Entrepreneurs

Council Post: How To Succeed In Canada As A Foreign Entrepreneur

By Feruza Djamalova, co-founder and senior business immigration lawyer of Sobirovs Law Firm.

It is very difficult to start a business as it is, but have you ever thought about starting a business in a foreign country? Many foreign entrepreneurs dream about starting a business in Canada, and many do, but some fail before they even realize it!

In this article, you will learn the common reasons foreign entrepreneurs usually struggle to do business in Canada. You will also learn three invaluable tips on how to approach doing business in Canada.

Invest In Building Your Network In Canada

Foreign entrepreneurs typically come to Canada with capital and some business success under their belts. However, they leave personal and business networks behind in their home countries. This very evident loss cannot be discounted and overlooked. To be successful in business, you need to know people, attract talent for your business and develop relationships with business partners, suppliers and a wide range of people.

Building a business and professional network in a new country takes time. Foreign entrepreneurs usually start with their ethnic communities and are hesitant to be proactive in network building. Many entrepreneurs will stop at that and not explore networking any further.

Based on my business immigration experience, the sooner you build essential business relationships within your industry, the better. You should invest your time and effort to build your network soon after arrival. Some strategies may include attending industry events, professional seminars and networking events.

You should also get memberships in various associations or organizations that provide support in your industry or for entrepreneurs in general. Although this is an essential investment in your business, it’s not the only one. You also need people to help your business grow.

Invest In Talent And Professional Services

At the early stages of your business, you often require high-quality, experienced professionals who can operate independently and make huge progress in a short time. In the early stages, the main goal of the business is to survive. Once your business is established and has solid operational systems in place, you can then invest in less experienced professionals and nurture talent in-house. That way, your new business has more chances for survival and success.

My suggestion for entrepreneurs is to understand that to build a successful business in Canada, they need a strong team that can create a good foundation for business success. This also applies to professional advice from consultants, lawyers, accountants and others. Seek advice from professionals with a proven track record of helping new businesses succeed.

Investing in experienced talent and professional advice will be more expensive, but it is the cost of long-term success. All of that is great, but it could be worthless without proper market analysis!

Analyze Your Market

Many foreign entrepreneurs think that because they achieved success in their home country, they can copy that business model to build a business in Canada. They tend to start businesses in Canada without experimenting. They solely rely on their market, client and product knowledge from their home country. This can be a very costly mistake.

It is crucial to analyze your market, your competition and how to tailor your business to the needs of Canadian customers.

• You should conduct minimal viable product studies to see in what direction your business should go.

• You should analyze businesses in your niche and find out how they succeed. What products and/or services do they try to sell, and, most importantly, why specifically those?

• Who is your client base? Who will buy your product? This will play a huge role in how you will market your business in Canada.

At this point, your new Canadian business network and your experienced advisors will show their value. You need to take a deep dive into market analysis and locate things that will make your Canadian business succeed. In my business immigration experience, it can be as simple as choosing to sell a different type of product than you originally thought would sell in Canada. But you will never know what type of product would sell unless you analyze the market, the clients and the competitors.

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