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How to start your own business in Canada

by Sponsored Content
9th Dec 21 10:16 am

What do you think of when you hear the word business? Is it a person’s regular profession, something one does to bear the expenses of life? Or is it a chance to truly portray yourself and market something you believe belongs out there- the commercial world? If you choose the second answer and are itching to get onto opening your own business but do not know where to start, this article is meant for you. 

In this post, we will share how to start your business in Canada and what necessary steps you can take. However, keep in mind that before starting a business in Canada, you must hold Canadian Citizenship; otherwise, you won’t be able to start your work here. Don’t know how to get it? Don’t worry; you can give a free Canadian Citizenship test which consists of different questions that will help you pass the test easily. Keep in mind that only those can give this test that has a permanent resident in Canada. After practicing these questions, you will be able to clear the official test in no time. Now, let’s see how you can open your business in Canada. 

Make a plan

Like all things, your business has to be something that is synonymous with your interests and your beliefs. What do you like? What skills do you have? How can you market it?  What do you want to sell?

These are all good questions you should sit back and ponder on as they are incremental to your project. If you start a business just for the sake of having one – or basing your business around something which is just popular and trendy, we are sorry to inform you that it might not survive too long if it lacks passion. 

Build a structure

Think of your business like a building that needs to be constructed. Having a great foundation and designing a sturdy structure that lasts a long time is really important. You need to make short-run and long-run plans that will benefit your business and study other firms in the same industry as yours to understand that industry’s specifics. If you’re in the makeup industry, you have to check whether your products are at par with the other businesses, the quality, pricing strategies, and profit-maximizing policies. That goes for any other industry as well. You can look up different business courses in Canada, e.g. Georgetown University offers a Business Essentials Program. If you’re looking for online courses, you can find various ones. Youtube itself is a great platform with various teachers.

Give your creation life – name it

Your business needs a brand, a name that will make it known to consumers out there. It is important and essential as it defines what your business represents. It should be unique and stand out among others! After you’ve named it, you need to register your business to make it legitimate and protect your business. Again, you will be able to register your business at the Canadian Government’s official website. After this, work on your business’s publicity. Give it a social media presence; Twitter, Instagram, Facebook. You should also create a website and work on having effective customer service so you can coordinate with your clients and increase loyalty and sales. 

Contract a professional

If you are not privy to such matters, it might be helpful if you hired someone with financial prowess who might teach you the ropes. You can also hire an accountant who will handle taxes, finances, etc. 

Collect funding

You need funds in order to drive your business and make your name known to the world. If you plan on starting a business in Canada, the Canadian government provides several financing programs which you can use to kickstart your business. You can also start saving for your business and start investing as soon as you have reached your goal.

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