Its Not Just Business: It IS Personal!
I am a business start up advisor to new Canadian immigrants. The most important part of my work is to keep a pulse on business and immigration trends in Canada.
Frequently, we hear of many success stories of Canadian immigrants. In fact, immigrants in Canada are 30% more likely to start a business than non-immigrants. Although working with business start ups can be very exciting, there is a part of the Canadian immigration and business settlement process that is not often discussed.
Some Canadian immigrants do not achieve the success in Canada they hoped for. New entrepreneurs often face business failures that cost them all of their money, their families break because of stress and pressure, there are cultural gaps both in personal and business life. Some entrepreneurs are facing debt that will haunt them for years. In order not to face shame, many new Canadian entrepreneurs struggle in silence – and do not know where to turn to for help.
It is critical for anyone planning a business in Canada to have a network of trusted advisors who can support a well developed business plan that includes personal and business financial planning. In fact, this is the difference between business failure and success. It is also important to have deep rooted social and community connections, and a sense of familiarity with the Canadian culture. Men, especially, face a lot of strain and pressure to keep their roles as ‘traditional’ men. They may feel isolated from society, friends from their own ethnic communities, and even their families as they struggle with a failing business. The fear of being shamed.
Nearly twenty years ago, I worked for an immigration office that had a 98% success rate in its immigration cases to Canada. We found that within an average of 5-8 years, nearly 80% of our clients with families had either divorced or returned to their country of origin. As a born Canadian, I can share that these statistics affect all Canadians.
It is so easy to start a business in Canada. In fact, it’s as easy as filing a registration for a name, signing some papers, and borrowing money from either friends, family or a bank. The hardest part of being a business owner and a new Canadian is adjusting to the business and social culture in Canada.
My strongest advisement to new Canadians considering business in Canada is establish a secure network of professional advisors. Business decisions are not ‘just business.’ They are often very personal decisions that reflect our values, our personal ethics, our reasons, and our choices. The success or failure of a business impacts our families and quality of life in very personal areas.
If you have any questions about starting a business in Canada, please book a consultation with me. Its your first best investment to join a network of advisors who care about your success!