Being an Entrepreneur and starting a business in Canada is not for everyone: The Harsh truth

Everybody wants to be their own boss and be successful in life. And the only way to achieve both of those goals is starting your very own business. If you have lived long enough at some place, you know how the place is as well as the mindset of the people residing there. The same cannot be said about a person immigrating to a foreign country.

Being an Entrepreneur and starting a business in Canada is not for everyone: The Harsh truth
Being an Entrepreneur and starting a business in Canada is not for everyone: The Harsh truth

 

While leaving a place they used to call home, they have come to a country that is peculiar to them. Still, they want to work for themselves. They have the passion and the drive to make that commitment. But the sad truth is, starting a business in Canada might not be that easy for an immigrant. Here’s why:

Immediately after Immigrating, No connections, One is all to himself

Interacting and networking with people is crucial to give your business the boost it needs. You get known people and make connections that can be mutually beneficial to both of you. A person emigrating from a foreign country, on the other hand, lacks that advantage.
Knowing people helps you get through doors that seemed close before. A person you know might help you with the perfect deal with the things you need. Without any connections, an immigrant misses out on a lot of growth and start-up opportunities.

Lack of Financial Help in new Country- Few Banks willing to give loan to new Immigrant

To start a business, you need funds. Hard work can only get you so far but you need more to for starting a business in Canada. People who have the money or know someone who can invest may find it smooth but others have to go to the bank to get a mortgage or a loan.
Now, getting a loan is nearly impossible without having a credit score. Every financial institution here in Canada is going to check your credit score to see if you are eligible for getting a loan. And the lack of any credit history in the country will prohibit you from getting a loan.
There is an easy workaround for that. Sign up for a basic credit card with your bank here in Canada and use it in a responsible manner. Over time, you’ll build a history and a Credit score and soon, you’ll be eligible for a loan.

Culture Divide and Lack Of Insights- a Big Weak Point for Immigrants willing to be Self Employed

For starting a business, you need to have an insight into the market you are about to sell to. Knowing the culture helps you determine suitable growth opportunities and act on them. Without any cultural background in the country, it can be tough for an immigrant to start a business in Canada.
Embrace the multicultural theme of this country to get to know your customers better. Talk to them like a human being and get an insight into their minds. Establish a positive image and build on that.

Immigrants face several other problems such as a lack of a mentor to guide them through the earlier hurdles. And putting aside every other requirement, you need to be all in. The driven mindset and the hard work you put in are two of the best business assets you’ll ever have. Use them wisely.