Starting a Business in Canada
As a newcomer to Canada, starting a small business is a worthy goal and a big step. Successful business owners can enjoy a high level of financial independence and personal control over their futures. However, it is important to know that many businesses in Canada fail. One of the keys to making your venture a success is to plan carefully and make well-informed decisions before you open your doors.
Start with a business plan and good advice
The first step for most successful entrepreneurs is to write a business plan that sets out specific details about the products and/or services the business will offer, the marketplace for them, competitors, potential customers, financing and any other relevant considerations. Be realistic when writing your business plan and include both the opportunities and challenges your business will face.
Then bring your business plan to a TD Canada Trust Small Business Advisor who can help you set up your small business banking account, apply for a small business credit card and look at any financing you may need to get your business started.
In addition to business loans, lines of credit and credit cards available to you, you should look into grants and financing available through the Canadian government. As a new business owner in Canada, you may be eligible to apply. For more information, visit the Service Canada website at http://www.servicecanada.gc.ca/eng/lifeevents/business.shtml.
Starting a business? Talk to a TD Canada Trust Small Business Advisor.
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