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It should come as no surprise that there’s a healthy overlap between recent immigrants and Canada’s entrepreneur class. After all, moving to a new country and starting a new business both require considerable ambition and determination. They also both require significant planning and forethought, along with plenty of support.
For aspiring business owners, accessing financial support and resources can be a major roadblock, especially when you’re not familiar with the landscape. That said, having dedicated specialists to help you along the way may make the journey a little easier.
TD aims to empower entrepreneurs with tools and resources for small business owners, along with banking solutions designed to fit your business’ unique goals and needs. Here are a few tips on starting a small business for newcomers to Canada.
Understanding and navigating the Canadian business landscape
Canada can be a great place to start a business—especially for those arriving with prior business experience and expertise from their home country.
If you’re thinking about starting a business in Canada, you may want to familiarize yourself with Canada’s business environment. This may include understanding recent market trends, identifying untapped opportunities and assessing the demand for your product or service in the province or territory you choose to start your small business.
The same holds true for already-successful entrepreneurs who may be interested in expanding their business from their home country to Canada. Before setting out on your new venture, it’s important to research your new market in order to determine who your potential customers, and competitors, are in Canada. Having this information won’t just help make the transition smoother, it can also help you create a more realistic business plan with clear targets and measurable goals.
Once you feel confident your business idea can work in Canada, you can use TD’s interactive Start Your Business Checklist to help determine other areas you may want to focus on. This tool can help you figure out your start-up costs and profit potential, as well as your unique selling point for the Canadian market—or why customers will want to buy your product or service.
Seeking funding
From government grants to startup programs, seed funding and more, there are a number of financing options available to entrepreneurs looking to start a small business in Canada. That said, having so many different options can be overwhelming.
To help, TD connects you to Fundica, an AI-powered search engine dedicated to matching businesses with relevant government programs. The Fundica database can help recommend government funding options based on your unique business needs.
In Canada, these break down across four main funding types:
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Grants: Non-repayable funds awarded to support specific projects and initiatives
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Tax credits: Government incentives in the shape of refunds on expenditures, taxes owed or credits aimed at alleviating common expenses or encouraging certain investments (i.e. investing in green energy)
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Loan guarantees: In some circumstances, the government assumes responsibility for repaying a portion of a loan in the event the borrower defaults
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Government loans: A repayable credit intended to promote growth and business development
Government grants and loans aren’t your only options for securing funding for your new business venture, however. TD’s Small Business Banking specialists can help provide you with more information on the various financing options available to you, so you can choose which one is right for your business.
Setting the stage for success
Securing funding may be important for finding success as an entrepreneur in Canada, but it’s far from the only requirement. Flexibility and innovation can also be important in helping your business be relevant and competitive.
TD offers educational resources to help support small business owners and boost your financial literacy, so you can navigate the complexities of the Canadian business landscape with renewed confidence.
Embracing a new country as your home is a significant and ambitious leap, one that takes plenty of grit—and the same can be said for starting a new business. That’s why it’s important to take steps to put both you and your business in position to succeed. Having the right planning, resources and business banking products in place can help you embrace the unknown that comes with starting a business, and help increase your chance of success.
With banking advice for every stage of your business, learn more about how TD Small Business Banking can help.
Visit the Yahoo Canada x TD Small Business Banking Hub for more.
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