A newcomer’s guide to starting a business in Canada

(NC) 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 video:
Talk to your financial institution about growing your small or medium business
(NC) The Canada Small Business Financing Program (CSBFP) is here to help you start and grow your operations with expanded financing options.  Find out about a line of credit or loan and ask about the CSBFP.

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