Starting a business could be easy. You could register a business name and announce you are open for business. But wait, do you have the right product? Know your customer? And is it the right time to serve your person? Last week, we spoke a bit about knowing when you are ready to start a business. Knowing when you are ready is different from choosing the right time to start a business in Canada. I say this because it takes more than registering a business name to create one.
So, a question I get asked a lot is ‘what goes into opening a business in Canada? Is it a lot of work?’ You could say so. You can build a successful business when working with the right people. But it is a lot more difficult when you do it alone. To start a successful business, you need to do it right from the get-go. For example, it is not ideal for a summer business to operate in winter. But, you can plan from winter to grow your business and achieve your revenue goals in summer.
The same goes when starting a business based on popular demand or trends. You need to study the market first to learn if your trendy idea is a phase or a real opportunity for the long run. Knowing your industry and its market trends is good, but make time to commit to growing your business.
So, when is the right time to start a business? The short answer is NOW. Now is the time to start planning and preparing. Now is the time to pay attention to that idea that is lingering in your head. Now is the time to do something about it. NOW is always the time.
The long answer to that question is below. 😉
First, think of how much time you have to commit. You’ll have to learn about your business from start to finish. Planning and growing your business takes time. If you have a family, you need to share time between your family and your new baby. I mean your new business project. Yes, it’s your precious baby. Lol. You would not want to take a wrong step when handling your baby. Right?
If you work at a full-time job, you could start your business part-time. Starting part-time will help you gain real knowledge of the industry as you grow to full-time. In this case, it’s best to go full-time when your Income is more than your salary as an employee. Your Income is different from the revenue you earn in business. Ensure you are available physically, emotionally and financially to grow your business.
Emotions and Mindset
Do you remember how you felt when coming to Canada? I remember struggling with emotions and my mindset when we immigrated to Canada. The same struggle comes into play when starting a business. If you are new to an industry or new to Canada, you often second-guess yourself, your opinions and your skills. Starting from ground zero takes a toll on your mental health and emotional stability.
Growing in Canada depends on the network and relationships you build.
- You could join a community of people from your country of origin to settle into your new environment.
- Embrace diversity and inclusion by building your network of people with similar interests.
Find a balance between settling down as a newcomer and starting a business. If you are yet to arrive in Canada, you could immigrate through the Start-Up Visa Program or be self-employed. Coming to Canada as a business immigrant has its challenges and benefits. But, you are most likely better prepared for business when you arrive in Canada.
A successful business owner knows his/her numbers. S/he has a fair idea of how much money it takes to invest in the business and create awareness. It is in knowing your numbers when beginning that makes a lot of difference. You know how much you need from the cost of importing or production cost, marketing and operating cost. You will learn how much product or service you need to sell to breakeven before making profits.
Now, you have your numbers – you’ll need to source funds to start your business. You could source from family and friends. You could apply for loans and grants from banks and financial institutions. Or reach out to federal programs or investors. To receive loans or assistance, you should have a good idea of how money works.
Right now, you should know you are ready to start a business in Canada. In 8 days, we will be ushering in the new year. And as part of helping you get ready, grab the guide below to start in the right direction. There is no right time to start planning a business but Now! Join us at the brand new Immigrants Developing Entrepreneurs Academy IDEA Academy to begin your entrepreneurial journey today. Let’s make 2021 brighter.
Here is the guide to help give you a head start. Until then, have a happy holiday, and I look forward to seeing you in 2021. Merry Christmas and Happy New Year