Business Planning for a Canada Startup
Canada is a terrific country to start a business from. It is often underrated because its population is relatively small in comparison to its land area and it does not play the huge role in international politics and economics that its neighbor to the south, the United States, does. However, it is a functional, social democracy with a modern justice system and a market-oriented economy, ideal for starting a business. So let’s go ahead and think about what we have to keep in mind to write a business plan for a Canada startup.
Although Canada’s economy is not as large as the one of the United States, its gross domestic product per capita is only slightly below the United States. Besides, all those U.S. consumers are right across the largest open border in the world. And Canada still has a huge amount of untapped wilderness, oil and valuable minerals including gold and uranium. The Toronto Stock Exchange is the seventh largest in the world. The CIA World Factbook contains a lot of additional information on Canada and the tremendous opportunity it represents. These are often enough factors that will play a role in the business planning process.
A quick note before we go on: A good way to get started quickly, efficiently and professionally is to hire business planning consultants to write your business development plan. At BrainHive, we offer flexible business plan writing services. If you want to know the business plan consulting fees, we can also help you out, being one of the most affordable and yet professional business plan consulting firms in the market. Don’t hesitate to contact us anytime if you want to learn more about us or get an individual quote for your business plan project. It is perhaps also worthwhile to not that we can also help you with your existing business plan, as well as prepare just the your business plan’s financial part. This way, you can rest assured that you will receive a custom-tailored business planning service that fits your exact need at the best price imaginable.
Business Resources for Your Professional Canada Business Plan
The Canadian federal government’s website features an entire section on doing business in Canada, beginning with starting a business in Canada, especially the business plan. It also gives information on business taxes, how to sell products and services to the government and how to hire and manage employees. It also has information on grants and other ways to raise capital to finance a business.
Another major source of information for writing your business plan in Canada is the Business Development Bank of Canada. Though owned by the Canadian Government, they operate as a business and provide advisory services, financing and access to venture capital and to growth and transition capital.
The federal government also offers the Build in Canada Innovation Service. They can test your innovative idea or product, and might buy it from you if it works well. They put a focus on the environment, the military, safety and security, health and enabling technologies.
The federal government also operates Canada Business, a separate website with a lot of information on how they support businesses operating in the country. There is a wealth of information and links.
The above resources are provided by Canada’s federal government. The provinces also have their own governments, interested in growing their local economies and boasting further resources for founders. All of them have their own programs, initiatives and funding sources to encourage businesses to locate there.
What It Takes for Your Business Planning to Succeed in Canada
Canada is diverse in many ways. Both French and English are official languages. In recent decades many people have immigrated from different countries in Europe, Asia and the Middle East. Canada’s East Coast points towards Europe and its West Coast to Asia. It contains lots of farmland, but the majority of the population is urbanized. It has a large industrial base, plus mineral and energy resources.
Because it is so far north, winter conditions can be severe. According to the Minister of Innovation, Science and Economic Development, Navdeep Bains, its economy is growing slowly and lacks innovation. He therefore calls for businesses to cooperate to create more innovation and economic growth.
And, according to The Globe and Mail, Canada is looking for private investors to help renovate the country’s infrastructure, such as hospitals and highways. Local and provincial governments have entered into public-private partnerships before. Now the federal government is.
So for a few exceptions, Canada could well be a great location to get started. Just is your business plan is about growing Avocados or selling Bikinis it could get complicated, Canada is not the location for you if you can’t stand harsh winters.
Canada is a free, developed, wealthy, democratic and industrialized country with a highly educated populace. They understand the value of economic freedom and hard work. The country plays a strong, though underpublicized role in the world’s economy and will continue to do so for many years to come. It has abundant natural resources and energy and a long tradition of political and social stability, all these are factors to remember during the business plan crafting process.
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