Starting a business as a new immigrant in Canada requires careful planning. Here are some essential tips for success:
- Build your credit score: As a newcomer, you may not have an established credit history. Building a good credit score is crucial to secure loans and financing from banks when starting your business.
- Embrace Canadian culture: Understanding the local culture is essential for running a successful business. Learn about your target customers, their preferences, and how they prefer to engage in transactions.
- Find a mentor: Starting a business can be overwhelming, especially as a recent arrival in Canada. A mentor with experience can provide valuable advice and guidance to help you navigate the challenges and make informed decisions.
- Set yourself up for success: Ensure you have sufficient personal funds to cover your living expenses during the initial stages of your business. It may take time for your business to become profitable, so having at least six months’ worth of personal expenses is a good starting point.
- Futurpreneur: If you’re new to Canada, are a Canadian citizen or permanent resident, have lived in Canada less than 60 months, between the age 18-39 you may be eligible to apply for a startup loan.