a great opportunity to be your own boss and make a great living doing what you love. As you can see, it’s not very different from starting a company in other countries.