Canada is one of the top countries of the world that attracts entrepreneurs, businesspeople, and investors. Many people immigrate to Canada with the goal to start a business. There are ample opportunities for the international business community in Canada. The Canadian government also facilitates businesspeople to immigrate to Canada and start their business. The economy of Canada is also thriving, which is yet another reason why so many people are migrating to the country to start a business.
As a new immigrant in Canada, you have three options to start a business:
– Start a business from scratch
– Acquire an already established business
– Start a franchise
Starting from scratch
Starting your business in Canada from scratch is one of the most challenging options. To be successful in your business, you need to have an innovative business idea and robust marketing and business plan. Also, the product or service that you want to offer your customers must be in demand in Canada. You should be willing to establish your customer base and creditworthiness.
Acquire an existing business
Acquiring an existing business and running it is not as challenging as starting one from scratch. When you buy an already established business, it comes with many benefits like an established customer base and operational methods. However, you should ask yourself as to why the owner of the business wants to sell it off.
Start a franchise
A franchise is a joint venture between the company that is offering the franchise opportunity and the franchisee, the person who wants to start the franchise. The franchiser is the real or current business that gives the franchisee the rights to use the business name and idea and sell the products or services.
In Canada, many companies offer their businesses or brands to entrepreneurs and small business owners. The advantage of this option is that you would be selling the products or services of the company and the company would facilitate you in doing so.
Build your new life in Canada