Starting a business in CanadaOn September 15, 2019 by Raul Dinwiddie
Kamran – Business Advisor If
you’re new to Canada and thinking of
starting a business, you’re not alone.
In fact businesses owned by newcomers play an important role in
Canada’s economy. Whatever your
motivation or type of business you’re
thinking of starting, the key to success is being prepared. Here are some
tips to consider: Do your research to
find out what kind of market exists for
your business or idea in Canada. Ask yourself: Will your business thrive
in the Canadian marketplace? What would
your customer’s look like? And are there enough of them to support
your business? Do the products and
services you offer meet the Canadian
consumer need? What does the competition look like?
And how will you be different from them
to drive sales. Building a detailed
business plan can help you answer these questions to
determine how successful your business
could be in the Canadian marketplace.
Consider that starting a business in Canada might be different
from starting one in your home country.
In Canada you’ll need to become familiar
with government regulations, business
registrations, taxes, licensing and the
Canadian business culture in general. A
great place to start is the Canadian Business Service Centre at
canadabusiness.gc.ca. And don’t forget
the importance of building a strong
network to help you along the way. RBC Business Advisors
are a great place to start. There are
also government agencies, accountants, and lawyers. Your local
community and business centres can offer
great resources as well. For more information on starting a
business explore our other videos and
download a copy of our Starting a
Business guidebook, today.