A newcomer’s guide to starting a business in Canada

by | Sep 5, 2023 | Finance and Business

Many people move to Canada for the opportunity it offers. With a diverse, well-educated population and various government supports, it’s also a great place to launch a new business. If you’re new to the country and looking to be an entrepreneur, here is some key advice to help you launch successfully.

Culture is key
Many industries in Canada are currently struggling with a labour shortage. To attract and retain employees, you’ll want to create a positive, supportive corporate culture. The office atmosphere is a major contributor to job satisfaction, which in turn leads to increased productivity and profit. Every business should encourage teamwork, reward effort and have a mission its employees can believe in.

Seek support
You can’t do it all on your own. Burnout is real, and it can force you to take an extended leave from your company and incur extra health expenses. So think of work-life balance as a business decision – prioritize family, friends and your favourite activities just as much as an important meeting or deadline.

And no one can be an expert in all areas. Invest in specialists, such as accountants and social media gurus, to handle the tasks that you’re not qualified to do. There are also technological tools that you can use to manage your payroll, social media, credit card payments, scheduling and more.

Understand the market
If this will be your first start-up, there are a number of apps for small businesses with free courses or blogs that can help you learn the basics of doing business here. Your local library may have free programs and classes for entrepreneurs too.

You’ll also need to spend some time investigating the market you’re planning to enter. Read industry news, talk to people who work in the industry and consider joining a professional association.

Financial planning
Many small businesses fail because of cash-flow issues. When starting a new business, explore which loans and grants you might be eligible for. One potential option is the Canada Small Business Financing Program. This program offers, among other products, a line of credit of up to $150,000. This money can be used to cover day-to-day operating expenses such as payroll, rent, website content development, inventory and much more.

Find more information at canada.ca/csbfp

Related Content

Does the new Underused Housing Tax apply to you?

Does the new Underused Housing Tax apply to you?

Taxes are a fact of life, but it’s understandable to have questions about any new tax you hear about. The Underused Housing Tax (UHT) is an annual federal one per cent tax which took effect in January 2022. The key question on most minds when you hear of a new tax is...

read more
How to navigate food rules for businesses

How to navigate food rules for businesses

When running a business, rules, regulations and guidelines seem to come with the package. Learning to navigate everything can be a challenge, but these requirements play an important part in ensuring the Canadian marketplace is safe, consistent and fair to everyone....

read more
Is it time to retire our concept of retirement?

Is it time to retire our concept of retirement?

With high inflation and cost of living increases taking a bite out of personal savings, many Canadians are reconsidering what their retirement may look like. The traditional retirement age was established in the 1960s when post-retirement life expectancy was much...

read more
3 tips to keep your home-based business safe and secure

3 tips to keep your home-based business safe and secure

Your home is your sanctuary. But if you run a home-based business, it could also be your office, showroom, storage locker and more. Therefore, it is doubly important to protect it and its contents. Here are three ways to protect your home and business. Protect your...

read more
The hidden costs of condos and how to manage them

The hidden costs of condos and how to manage them

Condo ownership has surged in recent decades. For a growing number of Canadians, owning a condo is one of the most significant investments of their lives. Condos can be an attractive option based on cost, convenience, amenities and location. One advantage is that you...

read more