Starting a new business in Canada has a number of aspects you need to consider. From how to choose the right venture for yourself, through assessing your needs, to the technicalities of establishing it. Here are the answers to some of the frequently asked questions that can help you successfully start your business journey.
Is it better to buy an existing business in Canada or start a new one (pros and cons)?
The definitive answer depends on the individual circumstances.
Buying an already established business in Canada is generally a faster route to market entry and is considered easier, so it can save some of your time. However, that only makes sense if you find the right business to buy and assess the immigration implications of purchasing a business vs starting a new one if you are not currently a resident of Canada.
International entrepreneurs can start a new business in Canada or buy an established one, but they will need to go through an immigration pathway in order to be able to actively manage it. There are many immigration programs on provincial and federal levels in Canada, such as the BC PNP Entrepreneur Immigration program, Ontario Entrepreneur Stream or the Start-up Visa program. You might decide to start a new business because of the benefits it has for your immigration route.
So if you are wondering if you should buy a business in Canada or start a new one, the answer will depend on several factors, such as:
- Your background.
- Location of the company.
- The amount you want to invest.
- Whether you’re going through an immigration pathway.
Remember that you can always use our services, whether it’s to decide the best route suitable for your needs or to help with finding the right business to buy. We are familiar with Canadian markets, immigration programs requirements and the reality of running a business in Canada. Our team will help you decide by evaluating the business and providing you with a comprehensive report on the best course of action.
How to choose the best business idea to start in Canada?
It’s a common trademark of skilled entrepreneurs to have a lot of ideas about what they want to do. When you decide on what makes a good business idea, there are a few factors you will need to consider, but the two most important ones are:
- Personal, such as: your passions and values; your skills and experience; your strengths and weaknesses; how much time you can spend working on your new project; whether you are willing to move to a suitable location – and many more.
- Technical, such as: your market, competition and customers; will it be profitable; are people willing to pay for your products and services; is there a demand for your products and services; what will be the best location for your new venture; can your ideas be tested – and many more.
At WealthTheory, we welcome that kind of dilemma, as having many business ideas displays your dedication and experience. We offer help with analyzing your business ideas, providing market research and studies, preparing business plans and even establishing and operating your new business in the future. We will provide our final findings and recommendation in a report, clearly stating the benefits of each business idea. Contact us if you’d like to discuss your possibilities.
Can I write my own Canadian immigration business plan?
The short answer to this question is yes; you can do that. But we don’t advise it for several reasons.
We know that you’re entirely familiar with the economic environment of your country or countries where you run your businesses, and you may even have the relevant education or experience in preparing business plans. You know what to look for and how to assess a new business idea.
But when it comes to a new country, those parameters change. You will need to be familiar with Canadian markets and know their specifics, trends, and the fundamental problems they face. More importantly, a business plan for immigration differs from an ordinary one. The goal of the immigration business plan, its audience and what is relevant for them, content and narrative differs highly not only from the other types of business plans but also between different immigration programs. For example, the detailed requirements of the BC PNP Business Plan are more complex than just the business’s financial viability.
At WealthTheory, we understand the specific purpose of the immigration business plan and provide the document that directly fits it. Our team produces customized and tailor-made studies and business plans for each customer, suitable for their immigration journey. Contact us to discuss your possibilities regarding your business plan.