Canada, known for its welcoming culture and communities, beautiful landscapes, and strong economy, is a popular destination for individuals and families seeking new opportunities. This natural interest, paired with the Federal government’s population growth initiatives has helped hundreds of thousands of new Canadians start an exciting, fresh chapter in their lives.
Moving to Canada can be an incredibly rewarding journey – especially when you’re considering starting a business along with the relocation. In this comprehensive guide, we’ll delve into the essential steps and considerations for moving to Canada and kickstarting your entrepreneurial journey.
FIRST STEPS: YOUR MOVE
There will be a lot of details to sort out when moving to Canada – more than we can cover in one blog post. However, here are some of the big ones.
Finding Your Destination
Canada’s cities and provinces are diverse, with each offering a unique way of life. If you don’t have a destination already determined, you’ll want to research your options based on your personal needs and preferences. Factors such as climate, cost of living, and business landscape should also be considered.
Building a Budget
As you may expect, relocating to a new country involves significant expenses. Therefore, you’ll need to create a detailed budget that covers the various costs of your move. Consider costs like immigration applications, legal fees, travel, short-term accommodation, and initial living expenses. Be sure to have a financial cushion to manage unexpected costs during the transition period.
Immigration & Visas
One of the more complicated details of your relocation will be the immigration process. As you might expect, moving to a new country will involve navigating regulatory red tape, immigration and residency legalities, and plenty of paperwork. This process involves partnering with an immigration lawyer who can help you determine the most appropriate process based on your goals.
That said if you’re specifically looking to move to Canada and start a business of your own, be sure to explore the Start-up Visa Program. This is a federal initiative that’s directly designed to support entrepreneurs who are arriving in the country.
As part of this program, Canada is looking for small businesses that can (among other things) provide innovative solutions to existing industries, create jobs and employment opportunities for Canadians, and operate on domestic and international scales. To apply for this program you will first need to pitch your business idea to one or more of the designated support organizations.
While it may take some time for your application to be reviewed and approved, you can still take other steps to sort out your relocation while you wait, such as applying for permanent residency or a work permit.
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IMAGINING YOUR BUSINESS
In order to start a small business in Canada you’ll want to have a full-scale, big-picture plan to bring your vision to life. Beyond just applying for the Start-Up Visa Program, a well-crafted business plan is essential for securing independent financing, attracting investors, and getting your business off the ground overall.
The first and foremost step in your journey to entrepreneurship in Canada is deciding on the type of business you want to establish. Consider your skills, passions, and existing financial leverage. Whether it’s a restaurant, a retail store, or something else, align your business with both your expertise and the Canadian market.
After you’ve decided which market or industry you want to thrive in and what your ideal business looks like, it’s important to consider what you’ll need to accomplish in order to be successful in the long term. Think about what success looks like to you and what metrics you’ll need to reach in order to keep your business afloat while you get settled in Canada. Outline your business goals, target market, competitive advantage, marketing strategy, and financial projections.
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HAVING A FINANCIAL PLAN IN PLACE
In addition to budgeting for the costs of relocating to Canada, entrepreneurs will need to have a solid (and separate) plan in place for reaching their business goals. While saving up to move to a new country is certainly no small accomplishment, financing a business is a much more nuanced process.
Options for financing your business as a new Canadian include:
- Canadian banks or lenders
- Independent investors
- Government grants
One thing to note is the financing process for small businesses in Canada is currently taking longer than it used to. With some of the prevalent challenges currently impacting the Canadian business landscape such as inflation and higher rates of interest, lenders are practicing greater scrutiny when verifying the viability of an entrepreneur.
This doesn’t mean that acquiring the financial resources to bring your vision to fruition is impossible, however, it may take several months before you’re able to access a loan.
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FINDING THE RIGHT SPACE
With a vision and budget in place, it’s time to search for the ideal space to bring your business to life. If you plan to build your business from the ground up, you’ll still need to explore commercial real estate listings. As you browse available opportunities, there are two major transaction types to be aware of – for sale and for lease.
Both of these listing types have their unique advantages and potential drawbacks. Before heading to the market you’ll want to closely analyze your business goals and financial resources to determine which type of transaction will suit you best.
Keep in mind that commercial real estate in Canada is nuanced and fairly different from the residential market. Therefore you’ll want to work with a specialized commercial real estate agent as you hunt for your business space.
Need advice on starting a restaurant in Canada? Explore these other expert-penned blog posts.
GETTING THE WORD OUT
Once your business is ready to launch it’s important to have a plan on how you get the word out.
In Canada, most businesses have an online presence. If it matches your business model, consider setting up a website. You can also leverage social media platforms to reach potential customers and get connected with other local businesses and entrepreneurs.
Because building a network is crucial for the success of any business, it also helps to get out and connect with your local community. Attending events, volunteering or sponsoring local initiatives not only contributes to your community but also helps establish your business as a positive force.
Along with helping you introduce your business to your neighbours and community, this type of connection can also help you get acquainted with Canadian customs, traditions, and social norms. Understanding cultural nuances will enhance your business relationships and contribute to your overall success.
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WORK WITH A COMMERCIAL REAL ESTATE SPECIALIST
The most efficient way to find a business or commercial space that matches your criteria is to work with a restaurant real estate agent – like us, Carve Real Estate.
As leading commercial real estate professionals in Canada’s largest province, we’re tuned into the country’s most exciting, high-potential markets. Regardless of what your ideal small business looks like, we can help you find the ideal space for it – guiding you toward a seamless investment and smooth transition to your new home in Canada.