If you’re ready to say goodbye to working for someone else and start your own business, take advantage of your circumstances and set up where you want to be. Up until now, you may have felt limited by your career but if you’re striking out on your own, the time might be ripe for a change.
A stable, friendly and welcoming country, Canada is an ideal spot if you’re hoping to emigrate and start a new venture. If you’re ready to take the plunge, make sure you’ve swotted up on everything you need to know about starting a business in Canada.
Research your future business
Having a great idea for a business is one thing, but before you invest your life savings it’s important to make sure you understand your market. Spend plenty of time researching the area of Canada you want to move to as well as the online sphere to ensure you’re not setting up something with too many strong competitors.
Considering the time, investment and potential career that you’re risking as part of this move, it’s recommended that you visit Canada for at least a few weeks to make yourself familiar with the market. Flights to Canada are available from most international airports, so as soon as you see a cheap deal, consider that your holiday for this year.
Developing your business idea
Once you have decided on your idea, it’s time to come up with a solid business plan. Write down a list of your objectives and the way you mean to go about achieving them. It’s possible you’ll need to deviate from your plan at some points, but it’s vital to have some kind of map to come back to. Following a workshop like this example from Canada One can be a good way to get your business in order.
Funding for your business
Your business plan will be invaluable when it comes to finding funding for your new venture. You may need local funding, and banks in Canada will want to see that you have spent time investigating the market and making plans for the future of your business.
Registering your business name and number
Once you’ve found a name that perfectly describes your business, you’ll need to find out whether you need to register it. Most provincial and territorial governments require that you do. You’ll also need to register a business number, which is the account number you will use for all of your dealings with the federal government – for things such as taxes and payrolls.
Help and support for your business
Starting your own business can be a long and difficult road, albeit a rewarding one. You’ll find there’s a support network available from Canada Business, Government Services for Business, that can help you find the assistance you need whichever part of Canada you decide to set up in.
About the Author: James writes for Skyscanner.net, a UK-based flight search engine. Skyscanner compare cheap flights to hundreds of destinations worldwide, including Canada. For more information about Skyscanner, or to compare your next holiday, try the new Skyscanner app for Facebook.
Image: lumierefl / Flickr