Life as an Immigrant has its highs and lows. You’ve gone through the first ordeal and taken the risk at a fresh start in life. So far, you have made a few lemonade recipes or mixed a few tequilas with the lemons life gives you. Now, it’s time to step towards your new goal – starting a business in Canada. Like everything in life, we make decisions based on what’s available. The same goes for your business idea. Here are three types of business options you can start in Canada. And, you get to decide what works best for you.
Before we get into the types of business options you can start in Canada; we will look at a few things to consider when deciding:
Why time? You ask. Taking on a new project is not the same as taking off an ingredient from your lemonade recipe. It would help if you had time to commit to your project. You might be working full-time or part-time to grow your income and pay the bills. Or, you are a stay-at-home parent and want to start a business. Whichever the case may be, you should work on a schedule to help you commit to your business. No matter where you stand, start working towards your business goals today – a few hours a week is a great start.
Skills make you unique and help you stand out based on what you have to offer and what you bring to the table. It could be professional, creative, natural or personal. A business idea related to your skills lets you pinpoint what type of business you intend to build.
Passion-led businesses are rewarding beyond profits. You get paid to help people by doing what you love. Your passion could be in cooking, organizing, taking care of children animals. It could be sports, lifestyle, fashion and many more.
You could be passionate about solving a social problem. Solving that for your customers brings you fulfillment and growth. Your passion helps you connect with how you build your business and why you are in one.
You know what you want to do. You have the skills, time and passion for delivering on your promise. Hold on. Do you have your numbers? Do you have a rough figure of how much you need to start, invest and grow your business? To make money, you need to invest money wisely.
Before making your first sales, you will incur some overhead costs when starting. Work on a budget to guide you on how you spend on market research, develop your products, rent a space, or build a website.
You could start small, medium or big with $500, $50,000, or $500,000. Remember, the Romans did not build Rome in a Day. Start small, know your numbers and learn as you grow your business.
Are you interested in applying for grants? Click here to access the resource guide I compiled on grants and resources for entrepreneurs in Canada.
With all these in mind, you can decide on the types of business options you can start in Canada.
3 TYPES OF BUSINESSES OPTIONS IN CANADA
Canada’s immigration offers various means to be her resident. You can come to Canada as a business immigrant through the Start-up Visa or Self-employed programs. Either way, from the get-go, you know you are intentional about being a business owner.
A full-time business runs all year round like a regular company. This business option requires your full attention. Starting one is always risky, and it is, in most cases, a single-vehicle to boost your income. If full-time entrepreneurship is in your plans, make sure you plan, prepare and work on your strategy ahead of time.
Hey, you are an immigrant, and you have your superpowers. You’ve got it!
PART-TIME BUSINESS AKA SIDE HUSTLE
This option is most preferred by people when starting a business. Starting a part-time business depends on how much time you can commit to it and how much money you have to invest.
You could start a part-time business and grow full-time. Or build a side-hustle business to expand your source of income. Starting a business as a part-time gig has its advantages. You will learn how your ideal customer responds to your business, tweak it based on feedback and iterate over and over. You could also figure out if the business is what you really want to do for the long-haul.
You could open a side business that works for you as a student, an employee or a stay-at-home parent. A side hustle does not need a full-time presence. And, in most cases, it runs virtually with a few tweaks from you.
This type of business depends on the seasons of the year. In Canada, we have four beautiful seasons – Fall, Winter, Spring and Summer. But, to new immigrants, you might call it Winter and Warm. LOL, welcome to Canada. 😉
These businesses do not run all year round. You could operate in Summer, Fall or Winter. Examples of such seasonal businesses are farming, landscaping, snow removal, or window cleaning. You could be a farmer, and depending on the product, your harvest could be seasonal. Some professions even allow for a seasonal business. For example, as a teacher, you could run a seasonal business at the end of the school year in the summer.
Whatever type of business option you choose, you will have to be clear on a few things. How much time you have to commit, what you have to offer and how much you have to invest in your business. Once you’ve checked off your list, you can work on your recipe; that is, a business idea that works best for you.
What type of business do you want to start today? Full-time, Part-time or Seasonal?
Is business ownership in your plans? I have created a free, easy-to-follow guide on starting a successful business in Canada. Click on the image below and download it!