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Business immigration: Immigration represents the start of a new phase of life for women and many times these new lives include a new business. With the wealth of information available online and through resource agencies, it’s never been easier to explore entrepreneurship. As an immigrant woman thinking of starting a business, here are some key things to consider.
1. Planning is key
You may not need a business plan, but you need the planning process. Stories about successful businesses that started as scribbles on the back of a napkin are the stuff of entrepreneurship legend. Yet for most of us this is not a smart or realistic way to launch a small business. Traditional business plans are still required by many lenders, and investors want something to prove that they are putting their money in the right place.
However, a printed paper document is not your only option when it comes to turning out a finished plan. A slide presentation or video might be a more convincing tool when it’s time to seek funding. An infographic might serve you better as you gather and work with your team of founders. The most important part is the actual planning process where you research the viability of your idea, the needs of your target market and the realities of your competition.
2. Keeping it small is OK
A micro-business or side business can be a beautiful thing. Entrepreneurship doesn’t always mean quitting your day job, taking lots of financial risks and launching a make-or-break business. Sometimes women, especially those with childcare or eldercare responsibilities, need to hold on to a certain paycheque. This doesn’t mean you can’t begin stretching your small business muscles. Small businesses that you run online, on weekends and in your spare time can provide you with extra income as well as allow you to test your personal tolerance for entrepreneurship.
Many women discover they prefer the freedom of a smaller and more flexible small business to either a regular job or a traditional business structure.
3. Barter in moderation
Bartering and sharing are great, but the grocery store still insists on money. Exchanging professional services or bartering for needed materials can really be a budget saver for budding entrepreneurs. Moneyless transactions with other businesswomen can allow you to access expert services you might not otherwise be able to afford early on in your business. For example a photographer might offer to do a professional headshot for a colleague that co-ordinates the catering for her studio opening.
However, you must be cautious that your calendar does not become stuffed with free appointments. This is a special concern for consultants, coaches and those who trade in talents and advice instead of tangible goods. Remember, no matter how great your bartering skills are, you will still need real Canadian funds to pay your rent and grocery bills.
4. Canada has a lot of resources for you
The Canadian government, at all levels, recognizes the importance of small businesses and provides a lot of free and easily accessible information. Your task as a budding business owner is to make the time to do your homework on the legal, logistical and tax requirements for running a business. This will help you avoid costly and embarrassing mistakes later. Many immigrant agencies also offer training classes or coaching in addition to facts and figures.
5. Networking is necessary
Who you know in Canada can be an important part of your successful small business journey. Small businesses and their owners flourish in community. A healthy network will include not only professional contacts, people who can help you generate more business, but peers, friends and mentors.
Building such a network can be especially challenging for immigrant women. Language barriers, parenting responsibilities and the overwhelming feeling of being in a new place can feel like big obstacles. But the more you get out, reach out and talk to others, the easier networking gets. Start online and research groups and events where you’ll feel comfortable and welcome.
6. A clear customer picture is essential
All good marketing and customer service strategies come from a deep understanding of your ideal customer. Your knowledge about the customer you want to serve determines where you’ll advertise and the content of your marketing message. Carefully crafted marketing campaigns bring a higher return on investment and this is critical for new business owners with limited budgets. Awareness of what your ideal clients want enables you to provide customer service that creates loyalty and helps with word-of-mouth referrals. Entrepreneurs who try to please everyone usually suffer because of it.
7. Be culturally aware
Canadian culture is rich and complex, so cultural awareness necessary.As a country, Canada has fully embraced the concept of a mosaic society full of ethnic and cultural diversity. This makes living and running a business in Canada interesting and challenging. Start by doing some reading about the Canadian business culture. You’ll find that being on time, speaking honestly and engaging politely are all very important to Canadian professionals. At the same time, people you meet may be very curious about your home country and culture. Accept that you are going to be doing business in a global culture and you’ll enjoy more success.
8. Seek expert help
Accessing experts can save you a lot of heartaches and headaches. Small business owners have to do a lot on their own. Long hours, even longer to-do lists and multitasking are normal parts of a new entrepreneur’s day. Women in particular become accustomed to trying to do it all. However, new business owners quickly learn they cannot and should not try to do everything. Experts like attorneys and accountants provide important pieces of the new business puzzle and protect owners from making mistakes that might lead to future legal or financial problems. Smart entrepreneurs focus on their core talent area and turn to experts for services for overall business achievement.
For additional information on Canadian permanent residence programmers, including Express Entry,Business Immigration, Study Visa and Visitor’s visas please visit the company’s site at http://www.immigrationexperts.pk
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Immigration Experts
Tel: +92 308 5857777
E-mail: wecare@immigrationexperts.pk
